Examen de práctica Series 7
Las preguntas del test siguen en inglés.
Esta es una muestra gratis de 15 preguntas del Series 7 escrita por el equipo de StudyPDF. Cubre los valores de renta variable y de renta fija, las relaciones entre rendimientos y el precio de los bonos, los valores municipales y su tratamiento fiscal, las opciones y sus puntos de equilibrio, los productos empaquetados y sus comisiones, el margen, las cuentas de jubilación y la idoneidad, con preguntas de opción múltiple, de marcar todas las que correspondan y de completar huecos. Responde las 15 preguntas, después mira tu puntuación y lee la explicación de cada una. Son preguntas de práctica escritas a partir del content outline público de FINRA, no preguntas de examen real, y nada de aquí es asesoramiento de inversión ni fiscal.
A corporate bond with a fixed coupon is trading at 90. Which ranking of its yields is correct?
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Las 15 preguntas de un vistazo
¿Prefieres leer antes de jugar? Abajo están todas las preguntas de la muestra. Las respuestas y explicaciones quedan plegadas hasta que las abras.
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
Ver respuesta y explicación
Respuesta: 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. 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
Ver respuesta y explicación
Respuesta: 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. 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
Ver respuesta y explicación
Respuesta: 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. 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
Ver respuesta y explicación
Respuesta: 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. 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
Ver respuesta y explicación
Respuesta: 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. 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
Ver respuesta y explicación
Respuesta: 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. 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
Ver respuesta y explicación
Respuesta: 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. 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
Ver respuesta y explicación
Respuesta: 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. 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
Ver respuesta y explicación
Respuesta: 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. 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?
Marca todas las que correspondan.
- 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
Ver respuesta y explicación
Respuesta: 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. Which of the following are required when a customer opens an account to trade options?
Marca todas las que correspondan.
- 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
Ver respuesta y explicación
Respuesta: 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. Which of the following charges can a customer expect inside a variable annuity?
Marca todas las que correspondan.
- 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
Ver respuesta y explicación
Respuesta: 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. 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 _____.
Opciones para el hueco 1: 34, 37, 43, 46
Ver respuesta y explicación
Respuesta: 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. 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 _____.
Opciones para el hueco 1: 52, 53, 55
Opciones para el hueco 2: 45, 47, 48
Ver respuesta y explicación
Respuesta: 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. Complete the sentence.
A corporate bond carries a 6 percent coupon and is trading at 80. Its current yield is _____ percent.
Opciones para el hueco 1: 4.8, 6.0, 7.5, 8.0
Ver respuesta y explicación
Respuesta: 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.
Qué cubre de verdad el examen Series 7
El Series 7 es el examen de General Securities Representative de FINRA, en Estados Unidos. No te presentas por tu cuenta. Una firma miembro de FINRA tiene que contratarte y presentar un Form U4, así que el examen necesita patrocinador, y se apoya en el Securities Industry Essentials, que FINRA trata como correquisito. Tienes que aprobar los dos para tener el registro de General Securities Representative. La propia página del examen de FINRA indica ahora mismo 125 preguntas, 3 horas y 45 minutos y una nota de aprobado de 72. Esos detalles sí se actualizan, así que confírmalos y lee el content outline vigente en finra.org antes de reservar nada.
FINRA organiza el examen alrededor de cuatro funciones del puesto y no por producto. Buscar negocio para el broker-dealer es la más pequeña, con 9 preguntas. Abrir cuentas tras obtener y evaluar el perfil financiero y los objetivos de inversión del cliente son 11. Dar información al cliente sobre inversiones, hacer recomendaciones idóneas, transferir activos y mantener registros son 91. Obtener y verificar las órdenes de compra y venta y procesar las operaciones son 14. La función tres es casi tres cuartas partes del examen, lo que te dice dónde se van las horas: valores de renta variable y de renta fija, rendimientos y precio de los bonos, valores municipales, opciones, productos empaquetados como los fondos de inversión y las variable annuities, los direct participation programs, el margen y las cuentas de jubilación.
Hay dos cosas que sorprenden a quien acaba de aprobar el SIE. El Series 7 va mucho más a fondo en los mismos productos. El SIE pregunta qué es un bono municipal, y el Series 7 pregunta cómo tributan sus intereses, cómo lo valora un analista y qué te está permitido contarle a un cliente sobre él. La otra sorpresa es el alcance. Este es un examen federal sobre normas de la SEC, FINRA y la MSRB, no sobre la ley estatal de valores que examina el Series 63. Nada de esta página es asesoramiento de inversión, fiscal ni legal. Solo explica qué pregunta un examen.
Cómo usar esta muestra y cómo estudiar para el Series 7
El equipo de StudyPDF escribió las 15 preguntas y sus explicaciones a partir del content outline publicado por FINRA. No son preguntas de FINRA, ninguna sale de un banco comercial de preparación, y StudyPDF no está afiliada a FINRA ni a ningún preparador. Tiran hacia el razonamiento que premia el examen y no hacia las definiciones: por qué el yield to maturity de un bono con descuento supera a su cupón, a qué renuncia una covered call a cambio de la prima, qué lee primero un analista de un revenue bond y qué datos pertenecen de verdad al perfil de un cliente.
Hazla de una sentada y sin apuntes, después lee la explicación de todas las preguntas, también de las que acertaste. Trata una respuesta fallada como un tema, no como un dato. Si fallaste la de ordenar los rendimientos y el cálculo del current yield, la laguna es el precio de los bonos entero, así que vuelve y trabaja juntos el precio, el cupón, el current yield, el yield to maturity y el yield to call hasta que puedas ordenarlos en los dos sentidos sin pensarlo.
Hay dos áreas que compensan mucho más practicar que releer. Las opciones necesitan la costumbre de la hoja de trabajo. Apunta el strike, la prima, la dirección y el punto de equilibrio antes de mirar las opciones de respuesta, y hazlo con calls, puts, spreads y straddles hasta que la aritmética te aburra. El tratamiento fiscal de los municipales pide la misma disciplina, porque la línea entre un interés y una ganancia de capital, y entre una norma federal y una estatal, es justo donde el examen pone sus trampas. Los tests hermanos de abajo cubren el nivel de debajo de este y la cara de ley estatal del mismo paso profesional.
Cómo StudyPDF crea tests completos con tu libro de preparación
Quince preguntas te enseñan dónde vas justo. Por sí solas no pueden llevarte por un examen de 125 preguntas, y un banco genérico rara vez encaja con el énfasis del curso de preparación que te compró tu firma.
StudyPDF va por otro camino, parte de tu propio material. Subes el libro de preparación del Series 7 que pagaste, el paquete de estudio que te dio tu firma en la primera semana, los PDF de clase de tu curso de repaso o los apuntes que vas escribiendo en el tren, y Bo, el agente de estudio, crea tests de práctica completos con esas páginas exactas. Cada pregunta sale de lo que subiste y cada explicación cita de dónde viene la respuesta, así que puedes abrir la fuente en cuanto algo te chirríe. Puedes generar tests nuevos tantas veces como quieras, centrar uno en una sola área como las opciones o los valores municipales, y seguir qué conceptos te siguen costando puntos. Eso importa sobre todo cuando estudias con un trabajo a jornada completa y no puedes permitirte releer un capítulo que ya te sabes.
No hace falta subir nada para empezar. Si no tienes ningún archivo a mano, di solo un tema, por ejemplo los puntos de equilibrio de las opciones, la tributación de los bonos municipales o el margen de la Regulation T, y Bo escribe un test de práctica sobre eso. Empezar es gratis.
Escrito por el equipo de StudyPDF. Actualizado el 2026-08-19.