Test d’entraînement Series 7
Les questions du test restent en anglais.
Voici un échantillon gratuit de 15 questions pour le Series 7, rédigé par l’équipe StudyPDF. Il couvre les titres de capital et de dette, les relations de rendement et le prix des obligations, les titres municipaux et leur traitement fiscal, les options et leurs points morts, les produits packagés et leurs frais, la marge, les comptes retraite et l’adéquation. Il mélange questions à choix multiple, questions à réponses multiples et textes à trous. Réponds aux 15 questions, puis regarde ton score et lis l’explication de chaque question. Ce sont des questions d’entraînement écrites à partir du programme public de la FINRA, pas de vraies questions d’examen, et rien ici n’est un conseil en investissement ni fiscal.
A corporate bond with a fixed coupon is trading at 90. Which ranking of its yields is correct?
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Les 15 questions en un coup d'œil
Tu préfères lire avant de jouer ? Toutes les questions de l'échantillon sont listées ci-dessous. Les réponses et les explications restent repliées tant que tu ne les ouvres pas.
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
Voir la réponse et l'explication
Réponse : 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
Voir la réponse et l'explication
Réponse : 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
Voir la réponse et l'explication
Réponse : 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
Voir la réponse et l'explication
Réponse : 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
Voir la réponse et l'explication
Réponse : 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
Voir la réponse et l'explication
Réponse : 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
Voir la réponse et l'explication
Réponse : 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
Voir la réponse et l'explication
Réponse : 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
Voir la réponse et l'explication
Réponse : 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?
Coche toutes les bonnes réponses.
- 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
Voir la réponse et l'explication
Réponse : 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?
Coche toutes les bonnes réponses.
- 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
Voir la réponse et l'explication
Réponse : 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?
Coche toutes les bonnes réponses.
- 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
Voir la réponse et l'explication
Réponse : 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 _____.
Options pour le trou 1 : 34, 37, 43, 46
Voir la réponse et l'explication
Réponse : 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 _____.
Options pour le trou 1 : 52, 53, 55
Options pour le trou 2 : 45, 47, 48
Voir la réponse et l'explication
Réponse : 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.
Options pour le trou 1 : 4.8, 6.0, 7.5, 8.0
Voir la réponse et l'explication
Réponse : 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.
Ce que couvre vraiment l’examen Series 7
Le Series 7 est l’examen General Securities Representative de la FINRA. Tu ne le passes pas de ton propre chef. Une société membre de la FINRA doit t’embaucher et déposer un Form U4, l’examen exige donc un parrain, et il se pose au-dessus de l’examen Securities Industry Essentials, que la FINRA traite comme un corequis. Il faut réussir les deux pour détenir l’enregistrement General Securities Representative. La page d’examen de la FINRA indique actuellement 125 questions, 3 heures et 45 minutes, et un score de passage de 72. Ces détails sont mis à jour de temps en temps, alors confirme-les et lis le programme en vigueur sur finra.org avant de réserver quoi que ce soit.
La FINRA organise l’examen autour de quatre fonctions professionnelles plutôt que par produit. Prospecter pour le broker-dealer est la plus petite avec 9 questions. Ouvrir des comptes après avoir obtenu et évalué le profil financier et les objectifs d’investissement du client compte 11 questions. Informer les clients sur les investissements, faire des recommandations adaptées, transférer des actifs et tenir les registres compte 91 questions. Obtenir et vérifier les instructions d’achat et de vente et traiter les opérations compte 14 questions. La troisième fonction représente près des trois quarts de l’examen, ce qui t’indique où passent les heures : titres de capital et de dette, rendements et prix des obligations, titres municipaux, options, produits packagés comme les fonds communs et les rentes variables, direct participation programs, marge et comptes retraite.
Deux choses surprennent ceux qui viennent de réussir le SIE. Le Series 7 va beaucoup plus loin sur les mêmes produits. Le SIE demande ce qu’est une obligation municipale, le Series 7 demande comment ses intérêts sont imposés, comment un analyste la juge et ce que tu as le droit d’en dire à un client. L’autre surprise, c’est le périmètre. C’est un examen fédéral sur les règles de la SEC, de la FINRA et du MSRB, pas sur le droit des valeurs mobilières des États, que teste le Series 63. Rien sur cette page n’est un conseil en investissement, fiscal ou juridique. Cette page explique ce que demande un examen.
Comment utiliser cet échantillon et réviser le Series 7
L’équipe StudyPDF a rédigé les 15 questions et leurs explications à partir du programme publié par la FINRA. Ce ne sont pas les questions de la FINRA, aucune ne vient d’une banque de préparation commerciale, et StudyPDF n’est affilié ni à la FINRA ni à aucun organisme de préparation. Elles penchent vers le raisonnement que l’examen récompense plutôt que vers les définitions : pourquoi le rendement à l’échéance d’une obligation décotée dépasse son coupon, ce à quoi un covered call renonce en échange de la prime, ce qu’un analyste de revenue bond lit en premier, et quelles informations ont vraiment leur place dans un profil client.
Fais-le d’une traite, sans notes, puis lis l’explication de chaque question, y compris celles que tu as réussies. Traite une mauvaise réponse comme un thème plutôt que comme un fait. Si tu as raté la question de classement des rendements et le calcul du rendement courant, le trou porte sur le prix des obligations dans son ensemble, alors reprends ensemble le prix, le coupon, le rendement courant, le rendement à l’échéance et le rendement au remboursement anticipé jusqu’à pouvoir dérouler l’ordre dans les deux sens sans réfléchir.
Deux domaines rapportent bien plus à être travaillés qu’à être relus. Les options demandent une habitude de brouillon. Note le prix d’exercice, la prime, le sens et le point mort avant de regarder les choix, et fais-le pour les calls, les puts, les spreads et les straddles jusqu’à ce que l’arithmétique devienne ennuyeuse. Le traitement fiscal des titres municipaux demande la même discipline, parce que la frontière entre un intérêt et une plus-value, et entre une règle fédérale et une règle d’État, est exactement là où l’examen pose ses pièges. Les quiz voisins plus bas couvrent le niveau en dessous de celui-ci et le versant droit des États de la même étape de carrière.
Comment StudyPDF crée des tests complets à partir de ton livre de préparation
Quinze questions peuvent te montrer où tu es mince. Elles ne peuvent pas te porter à travers un examen de 125 questions, et une banque générique colle rarement aux priorités du cours de préparation que ton employeur t’a payé.
StudyPDF part plutôt de ton propre matériel. Tu importes le livre de préparation au Series 7 que tu as payé, le pack d’étude que ta société t’a remis ta première semaine, les PDF de ton cours de révision ou les notes que tu tapes dans le train, et Bo, l’agent de révision, crée des tests d’entraînement complets à partir de ces pages exactes. Chaque question est ancrée dans ce que tu as importé, et chaque explication indique d’où vient la réponse, tu peux donc ouvrir la source dès que quelque chose cloche. Tu peux générer de nouveaux tests autant que tu veux, en restreindre un à un seul domaine comme les options ou les titres municipaux, et suivre les concepts qui te coûtent des points sans arrêt. Ça compte surtout quand tu révises à côté d’un travail à temps plein et que tu ne peux pas te permettre de relire un chapitre que tu connais déjà.
Tu n’as rien besoin d’importer pour commencer. Si tu n’as aucun fichier sous la main, nomme plutôt un thème, par exemple les points morts des options, la fiscalité des obligations municipales ou la marge selon la Regulation T, et Bo écrit un test d’entraînement dessus. Commencer est gratuit.
Rédigé par l'équipe StudyPDF. Mis à jour le 2026-08-19.