Esame di esercitazione Series 7

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Tutte le 15 domande a colpo d'occhio

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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
   Mostra risposta e spiegazione

   Risposta: 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
   Mostra risposta e spiegazione

   Risposta: 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
   Mostra risposta e spiegazione

   Risposta: 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
   Mostra risposta e spiegazione

   Risposta: 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
   Mostra risposta e spiegazione

   Risposta: 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
   Mostra risposta e spiegazione

   Risposta: 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
   Mostra risposta e spiegazione

   Risposta: 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
   Mostra risposta e spiegazione

   Risposta: 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
   Mostra risposta e spiegazione

   Risposta: 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?

    Seleziona tutte le risposte corrette.

    • 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
    Mostra risposta e spiegazione

    Risposta: 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?

    Seleziona tutte le risposte corrette.

    • 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
    Mostra risposta e spiegazione

    Risposta: 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?

    Seleziona tutte le risposte corrette.

    • 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
    Mostra risposta e spiegazione

    Risposta: 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 _____.

    Opzioni per lo spazio 1: 34, 37, 43, 46

    Mostra risposta e spiegazione

    Risposta: 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 _____.

    Opzioni per lo spazio 1: 52, 53, 55

    Opzioni per lo spazio 2: 45, 47, 48

    Mostra risposta e spiegazione

    Risposta: 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.

    Opzioni per lo spazio 1: 4.8, 6.0, 7.5, 8.0

    Mostra risposta e spiegazione

    Risposta: 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.

Cosa copre davvero l'esame Series 7

Il Series 7 è l'esame di FINRA per il General Securities Representative negli Stati Uniti. Non lo sostieni per conto tuo. Un'azienda membro di FINRA deve assumerti e presentare un Form U4, quindi l'esame richiede uno sponsor, e si appoggia sul Securities Industry Essentials, che FINRA tratta come corequisito. Devi superarli entrambi per avere la registrazione da General Securities Representative. La pagina d'esame di FINRA indica al momento 125 domande, 3 ore e 45 minuti e un punteggio minimo di 72. Quei dettagli vengono aggiornati, quindi verificali e leggi lo schema di contenuto aggiornato su finra.org prima di prenotare qualsiasi cosa.

FINRA organizza l'esame intorno a quattro funzioni lavorative invece che per prodotto. Cercare clientela per il broker-dealer è la più piccola con 9 domande. Aprire i conti dopo aver raccolto e valutato il profilo finanziario e gli obiettivi d'investimento del cliente vale 11. Fornire ai clienti informazioni sugli investimenti, formulare raccomandazioni adeguate, trasferire attività e tenere le registrazioni vale 91. Raccogliere e verificare gli ordini di acquisto e vendita ed eseguire le operazioni vale 14. La terza funzione è vicina a tre quarti dell'esame, il che ti dice dove finiscono le ore: titoli azionari e obbligazionari, rendimenti e prezzo delle obbligazioni, titoli municipali, opzioni, prodotti confezionati come fondi comuni e rendite variabili, direct participation programs, margine e conti previdenziali.

Due cose sorprendono chi ha appena superato il SIE. Il Series 7 scende molto più a fondo sugli stessi prodotti. Il SIE chiede cos'è un'obbligazione municipale, e il Series 7 chiede come sono tassati i suoi interessi, come la valuta un analista e cosa ti è permesso dirne a un cliente. L'altra sorpresa è l'ambito. Questo è un esame federale su regole SEC, FINRA e MSRB, non sulla legge statale sui titoli che verifica il Series 63. Niente in questa pagina è consulenza in materia di investimenti, fiscale o legale. Spiega cosa chiede un esame.

Come usare questo assaggio e come studiare per il Series 7

Il team di StudyPDF ha scritto tutte e 15 le domande e le spiegazioni a partire dallo schema di contenuto pubblicato da FINRA. Non sono domande di FINRA, nessuna viene da un banco domande commerciale, e StudyPDF non è affiliata a FINRA né a nessun fornitore di preparazione. Puntano sul ragionamento che l'esame premia più che sulle definizioni: perché lo yield to maturity di un'obbligazione sotto la pari supera la sua cedola, a cosa rinuncia una covered call in cambio del premio, cosa legge per primo chi analizza una revenue bond, e quali informazioni appartengono davvero al profilo di un cliente.

Fallo d'un fiato senza appunti, poi leggi la spiegazione di ogni domanda, comprese quelle che hai azzeccato. Tratta una risposta sbagliata come un argomento e non come un dato isolato. Se hai sbagliato la domanda sull'ordinamento dei rendimenti e il calcolo del current yield, la lacuna è il prezzo delle obbligazioni nel suo insieme, quindi torna indietro e lavora insieme su prezzo, cedola, current yield, yield to maturity e yield to call finché non riesci a ricostruire l'ordine nei due sensi senza pensarci.

Due aree rendono molto più con l'esercizio che con la rilettura. Le opzioni richiedono l'abitudine al foglio di lavoro. Scrivi lo strike, il premio, la direzione e il punto di pareggio prima di guardare le opzioni di risposta, e fallo per call, put, spread e straddle finché l'aritmetica non diventa noiosa. Il trattamento fiscale dei titoli municipali richiede la stessa disciplina, perché la linea tra interesse e plusvalenza, e tra una regola federale e una statale, è esattamente dove l'esame piazza le trappole. I quiz collegati qui sotto coprono il livello sotto questo e il lato della legge statale dello stesso passo di carriera.

Come StudyPDF crea test completi dal tuo libro di preparazione

Quindici domande ti mostrano dove sei debole. Da sole non ti portano attraverso un esame da 125 domande, e una banca dati generica raramente corrisponde all'impostazione del corso di preparazione che la tua azienda ti ha comprato.

StudyPDF prende un'altra strada e parte dal tuo materiale. Carichi il libro di preparazione Series 7 che hai pagato, il pacchetto di studio che l'azienda ti ha dato la prima settimana, i PDF delle lezioni del tuo corso di ripasso o gli appunti che stai scrivendo in treno, e Bo, l'agente di studio, crea test completi da quelle pagine esatte. Ogni domanda nasce da ciò che hai caricato e ogni spiegazione indica da dove viene la risposta, così puoi aprire la fonte nel momento in cui qualcosa non ti torna. Puoi generare test nuovi quante volte vuoi, restringerne uno a una sola area come le opzioni o i titoli municipali, e tenere traccia dei concetti che continuano a costarti punti. Conta soprattutto quando studi intorno a un lavoro a tempo pieno e non puoi permetterti di rileggere un capitolo che sai già.

Per iniziare non devi caricare niente. Se non hai un file a portata di mano, nomina invece un argomento, per esempio i punti di pareggio delle opzioni, la tassazione delle obbligazioni municipali o il margine secondo la Regulation T, e Bo ci scrive sopra un test. Inizi gratis.