Multiple Choice
David opens a cash account with a brokerage firm. He buys 100 shares of GIA Co. stock at $30 a share. His broker charges a commission of $35. Which of the following statements concerning this transaction is correct?
A) Daniel must have $3,035 in cash in his account on the day the trade is made.
B) Daniel must have $2,965 in cash in his account on the day the trade is made.
C) Daniel must have $3,035 in cash in his account within three business days.
D) Daniel must have $2,965 in cash in his account within five business days.
Correct Answer:
Verified
Correct Answer:
Verified
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