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Alle 15 spørsmål i oversikt

Vil du heller lese før du spiller? Alle spørsmålene i smakebiten står listet under. Svar og forklaringer er skjult til du åpner dem.

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
   Vis svar og forklaring

   Svar: 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
   Vis svar og forklaring

   Svar: 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
   Vis svar og forklaring

   Svar: 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
   Vis svar og forklaring

   Svar: 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
   Vis svar og forklaring

   Svar: 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
   Vis svar og forklaring

   Svar: 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
   Vis svar og forklaring

   Svar: 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
   Vis svar og forklaring

   Svar: 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
   Vis svar og forklaring

   Svar: 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?

    Velg alle som passer.

    • 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
    Vis svar og forklaring

    Svar: 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?

    Velg alle som passer.

    • 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
    Vis svar og forklaring

    Svar: 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?

    Velg alle som passer.

    • 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
    Vis svar og forklaring

    Svar: 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 _____.

    Alternativer for luke 1: 34, 37, 43, 46

    Vis svar og forklaring

    Svar: 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 _____.

    Alternativer for luke 1: 52, 53, 55

    Alternativer for luke 2: 45, 47, 48

    Vis svar og forklaring

    Svar: 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.

    Alternativer for luke 1: 4.8, 6.0, 7.5, 8.0

    Vis svar og forklaring

    Svar: 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.

Dette dekker Series 7-prøven

Series 7 er FINRAs prøve for General Securities Representative i USA. Du tar den ikke på egen hånd. Et medlemsforetak i FINRA må ansette deg og sende inn et Form U4, så prøven krever en sponsor, og den ligger oppå Securities Industry Essentials, som FINRA behandler som et sidestilt krav. Du må bestå begge for å ha registreringen som General Securities Representative. FINRAs egen eksamensside oppgir i dag 125 spørsmål, 3 timer og 45 minutter og en grense for bestått på 72. De detaljene blir oppdatert, så bekreft dem og les den gjeldende fagplanen på finra.org før du bestiller time.

FINRA organiserer prøven rundt fire arbeidsoppgaver framfor etter produkt. Å skaffe forretninger til meglerhuset er den minste med 9 spørsmål. Å åpne kontoer etter å ha innhentet og vurdert kundens økonomiske situasjon og investeringsmål er 11. Å gi kunder informasjon om investeringer, gi egnede anbefalinger, overføre verdier og føre dokumentasjon er 91. Å innhente og bekrefte kjøps- og salgsordrer og gjennomføre transaksjoner er 14. Funksjon tre er nær tre fjerdedeler av prøven, og det forteller deg hvor timene går: egenkapital- og gjeldspapirer, yield og obligasjonsprising, municipal securities, opsjoner, pakkede produkter som fond og variable annuiteter, direct participation programs, margin og pensjonskontoer.

To ting overrasker folk som nettopp har bestått SIE. Series 7 går mye dypere på de samme produktene. SIE spør hva en municipal bond er, og Series 7 spør hvordan renten på den beskattes, hvordan en analytiker vurderer den og hva du har lov til å si til en kunde om den. Den andre overraskelsen er rekkevidden. Dette er en føderal prøve som dekker regler fra SEC, FINRA og MSRB, ikke den delstatlige verdipapirlovgivningen som Series 63 tester. Ingenting på denne siden er investeringsråd, skatteråd eller juridiske råd. Den forklarer hva en eksamen spør om.

Slik bruker du smakebiten og slik leser du til Series 7

StudyPDF-teamet har skrevet alle 15 spørsmålene og forklaringene ut fra den publiserte fagplanen til FINRA. De er ikke FINRAs spørsmål, ingen av dem kom fra en kommersiell spørsmålsbank, og StudyPDF er ikke tilknyttet FINRA eller noen kursleverandør. De lener seg mot resonnementet prøven belønner framfor mot definisjoner: hvorfor yield to maturity på en obligasjon under pari er høyere enn kupongen, hva en covered call gir fra seg i bytte mot premien, hva en analytiker leser først på en revenue bond, og hvilke opplysninger som faktisk hører hjemme i en kundeprofil.

Ta den i én økt uten notater, og les så forklaringen til hvert spørsmål, også de du fikk riktig. Behandle et galt svar som et tema og ikke som et faktum. Bommet du på spørsmålet om rangering av yield og på utregningen av current yield, er hullet obligasjonsprising som helhet, så gå tilbake og arbeid deg gjennom kurs, kupong, current yield, yield to maturity og yield to call samlet til du kan rekkefølgen begge veier uten å tenke.

To områder gir mye mer igjen for drilling enn for gjenlesing. Opsjoner krever en arbeidsvane med papir. Skriv ned innløsningskurs, premie, retning og break-even før du ser på svaralternativene, og gjør det for calls, puts, spreads og straddles til regnestykket er kjedelig. Skattebehandlingen av municipal securities krever den samme disiplinen, for grensen mellom rente og kapitalgevinst, og mellom en føderal regel og en delstatsregel, er nettopp der prøven setter fellene sine. Søsterquizene under dekker nivået under denne og den delstatlige siden av det samme karrieretrinnet.

Slik bygger StudyPDF fullengdes øvingsprøver fra pensumboka di

Femten spørsmål kan vise deg hvor du er tynn. De kan ikke bære deg gjennom en prøve på 125 spørsmål alene, og en generell spørsmålsbank treffer sjelden vektleggingen i kurset foretaket ditt kjøpte til deg.

StudyPDF jobber fra ditt eget materiale i stedet. Du laster opp Series 7-repetisjonsboka du betalte for, studiepakken foretaket ga deg i den første uka, PDF-ene fra repetisjonskurset eller notatene du har skrevet på toget, så bygger Bo, studieagenten, fullengdes øvingsprøver fra akkurat de sidene. Hvert spørsmål er forankret i det du lastet opp, og hver forklaring viser hvor svaret kom fra, så du kan åpne kilden i det sekundet noe ser feil ut. Du kan lage nye prøver så ofte du vil, spisse en mot ett område som opsjoner eller municipal securities, og følge med på hvilke begreper som stadig koster deg poeng. Det betyr mest når du leser ved siden av full jobb og ikke har råd til å lese om igjen et kapittel du allerede kan.

Du trenger ikke laste opp noe for å komme i gang. Har du ingen fil for hånden, kan du oppgi et tema i stedet, for eksempel break-even-punkter for opsjoner, beskatning av municipal bonds eller Regulation T margin, så skriver Bo en øvingsprøve fra det. Gratis å komme i gang.