Series 7-øveprøve

Alle quizzer i Arbejde & licenser

• Øveprøve · 15 spørgsmål

  SIE-øveprøve

• Øveprøve · 15 spørgsmål

  Series 63-øveprøve

• Øveprøve · 15 spørgsmål

  CPA-øveprøve

Se alle →

Lav din egen

Upload din bog, dine slides eller dine noter, eller fortæl bare Bo, hvad du vil lære. Du behøver ikke et dokument for at komme i gang.

Lav min egen øveprøve

Alle 15 spørgsmål i overblik

Vil du hellere læse, før du går i gang? Alle spørgsmål i smagsprøven står herunder. Svar og forklaringer er foldet sammen, indtil du åbner dem.

1. 1. A corporate bond with a fixed coupon is trading at 90. Which ranking of its yields is correct?

   • A. All three are equal, because the coupon never changes
   • B. Nominal yield is highest, then current yield, then yield to maturity
   • C. Current yield is highest, then yield to maturity, then nominal yield
   • D. Yield to maturity is highest, then current yield, then nominal yield
   Vis svar og forklaring

   Svar: D. Yield to maturity is highest, then current yield, then nominal yield

   A price of 90 means 90 percent of par, so the bond trades at a discount. The nominal yield is fixed against par, the current yield divides the same coupon by a smaller price so it is higher, and the yield to maturity adds the discount the holder collects at maturity on top of that. At a premium the whole order flips, which is why memorizing one sequence without the reason costs points.

2. 2. A customer buys a general obligation bond issued by a municipality and sells it three years later at a profit. Which statement about the federal tax treatment is correct?

   • A. Both the interest and the capital gain are exempt from federal income tax
   • B. Both the interest and the capital gain are taxable at the federal level
   • C. The interest is exempt from federal income tax and the capital gain is taxable
   • D. The interest is taxable and the capital gain is exempt
   Vis svar og forklaring

   Svar: C. The interest is exempt from federal income tax and the capital gain is taxable

   Interest on most municipal bonds is exempt from federal income tax, which is why they appeal to higher bracket investors and why their yields look low next to corporates. The exemption covers the interest only. Selling above your cost basis produces an ordinary capital gain that is taxed like any other. State and local treatment is a separate question and differs by state, so this is exam content and not tax advice.

3. 3. An investor owns 100 shares of QRS bought at 50 and sells 1 QRS 55 call for a premium of 2. The stock rises to 62 and the call is exercised. What is the investor's gain?

   • A. $200
   • B. $500
   • C. $700
   • D. $1,200
   Vis svar og forklaring

   Svar: C. $700

   Writing a covered call caps the upside at the strike price. The shares are called away at 55, so the stock gain is 5 points, or $500, no matter how far past 55 the stock ran. The $200 premium is kept either way, which makes the total $700. The move from 55 to 62 is the opportunity cost the writer accepted in exchange for that premium.

4. 4. An analyst evaluating a municipal revenue bond would look first at:

   • A. The issuer's assessed property values and its tax collection record
   • B. The debt service coverage ratio of the facility that secures the bond
   • C. The statutory debt limit the issuer operates under
   • D. The margin in the voter referendum that authorized the bond
   Vis svar og forklaring

   Svar: B. The debt service coverage ratio of the facility that secures the bond

   A revenue bond is paid from the net revenue of a specific facility such as a toll road, an airport or a water system, so the question that matters is whether that revenue covers debt service with room to spare. The other three items belong to general obligation analysis, because a GO bond is backed by the issuer's taxing power and is usually constrained by debt limits and voter approval.

5. 5. A customer buys $24,000 of marginable common stock in a new margin account. With the Regulation T requirement at 50 percent, how much must the customer deposit?

   • A. $6,000
   • B. $12,000
   • C. $18,000
   • D. $24,000
   Vis svar og forklaring

   Svar: B. $12,000

   Regulation T is set by the Federal Reserve Board and governs how much credit a broker-dealer may extend on a new purchase. At 50 percent the customer puts up half of $24,000, or $12,000, and the firm lends the rest. Two things sit on top of that: FINRA sets a minimum equity for margin accounts, and firms are free to impose stricter house requirements, so the number a customer actually has to send can be higher.

6. 6. Which statement about a Roth IRA is correct?

   • A. Contributions are made with after-tax dollars and qualified withdrawals are free of federal income tax
   • B. Contributions are tax deductible and qualified withdrawals are free of federal income tax
   • C. Contributions are tax deductible and qualified withdrawals are taxed as ordinary income
   • D. Contributions are made with after-tax dollars and qualified withdrawals are taxed as capital gains
   Vis svar og forklaring

   Svar: A. Contributions are made with after-tax dollars and qualified withdrawals are free of federal income tax

   A Roth gives up the deduction going in and pays off on the way out, since a qualified distribution comes out free of federal income tax. A traditional IRA is the mirror image, with a deduction that depends on income and workplace plan coverage, and distributions taxed as ordinary income. Contribution limits, income phase-outs and the conditions that make a distribution qualified are set by the IRS and change, so check the current figures rather than a study page.

7. 7. A customer is short 100 shares of DEF at 40 and wants to limit the loss if the stock rises. Which order does that?

   • A. A buy limit order at 45
   • B. A sell stop order at 35
   • C. A sell limit order at 45
   • D. A buy stop order at 45
   Vis svar og forklaring

   Svar: D. A buy stop order at 45

   A short seller loses when the price rises, so the protective order has to buy the shares back on the way up. Stop orders to buy are placed above the market and turn into market orders once the stock trades at or through the stop price. Limit orders to buy sit below the market, which is the opposite side. Note that a stop does not guarantee a fill at 45, because once it is triggered it competes with everything else at the market.

8. 8. A customer wants to put $47,000 into the Class A shares of one mutual fund family. The next sales charge breakpoint is at $50,000, and the representative says nothing about it. This is:

   • A. Acceptable, because the customer chose the amount
   • B. A breakpoint sale, which is a violation
   • C. Acceptable, because breakpoints only apply to Class B shares
   • D. A markup violation
   Vis svar og forklaring

   Svar: B. A breakpoint sale, which is a violation

   Class A shares carry a front-end sales charge that drops at set investment levels called breakpoints. Selling an amount just below one, so the customer pays the higher charge, is a breakpoint sale and it is a violation whether or not it was deliberate. The representative has to disclose the breakpoint and explain the tools that reach it, including a letter of intent and rights of accumulation on existing holdings in the same family.

9. 9. A 66-year-old customer has just retired, needs income from her portfolio, and says she cannot tolerate a loss of principal. Which recommendation best fits that profile?

   • A. A ladder of investment grade bonds together with a conservative income fund
   • B. Writing uncovered calls to generate premium income
   • C. A concentrated position in one small cap growth stock
   • D. A leveraged ETF held as a long term core holding
   Vis svar og forklaring

   Svar: A. A ladder of investment grade bonds together with a conservative income fund

   Suitability is judged against the whole customer profile, and this one names income, preservation of principal and a low risk tolerance. A bond ladder produces regular income and returns principal on a known schedule. Uncovered call writing carries theoretically unlimited loss, a single small cap position is concentration risk, and leveraged ETFs reset their exposure daily and are built for short holding periods, so all three conflict with at least one stated need.

10. 10. Under FINRA's suitability rule, which of the following belong in the customer investment profile a representative must try to obtain before making a recommendation?

    Vælg alle, der passer.

    • A. The customer's investment time horizon
    • B. The customer's liquidity needs
    • C. The representative's own forecast for interest rates
    • D. The customer's tax status
    • E. The commission the recommendation would pay the branch
    Vis svar og forklaring

    Svar: A. The customer's investment time horizon, B. The customer's liquidity needs, D. The customer's tax status

    The rule lists the customer's age, other investments, financial situation and needs, tax status, investment objectives, investment experience, time horizon, liquidity needs and risk tolerance. Every item on that list describes the customer, not the firm and not the market. A representative's own view of rates may shape what she recommends, but it is not part of the profile, and letting compensation drive a recommendation is the exact conflict these rules exist to control.

11. 11. Which of the following are required when a customer opens an account to trade options?

    Vælg alle, der passer.

    • A. The options disclosure document is delivered at or before the time the account is approved
    • B. A qualified principal such as a registered options principal approves the account
    • C. The signed options agreement is returned within 15 days of account approval
    • D. The customer deposits at least 50 percent of every premium in cash
    • E. The customer signs a statement acknowledging that losses are impossible
    Vis svar og forklaring

    Svar: A. The options disclosure document is delivered at or before the time the account is approved, B. A qualified principal such as a registered options principal approves the account, C. The signed options agreement is returned within 15 days of account approval

    The options disclosure document, formally Characteristics and Risks of Standardized Options, has to reach the customer no later than account approval, and a qualified principal has to approve the account before any options trading begins. The customer then returns the signed options agreement within 15 days of approval. There is no blanket 50 percent cash rule for premiums, and no firm may ever suggest that losses are impossible.

12. 12. Which of the following charges can a customer expect inside a variable annuity?

    Vælg alle, der passer.

    • A. A mortality and expense risk charge
    • B. FDIC insurance premiums on the account value
    • C. Investment management fees on the separate account subaccounts
    • D. A surrender charge that declines over a set number of years
    • E. A guaranteed fixed rate of return on every subaccount
    Vis svar og forklaring

    Svar: A. A mortality and expense risk charge, C. Investment management fees on the separate account subaccounts, D. A surrender charge that declines over a set number of years

    A variable annuity stacks insurance costs on top of investment costs. The mortality and expense risk charge pays for the insurance guarantees, the subaccounts carry their own management fees like the mutual funds they resemble, and a surrender charge claws back the sales cost if the contract is cashed in early. Variable annuities are securities, not bank deposits, so there is no FDIC coverage and no guaranteed return on the subaccounts. That layered cost is the whole reason suitability gets scrutinized here.

13. 13. Complete the sentence.

    An investor buys 1 ABC October 40 call and pays a premium of 3. At expiration the position breaks even when ABC trades at _____.

    Muligheder for felt 1: 34, 37, 43, 46

    Vis svar og forklaring

    Svar: 43

    A call buyer only starts making money once the stock clears the strike by enough to pay back the premium, so the break-even is strike plus premium, or 43 here. Anything below 40 leaves the call worthless and the loss capped at the $300 paid. For a long put the logic reverses and the break-even is strike minus premium.

14. 14. Complete the sentence.

    An investor buys 1 XYZ 50 call at 3 and 1 XYZ 50 put at 2. The upside break-even is _____ and the downside break-even is _____.

    Muligheder for felt 1: 52, 53, 55

    Muligheder for felt 2: 45, 47, 48

    Vis svar og forklaring

    Svar: 55, 45

    This is a long straddle, and the buyer paid 5 points in total premium. Add that to the strike for the upside break-even of 55, and subtract it for the downside break-even of 45. The straddle buyer is betting on a large move in either direction and loses the entire 5 points only if the stock finishes right at 50.

15. 15. Complete the sentence.

    A corporate bond carries a 6 percent coupon and is trading at 80. Its current yield is _____ percent.

    Muligheder for felt 1: 4.8, 6.0, 7.5, 8.0

    Vis svar og forklaring

    Svar: 7.5

    Current yield is the annual coupon divided by the current market price. A quote of 80 means 80 percent of the $1,000 par value, so $60 divided by $800 gives 7.5 percent. Because the bond is at a discount, the yield to maturity is higher still, since the holder also collects the $200 difference at maturity.

Hvad Series 7 faktisk dækker

Series 7 er FINRA's prøve for General Securities Representative. Du går ikke op til den på egen hånd. Et FINRA-medlemsfirma skal ansætte dig og indsende en Form U4, så prøven kræver en sponsor, og den ligger oven på Securities Industry Essentials-prøven, som FINRA behandler som en sideordnet forudsætning. Du skal bestå begge for at have registreringen som General Securities Representative. FINRA's egen prøveside angiver i øjeblikket 125 spørgsmål, 3 timer og 45 minutter og en beståelsesgrænse på 72. De oplysninger bliver opdateret, så bekræft dem og læs den aktuelle indholdsoversigt på finra.org, før du booker noget.

FINRA bygger prøven op om fire jobfunktioner frem for om produkter. At skaffe forretning til broker-dealeren er den mindste med 9 spørgsmål. At oprette konti efter at have indhentet og vurderet kundens økonomiske profil og investeringsmål er 11. At give kunder oplysninger om investeringer, give egnede anbefalinger, overføre aktiver og føre registre er 91. At indhente og bekræfte købs- og salgsinstrukser og gennemføre handler er 14. Funktion tre er tæt på tre fjerdedele af prøven, og det fortæller dig, hvor timerne skal lægges: aktier og gældspapirer, afkast og prisfastsættelse af obligationer, municipal securities, optioner, packaged products som mutual funds og variable annuities, direct participation programs, margin og pensionskonti.

To ting overrasker folk, der lige har bestået SIE. Series 7 går meget dybere i de samme produkter. SIE spørger, hvad en municipal bond er, og Series 7 spørger, hvordan renten af den beskattes, hvordan en analytiker vurderer den, og hvad du må fortælle en kunde om den. Den anden overraskelse er rækkevidden. Det er en føderal prøve om regler fra SEC, FINRA og MSRB, ikke om den delstatslige værdipapirlovgivning, som Series 63 tester. Intet på denne side er investerings-, skatte- eller juridisk rådgivning. Den forklarer, hvad en prøve spørger om.

Sådan bruger du smagsprøven, og sådan læser du til Series 7

StudyPDF-teamet har skrevet alle 15 spørgsmål og forklaringer ud fra FINRA's offentliggjorte indholdsoversigt. Det er ikke FINRA's spørgsmål, ingen af dem kommer fra en kommerciel spørgsmålsbank, og StudyPDF er ikke tilknyttet FINRA eller nogen eksamensudbyder. De hælder mod det ræsonnement, prøven belønner, frem for mod definitioner: hvorfor en discount bonds yield to maturity er højere end dens kupon, hvad en covered call giver afkald på til gengæld for præmien, hvad en analytiker af en revenue bond læser først, og hvilke oplysninger der faktisk hører hjemme i en kundeprofil.

Tag den i ét stræk uden noter, og læs derefter forklaringen til hvert spørgsmål, også dem du svarede rigtigt på. Behandl et forkert svar som et emne frem for et faktum. Missede du spørgsmålet om rækkefølgen af afkastmål og udregningen af current yield, så er hullet prisfastsættelse af obligationer som helhed, så gå tilbage og arbejd dig gennem kurs, kupon, current yield, yield to maturity og yield to call samlet, indtil du kan køre rækkefølgen begge veje uden at tænke over det.

To områder betaler sig langt bedre at træne end at genlæse. Optioner kræver en vane med at regne på papir. Skriv strike, præmie, retning og break-even ned, før du ser på svarmulighederne, og gør det for calls, puts, spreads og straddles, indtil regnestykket bliver kedeligt. Den skattemæssige behandling af municipal securities kræver den samme disciplin, for grænsen mellem rente og kursgevinst, og mellem en føderal regel og en delstatsregel, er præcis der, prøven stiller sine fælder. Quizzerne nedenfor dækker niveauet under det her og den delstatslige side af det samme karriereskridt.

Sådan bygger StudyPDF fulde øveprøver ud fra din eksamensbog

Femten spørgsmål kan vise dig, hvor du er tynd. De kan ikke bære dig gennem en prøve med 125 spørgsmål alene, og en generisk spørgsmålsbank rammer sjældent det, som netop det kursus, dit firma har betalt for dig, lægger vægt på.

StudyPDF arbejder ud fra dit eget materiale i stedet. Du uploader den Series 7-eksamensbog, du har betalt for, den studiepakke dit firma gav dig i din første uge, PDF'erne fra dit repetitionskursus eller de noter, du har skrevet i toget, og Bo, studieagenten, bygger fuldlange øveprøver ud fra præcis de sider. Hvert spørgsmål bygger på det, du har uploadet, og hver forklaring henviser til, hvor svaret kom fra, så du kan åbne kilden i samme øjeblik noget ser skævt ud. Du kan lave nye prøver så tit du vil, holde en enkelt på ét område som optioner eller municipal securities, og følge med i hvilke begreber der bliver ved med at koste dig point. Det betyder mest, når du læser ved siden af et fuldtidsjob og ikke har råd til at genlæse et kapitel, du allerede kan.

Du behøver ikke at uploade noget for at komme i gang. Har du ikke en fil ved hånden, så nævn et emne i stedet, for eksempel break-even-punkter for optioner, beskatning af municipal bonds eller margin efter Regulation T, så skriver Bo en øveprøve ud fra det. Gratis at komme i gang.