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The Series-7 certification exam is a rigorous and challenging test that is necessary for individuals who wish to work in the securities industry as registered representatives. This certification is recognized across the United States and provides individuals with the necessary credentials to work in the securities industry. The exam covers a broad range of topics, and individuals must score at least 72% to pass. The Series-7 certification is an excellent way for individuals to demonstrate their knowledge and expertise in the securities industry, which can be beneficial when seeking employment or advancing their careers.
Passing the Series-7 exam is a crucial step for individuals who want to pursue a career in the securities industry. It demonstrates that individuals have a comprehensive understanding of the securities industry and are qualified to sell securities products to the public. Many financial firms require their employees to pass the Series-7 exam as a condition of employment. Additionally, passing the Series-7 exam is often a prerequisite for other securities licenses such as the Series-63 or Series-65 exams.
Obtaining the Series-7 certification demonstrates to employers and clients that an individual has a high level of knowledge and expertise in the securities industry. It is a valuable credential for those seeking to advance their careers in the financial services industry and to provide better service to their clients.
NEW QUESTION # 47
A public offering by an investment banker in which any securities not sold are returned to the issuer is known as:
- A. an all or none offering
- B. a contingency offering
- C. a firm commitment
- D. a best efforts offering
Answer: D
Explanation:
Explanation/Reference:
Explanation: a best efforts offering. With a best efforts offering the investment banker does not make any guarantee that all the offered securities will sell. The investment banker pays for only those securities that are actually sold and returns unsold shares to the issuer.
NEW QUESTION # 48
Bubba opens an account at a broker/dealer with instructions to "transfer and ship". This means that:
- A. transactions for Bubba will be transferred to another broker for processing
- B. each trade report must note Bubba's certificate registration instructions
- C. all correspondence to Bubba must be sent registered mail
- D. securities purchased must be registered in Bubba's name and then delivered to him
Answer: D
Explanation:
Explanation/Reference:
Explanation: securities purchased must be registered in Bubba's name and then delivered to him. Bubba is requesting delivery of securities in his name instead of being held by the broker.
NEW QUESTION # 49
A registered representative is given a limited trading authorization by a client. This permits the representative to:
- A. enter orders for the account at the representative's discretion
- B. withdraw money from the account
- C. all of the above
- D. withdraw securities from the account
Answer: A
Explanation:
enter orders for the account at the representative's discretion. A limited trading authorization only allows for entering of orders. A full trading authorization would also permit withdrawals from the account.
NEW QUESTION # 50
Which of the following does not appear in the official notice of sale?
- A. denominations and registration privileges
- B. amount of good faith check required
- C. method and place of settlement
- D. an offering scale of serial maturates
Answer: D
Explanation:
an offering scale of serial maturates. The scale is set by the successful bidder.
NEW QUESTION # 51
Bubba holds 200 shares of common stock in a utility company and receives rights to subscribe to an additional 100 shares at $20. The utility company is raising $40 million of new capital.
How many rights does Bubba receive?
- A. 0
- B. 1
- C. 2
- D. 3
Answer: A
Explanation:
Explanation/Reference:
Explanation: 200. In an issue of rights, there is always one right per share. Bubba owns 200 shares and thus receives the same number of rights.
NEW QUESTION # 52
The maximum contribution an employer may make to a SEP-IRA is:
- A. 100% of employee compensation
- B. 25% of employee compensation
- C. $5,000
- D. $4,000
Answer: B
Explanation:
Explanation/Reference:
Explanation: 25% of employee compensation. There is also a dollar cap that is has an annual cost-of-living adjustment.
NEW QUESTION # 53
Which of the following securities is traded only in the over-the-counter market?
- A. preferred stocks
- B. closed-end investment companies
- C. open-end investment companies
- D. corporate bonds
Answer: C
Explanation:
Explanation/Reference:
Explanation: open-end investment companies. Open-end mutual funds are a continuous offering of new securities that are not traded on an exchange. They trade only in the over-the-counter market. The other choices may trade over-the-counter or on exchanges.
NEW QUESTION # 54
Which of the following types of investment companies pays out 90% of its net investment income to shareholders?
- A. diversified
- B. regulated
- C. balanced
- D. registered
Answer: B
Explanation:
regulated. Investment companies regulated by the Internal Revenue Code Subchapter M are required to pay out a minimum of 90% of their net income annually to their shareholders.
NEW QUESTION # 55
Which of the following option positions is indicative of the same class of option?
- A. long one XYZ July 70 put and one XYZ July 70 call
- B. long one XYZ October 20 call and one XYZ January 30 call
- C. short one XYZ June 40 call and one ABC June 20 call
- D. short one XYZ February 60 put and one ABC February 60 put
Answer: B
Explanation:
long one XYZ October 20 call and one XYZ January 30 call. Options in the same class are either both puts or both calls on the same security.
NEW QUESTION # 56
Municipal bonds would be least attractive as an investment for which of the following?
- A. the executive officer of an industrial corporation in the highest income tax bracket
- B. a pension fund
- C. a commercial bank
- D. an insurance company
Answer: B
Explanation:
Explanation/Reference:
Explanation: a pension fund. Since the pension fund does not pay income tax, the tax benefits of the municipal bonds are not realized.
NEW QUESTION # 57
A new stock offering by Bubba Corporation provides details that state between 1,000,000 and 1,500,000 shares will be sold depending upon market conditions. This offering is a:
- A. best efforts
- B. mini-max
- C. standby
- D. market potential
Answer: B
Explanation:
Explanation/Reference:
Explanation: mini-max. These offerings state the minimum and maximum number of shares offered.
NEW QUESTION # 58
Which of the following is identified as a funded debt instrument?
- A. Fannie Mae bond
- B. Series EE savings bond
- C. US treasury bond
- D. corporate bond
Answer: D
Explanation:
Explanation/Reference:
Explanation: corporate bond. All of the other securities are issues backed by the US government, which are not considered funded debt.
NEW QUESTION # 59
Under which of the following conditions are homeowners most likely to refinance existing mortgages?
- A. when interest rates fall
- B. when interest rates are stable
- C. when the yield curve is inverted
- D. when interest rates rise
Answer: A
Explanation:
Explanation/Reference:
Explanation: when interest rates fall. Homeowners are most likely to refinance when rates are lower than the past.
NEW QUESTION # 60
Bubba wants to buy 500 shares of an NYSE listed stock at 38.87 but he wants to buy at one time, right away, or else forget it.
What kind of order should the registered representative enter?
- A. immediate or cancel
- B. now or never
- C. all or none
- D. fill or kill
Answer: D
Explanation:
Explanation/Reference:
Explanation: fill or kill. This type of order is cancelled if the entire amount cannot be executed.
NEW QUESTION # 61
The accounting statement that represents a company's financial position on a particular date is the:
- A. income statement
- B. cash flow statement
- C. Profit and Loss
- D. balance sheet
Answer: D
Explanation:
balance sheet. This report reflects the entire condition of the company by showing all assets, liabilities, and components of net worth.
NEW QUESTION # 62
Bubba has been classified as a restricted person according to Rule 2790. He may purchase equity securities of an IPO except:
- A. when the new issue of securities is purchased pursuant to a best effort basis
- B. to purchase securities to avoid dilution
- C. when the new issue of securities is purchased pursuant to a stand-by agreement
- D. when the transaction is exempt by an order of the FINRA
Answer: A
Explanation:
Explanation/Reference:
Explanation: when the new issue of securities is purchased pursuant to a best effort basis. All the other choices are allowable under the rule "except" this one.
NEW QUESTION # 63
An excerpt from a recent tombstone ad reveals bonds offered publicly at 101.
Why were they priced at a premium?
- A. to provide the issuer with a larger deduction from pre-tax earnings for higher than usual interest payments
- B. to comply with SEC rules mandating such pricing for debt issues maturing in the year 2000 and thereafter
- C. to enable investors to establish a tax loss when the bonds are redeemed at maturity
- D. to reflect prevailing credit ratings and market conditions for the issuer
Answer: D
Explanation:
Explanation/Reference:
Explanation: to reflect prevailing credit ratings and market conditions for the issuer. Premiums or discounts are used in bond offerings to bring the yield in line with current market conditions.
NEW QUESTION # 64
Which of the following municipal securities carries the full faith and credit of the US government for payment of interest and principal if the issuer's funds are insufficient?
- A. general obligation bonds issued municipalities
- B. revenue bonds issued by municipal port authorities
- C. new housing authority bonds issued by a public housing authority
- D. special tax bonds issued by municipalities
Answer: C
Explanation:
Explanation/Reference:
Explanation: new housing authority bonds issued by a public housing authority. Only housing bonds are backed by the US government if municipalities are unable to meet the obligations for payment.
NEW QUESTION # 65
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