Test d’entraînement SIE
Les questions du test restent en anglais.
Voici un échantillon gratuit de 15 questions pour l’examen Securities Industry Essentials, rédigé par l’équipe StudyPDF à partir du programme publié par la FINRA. Il suit les quatre domaines du vrai examen : la connaissance des marchés de capitaux, les produits et leurs risques, la négociation, les comptes clients et les pratiques interdites, et le cadre réglementaire. 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.
Which body was created by the Securities Exchange Act of 1934 to enforce the federal securities laws?
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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. Which body was created by the Securities Exchange Act of 1934 to enforce the federal securities laws?
- A. FINRA
- B. The Municipal Securities Rulemaking Board
- C. The Securities and Exchange Commission
- D. The Federal Reserve Board
Voir la réponse et l'explication
Réponse : C. The Securities and Exchange Commission
The Securities Exchange Act of 1934 created the SEC and gave it authority over the secondary market, broker-dealers and the exchanges. The Securities Act of 1933 came first and deals with new issues and the disclosure that goes with them. FINRA and the MSRB write rules of their own, but they are self-regulatory organizations, and the SEC has to approve those rules and oversees both.
2. A company sells newly issued shares to investors in an initial public offering. This transaction takes place in the:
- A. Primary market
- B. Secondary market
- C. Third market
- D. Fourth market
Voir la réponse et l'explication
Réponse : A. Primary market
In the primary market the issuer sells new securities and the proceeds go to the issuer. Once those shares change hands between investors, on an exchange or over the counter, that is the secondary market and the issuer receives nothing further. The third market is exchange listed stock traded over the counter, and the fourth market is institution to institution trading with no broker-dealer in the middle.
3. Complete the sentence.
When the Federal Reserve sells securities through open market operations, the money supply _____ and short term interest rates tend to _____.
Options pour le trou 1 : expands, contracts, is unaffected
Options pour le trou 2 : fall, rise, stay flat
Voir la réponse et l'explication
Réponse : contracts, rise
Open market operations are the Fed's main day to day tool. When the Fed sells securities, cash moves out of the banking system, so there is less money available and the price of borrowing goes up. Buying securities does the reverse and loosens credit. Rising rates also push the price of existing bonds down, which is why exam questions often chain the two ideas together.
4. A corporation is liquidated. In what order are these claims paid?
- A. Common stockholders, then preferred stockholders, then bondholders
- B. Preferred stockholders, then common stockholders, then bondholders
- C. Common stockholders, then bondholders, then preferred stockholders
- D. Bondholders, then preferred stockholders, then common stockholders
Voir la réponse et l'explication
Réponse : D. Bondholders, then preferred stockholders, then common stockholders
Debt is paid before equity, because a bond is money the company borrowed and promised to repay, while a share is ownership. Inside equity, preferred stock has a stated priority over common. Common stockholders hold the residual claim, so they are paid last and often receive nothing, and that risk is the trade for their voting rights and their unlimited upside.
5. Which statements about preferred stock are true?
Coche toutes les bonnes réponses.
- A. It usually pays a fixed stated dividend
- B. It normally carries the same voting rights as common stock
- C. It ranks ahead of common stock in a liquidation
- D. Its dividend is guaranteed and must be paid every quarter
- E. Its market price tends to move when interest rates move
Voir la réponse et l'explication
Réponse : A. It usually pays a fixed stated dividend, C. It ranks ahead of common stock in a liquidation, E. Its market price tends to move when interest rates move
Preferred stock is a hybrid. The fixed dividend and the sensitivity to interest rates make it behave like a bond, but it is still equity and sits behind every creditor. No dividend is ever guaranteed, since the board has to declare it, although cumulative preferred stacks up missed dividends that must be cleared before common holders get anything. Preferred normally comes without voting rights.
6. Market interest rates rise. What happens to the market price of a bond that is already outstanding with a fixed coupon?
- A. It rises
- B. It falls
- C. It does not change, because the coupon is fixed
- D. It falls only if the issuer is downgraded
Voir la réponse et l'explication
Réponse : B. It falls
The coupon is locked in at issue, so the only way an older bond can compete with new bonds paying more is for its price to drop until its yield is comparable. Price and yield move in opposite directions, and the swing is larger the longer the maturity. That is interest rate risk, and it is present even when the issuer's credit is perfectly sound.
7. Complete the sentence.
The risk that a fixed stream of interest payments will buy less over time as prices rise is called _____.
Options pour le trou 1 : credit risk, liquidity risk, purchasing power risk, currency risk
Voir la réponse et l'explication
Réponse : purchasing power risk
Purchasing power risk, also called inflation risk, hits long term fixed income hardest because the payment never grows. It is a systematic risk, meaning it affects the whole market and diversification will not remove it. Credit risk is the issuer failing to pay, and liquidity risk is not being able to sell at a fair price when you want to.
8. An investor redeems shares of an open-end mutual fund. What price do they receive?
- A. The price quoted on the exchange at the moment the order is entered
- B. The lowest price the fund traded at that day
- C. The next net asset value calculated after the fund receives the order
- D. The net asset value from the close of the previous business day
Voir la réponse et l'explication
Réponse : C. The next net asset value calculated after the fund receives the order
Open-end fund shares are not traded between investors. The fund issues new shares and redeems existing ones directly, at a price based on the next computed net asset value, which is usually struck at the close of that business day. This is forward pricing, and it exists so nobody can trade on a stale price. Exchange traded funds work differently, because they trade all day at a market price that can drift away from net asset value.
9. The buyer of a call option has:
- A. The right to buy the underlying security at the strike price
- B. The obligation to buy the underlying security at the strike price
- C. The right to sell the underlying security at the strike price
- D. The obligation to sell the underlying security at the strike price
Voir la réponse et l'explication
Réponse : A. The right to buy the underlying security at the strike price
An option buyer pays a premium for a right and can simply let the contract expire worthless. The seller, or writer, keeps the premium and carries the matching obligation if the buyer exercises. A call is about buying the underlying security and a put is about selling it, so the two things to keep straight are which side holds the right and which action the contract covers.
10. A customer buys exchange listed common stock in a regular way trade. When does the trade settle?
- A. The same day as the trade
- B. One business day after the trade date
- C. Two business days after the trade date
- D. Three business days after the trade date
Voir la réponse et l'explication
Réponse : B. One business day after the trade date
Regular way settlement for stocks moved from two business days to one business day in May 2024, under SEC Rule 15c6-1. Settlement is when money and securities actually change hands, which is separate from the trade date, when price and terms are agreed. Some instruments sit outside that rule, and options and government securities run on their own schedules.
11. A customer enters an order to buy 100 shares at 40 dollars, limit. Which statement is correct?
- A. The order must be filled at exactly 40 dollars
- B. The order guarantees execution but not price
- C. The order becomes a market order if the stock trades above 40 dollars
- D. The order can be filled at 40 dollars or lower, and may not be filled at all
Voir la réponse et l'explication
Réponse : D. The order can be filled at 40 dollars or lower, and may not be filled at all
A limit order sets the worst price the customer will accept, so a buy limit fills at the limit or better, meaning lower. The trade off is certainty. A market order gets executed but takes whatever price is available, while a limit order controls the price and may never fill. The order that turns into a market order once a price is touched is a stop order.
12. Complete the sentence.
An account owned by two people, where a deceased owner's share passes automatically to the survivor, is held as _____.
Options pour le trou 1 : tenants in common, joint tenants with rights of survivorship, a custodial account, a discretionary account
Voir la réponse et l'explication
Réponse : joint tenants with rights of survivorship
With joint tenants with rights of survivorship the surviving owner takes the whole account, so the assets pass outside the estate. Tenants in common is the other joint form, where a deceased owner's share goes to that owner's estate instead. A custodial account has one minor beneficiary and one adult custodian, and discretion describes who is allowed to enter orders, not who owns the assets.
13. Which of the following are prohibited activities?
Coche toutes les bonnes réponses.
- A. Churning an account to generate commissions
- B. Front running a customer's large pending order
- C. Telling a customer that past performance does not predict future results
- D. Guaranteeing a customer against any loss in the account
- E. Disclosing that the firm makes a market in a security being discussed
Voir la réponse et l'explication
Réponse : A. Churning an account to generate commissions, B. Front running a customer's large pending order, D. Guaranteeing a customer against any loss in the account
Churning is excessive trading that serves the representative rather than the customer. Front running is trading ahead of a customer order you know is coming, which misuses information the customer gave you in confidence. Guaranteeing a customer against loss is banned outright, no matter how safe the investment looks. The other two choices are disclosures that firms are expected to make, not violations.
14. Which of the following are the kind of red flags an anti money laundering program is meant to catch?
Coche toutes les bonnes réponses.
- A. A customer who will not provide identifying information at account opening
- B. A series of cash deposits sized just under the reporting threshold
- C. A customer who asks for a copy of a fund prospectus
- D. Money wired in and quickly wired out with almost no trading in between
- E. A customer who updates a mailing address after moving
Voir la réponse et l'explication
Réponse : A. A customer who will not provide identifying information at account opening, B. A series of cash deposits sized just under the reporting threshold, D. Money wired in and quickly wired out with almost no trading in between
The Bank Secrecy Act requires firms to verify who their customers are and to report suspicious activity. Deliberately keeping deposits under the currency transaction report threshold of 10,000 dollars in a day is called structuring, and it is a crime on its own. Money that passes straight through an account with no investing purpose is another classic laundering pattern. Ordinary document requests and routine account maintenance are not red flags.
15. Which statement best describes FINRA?
- A. A federal agency that writes and enforces the securities laws
- B. A trade association with no authority over its members
- C. A self-regulatory organization whose rules must be approved by the SEC
- D. An insurance fund that reimburses investors for market losses
Voir la réponse et l'explication
Réponse : C. A self-regulatory organization whose rules must be approved by the SEC
FINRA is a self-regulatory organization. It writes conduct rules for broker-dealers, runs the qualification exams and can fine, suspend or bar people, but it is not a government agency, and the SEC has to approve its rules and oversees its work. The last choice describes SIPC, which protects customer assets if a brokerage firm fails and never covers losses caused by the market moving against you.
Ce que couvre vraiment l’examen SIE
L’examen Securities Industry Essentials est l’examen d’entrée de la FINRA pour le secteur des valeurs mobilières aux États-Unis. Sa particularité, c’est que tu n’as pas besoin d’un employeur parrain pour le passer. La FINRA indique que l’examen est ouvert à toute personne de 18 ans ou plus, ce qui veut dire que des étudiants, des personnes en reconversion et des candidats pas encore embauchés peuvent le passer et présenter le résultat en entretien. Il teste des connaissances de base plutôt que le travail quotidien d’un représentant enregistré, donc les questions portent sur la façon dont le marché est construit, sur ce que sont les produits, sur ce qui peut mal tourner et sur qui fait les règles.
La FINRA publie la structure sur sa page consacrée au SIE. Au moment où ces lignes sont écrites, elle indique 75 questions, 1 heure et 45 minutes de passage, un score de passage de 70 et un résultat valable quatre ans. Le programme se divise en quatre sections aux pondérations fixes : la connaissance des marchés de capitaux à 16 pour cent, la compréhension des produits et de leurs risques à 44 pour cent, la compréhension de la négociation, des comptes clients et des pratiques interdites à 31 pour cent, et la vue d’ensemble du cadre réglementaire à 9 pour cent. La FINRA fixe aussi les frais d’examen et les affiche sur la même page.
Deux limites valent la peine d’être connues avant de réserver. Ces chiffres peuvent changer, donc traite finra.org comme la seule source à jour, pas un site de préparation ni cette page. Et réussir le SIE seul ne te permet pas d’exercer dans les valeurs mobilières. C’est la première moitié commune de l’enregistrement, et il te faut encore un employeur plus un examen de niveau représentant comme le Series 7 pour réaliser des opérations. Rien ici, et rien à l’examen, n’est un conseil en investissement.
Comment utiliser cet échantillon et réviser la matière
Ces 15 questions se répartissent sur les quatre domaines du programme, à peu près pondérées comme le vrai examen, donc les produits et le risque prennent la plus grosse part. Elles restent volontairement au niveau du SIE. Tu ne trouveras ici ni jugements d’adéquation, ni stratégies d’options, ni calculs de marge, parce que tout cela appartient aux examens de niveau représentant. Ce qui compte ici, c’est la base : ce qu’est un titre, qui l’émet, qui l’échange, quel risque il porte et quels comportements sont interdits.
Fais les 15 questions d’une traite, sans notes, puis lis l’explication de chaque question, y compris celles que tu as réussies. Deviner juste et savoir sont deux états différents, et c’est l’explication qui te dit dans lequel tu étais. Traite une mauvaise réponse comme un thème, pas comme un fait. Si tu as raté la question sur le prix d’une obligation et celle sur le risque d’inflation, revois une fois le risque de taux et les deux trous se referment, parce que c’est la même idée abordée par deux côtés.
La façon la plus courante de mal se préparer au SIE, c’est de lire le livre de préparation d’un bout à l’autre sans jamais se tester. C’est le rappel en mémoire que l’examen mesure, alors commence à répondre à des questions dès la première semaine, même mal. Le vocabulaire pèse lourd lui aussi. Une grande partie des questions ratées ne sont pas des erreurs de raisonnement mais un mot que le candidat connaissait à moitié, par exemple la différence entre un call et un put, ou entre tenants in common et joint tenants with rights of survivorship.
Comment StudyPDF crée des tests complets à partir de tes propres documents
Quinze questions peuvent te montrer où tu es faible. Elles ne peuvent pas te rendre prêt, et une banque générique en ligne colle rarement au cours de préparation que tu as vraiment payé.
StudyPDF part plutôt de ton matériel. Importe le PDF de ton livre de préparation au SIE, les polycopiés de chapitres de ton organisme de formation, l’export de tes cartes mémo ou le support de formation que ton employeur t’a envoyé, et Bo, l’agent de révision, crée des tests d’entraînement complets à partir de ces pages exactes. Chaque question est ancrée dans ton matériel, et chaque explication renvoie à l’endroit d’où vient la réponse, tu peux donc vérifier à la source au lieu de croire le corrigé d’un inconnu. Tu peux générer de nouveaux tests autant que tu veux, en restreindre un à un seul domaine comme les produits packagés ou les pratiques interdites, et suivre les concepts que tu rates d’un essai à l’autre. Ça compte pour un examen comme celui-ci, où la pondération est publique et où tu peux viser la section à 44 pour cent.
Tu n’as rien besoin d’importer pour commencer. Si ton livre de préparation est en papier, ou si tu révises pendant une pause déjeuner sans rien sous la main, nomme simplement un thème, par exemple les bases de la dette municipale face à la dette d’entreprise, les signaux d’alerte anti-blanchiment ou le rôle de la SEC, et Bo écrit un test d’entraînement dessus. Commencer est gratuit. StudyPDF explique ce que demande un examen et n’est pas une source de conseil en investissement, fiscal ou juridique.
Rédigé par l'équipe StudyPDF. Mis à jour le 2026-08-19.