1) What form is used to update discrection on a SAM account? a) A. F10 b) B. F596 c) C. F521 d) D. F450 2) Which of the following is NOT considered an entity? a) Trust b) Estate c) Individual d) Corporate 3) A Financial professional wants to open an individual brokerage account for their client. The Financial Professional prefers to complete the account opening with a paper application instead of using the ClientWorks New Account Opening Tool. What is the fee to process a manual account opening? a) There is no cost associated with this request b) $10 fee c) $15 fee d) $50 fee 4) Sophia recently opened a brokerage, non-retirement account. Unfortunately, the social security number on the form was incorrect. What can Sophia do to update her paperwork? a) Sophia can update the account information in Account View b) Sophia can correct the errors on the form, add her initial and date next to the correction, and return the paperwork to LPL for processing c) Sophia can update the Social Security Number over the phone with a Service Professional d) Sophia is required to open a brand new account 5) Which of the following statements are true regarding Advisory accounts? a) Account minimums for advisory accounts are determined by the type of advisory platform utilized b) The ability to make investment decisions belong to the LPL financial professional, LPL's Managed Accounts department, or a money manager outside of LPL c) Advisory accounts are commission based d) In advisory accounts, the client has full trading discretion. e) A and B are correct f) A and D are correct 6) Which of the following corrections to an Account Application can be taken over the phone by a Service Professional? Select all that apply. a) Phone Number b) Residential Address c) Source of Wealth d) Employment Information e) A, B and D are correct f) A, B,C and D are correct 7) Which of the following tasks can be updated in BETA and ServiceWorks? Select all that apply. a) Closing an account b) Updating account holder information c) Adding notes to an account d) Adding and Removing Beneficiary Information e) B and D only f) B,C and D are correct  8) Which of the following updates are Level 1 New Accounts Service Professionals empowered to complete? Select all that apply. a) Log Brokerage New Account Applications b) Update beneficiary changes c) Log Transfer on Death (TOD) Agreements d) Close accounts e) A, B,C and D are correct  f) A,B and C are correct 9) True or False: Financial Advisors use the Account Conversion Tool to convert existing advisory accounts into brokerage accounts. a) True b) False 10) True or False: Unlike a traditional account conversion, dormant account conversions are completed by the LPL back office, not by advisors. a) True b) False 11) True or False: A trust account can only have 2 trustees. a) True b) False

NADB Post Test Game

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