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Tutte le 15 domande a colpo d'occhio

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1. 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
   Mostra risposta e spiegazione

   Risposta: 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. 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
   Mostra risposta e spiegazione

   Risposta: 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. 3. Complete the sentence.

   When the Federal Reserve sells securities through open market operations, the money supply _____ and short term interest rates tend to _____.

   Opzioni per lo spazio 1: expands, contracts, is unaffected

   Opzioni per lo spazio 2: fall, rise, stay flat

   Mostra risposta e spiegazione

   Risposta: 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. 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
   Mostra risposta e spiegazione

   Risposta: 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. 5. Which statements about preferred stock are true?

   Seleziona tutte le risposte corrette.

   • 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
   Mostra risposta e spiegazione

   Risposta: 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. 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
   Mostra risposta e spiegazione

   Risposta: 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. 7. Complete the sentence.

   The risk that a fixed stream of interest payments will buy less over time as prices rise is called _____.

   Opzioni per lo spazio 1: credit risk, liquidity risk, purchasing power risk, currency risk

   Mostra risposta e spiegazione

   Risposta: 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. 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
   Mostra risposta e spiegazione

   Risposta: 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. 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
   Mostra risposta e spiegazione

   Risposta: 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. 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
    Mostra risposta e spiegazione

    Risposta: 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. 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
    Mostra risposta e spiegazione

    Risposta: 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. 12. Complete the sentence.

    An account owned by two people, where a deceased owner's share passes automatically to the survivor, is held as _____.

    Opzioni per lo spazio 1: tenants in common, joint tenants with rights of survivorship, a custodial account, a discretionary account

    Mostra risposta e spiegazione

    Risposta: 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. 13. Which of the following are prohibited activities?

    Seleziona tutte le risposte corrette.

    • 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
    Mostra risposta e spiegazione

    Risposta: 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. 14. Which of the following are the kind of red flags an anti money laundering program is meant to catch?

    Seleziona tutte le risposte corrette.

    • 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
    Mostra risposta e spiegazione

    Risposta: 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. 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
    Mostra risposta e spiegazione

    Risposta: 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.

Cosa copre davvero l'esame SIE

Il Securities Industry Essentials è l'esame di ingresso di FINRA per il settore dei titoli negli Stati Uniti. La sua caratteristica principale è che non ti serve un'azienda che ti sponsorizzi per sostenerlo. FINRA dichiara che l'esame è aperto a chiunque abbia almeno 18 anni, il che significa che studenti, persone che cambiano carriera e chi non è ancora stato assunto possono farlo e portarsi il risultato ai colloqui. Verifica conoscenze di base invece del lavoro quotidiano di un registered representative, quindi le domande riguardano come è costruito il mercato, quali sono i prodotti, cosa può andare storto e chi fa le regole.

FINRA pubblica la struttura sulla sua pagina dedicata al SIE. Al momento in cui scriviamo indica 75 domande, 1 ora e 45 minuti di tempo, un punteggio minimo di 70 e un risultato che resta valido per quattro anni. Lo schema di contenuto si divide in quattro sezioni con pesi fissi: conoscenza dei mercati dei capitali al 16 per cento, comprensione dei prodotti e dei relativi rischi al 44 per cento, comprensione di trading, conti dei clienti e pratiche vietate al 31 per cento, e panoramica del quadro regolamentare al 9 per cento. FINRA fissa anche la tariffa d'esame e la mostra sulla stessa pagina.

Prima di prenotare vale la pena conoscere due limiti. Quei numeri possono cambiare, quindi tratta finra.org come l'unica fonte aggiornata, non un sito di preparazione e nemmeno questa pagina. E superare il SIE da solo non ti permette di operare nel settore dei titoli. È la prima metà comune della registrazione, e ti servono comunque un'azienda più un esame di livello representative come il Series 7 per operare davvero. Niente qui, e niente nell'esame, è consulenza in materia di investimenti.

Come usare questo assaggio e come studiare la materia

Queste 15 domande sono distribuite su tutte e quattro le aree di contenuto, pesate più o meno come nell'esame vero, quindi prodotti e rischio si prendono la fetta più grande. Restano di proposito al livello del SIE. Qui non troverai valutazioni di adeguatezza, strategie in opzioni o calcoli di margine, perché appartengono agli esami di livello representative. Il punto sono le fondamenta: cos'è un titolo, chi lo emette, chi lo negozia, quale rischio porta e quali comportamenti sono vietati.

Fai tutte e 15 d'un fiato senza appunti, poi leggi la spiegazione di ogni domanda, comprese quelle che hai azzeccato. Indovinare e sapere sono due stati diversi, e la spiegazione è dove scopri in quale dei due eri. Tratta una risposta sbagliata come un argomento, non come un dato isolato. Se hai sbagliato la domanda sul prezzo dell'obbligazione e quella sul rischio di inflazione, ripassa una volta il rischio di tasso e si chiudono entrambe le lacune, perché sono la stessa idea affrontata da due lati.

Il modo più comune di prepararsi male al SIE è leggere il libro di preparazione da cima a fondo senza mai mettersi alla prova. L'esame misura il richiamo, quindi inizia a rispondere alle domande già dalla prima settimana, anche male. Anche il lessico pesa parecchio. Buona parte delle risposte sbagliate non sono errori di ragionamento ma una parola che il candidato sapeva a metà, per esempio la differenza tra una call e una put o tra tenants in common e joint tenants with rights of survivorship.

Come StudyPDF crea test completi dal tuo materiale di preparazione

Quindici domande ti mostrano dove traballi. Da sole non bastano per arrivare pronto, e una banca dati generica online raramente combacia con il corso di preparazione che hai davvero pagato.

StudyPDF parte invece dal tuo materiale. Carichi il PDF del libro di preparazione SIE, le dispense per capitoli del tuo fornitore di corso, l'esportazione delle flashcard o le slide di formazione che ti ha mandato il datore di lavoro, e Bo, l'agente di studio, crea test completi da quelle pagine esatte. Ogni domanda nasce dal tuo materiale e ogni spiegazione rimanda a dove viene la risposta, così puoi verificarla alla fonte invece di fidarti della griglia di risposte di uno sconosciuto. Puoi generare test nuovi quante volte vuoi, restringerne uno a una sola area di contenuto come i prodotti confezionati o le pratiche vietate, e tenere traccia dei concetti che continui a sbagliare da un tentativo all'altro. Per un esame come questo conta, perché i pesi sono pubblici e puoi puntare le energie sulla sezione che vale il 44 per cento.

Per iniziare non devi caricare niente. Se il tuo libro di preparazione è di carta, o stai studiando in pausa pranzo senza niente a portata di mano, nomina semplicemente un argomento, per esempio le basi del debito municipale rispetto a quello societario, i segnali di allarme antiriciclaggio o il ruolo della SEC, e Bo ci scrive sopra un test. Inizi gratis. StudyPDF spiega cosa chiede un esame e non è una fonte di consulenza in materia di investimenti, fiscale o legale.