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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. 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
   Vis svar og forklaring

   Svar: 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
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   Svar: 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 _____.

   Alternativer for luke 1: expands, contracts, is unaffected

   Alternativer for luke 2: fall, rise, stay flat

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   Svar: 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
   Vis svar og forklaring

   Svar: 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?

   Velg alle som passer.

   • 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
   Vis svar og forklaring

   Svar: 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
   Vis svar og forklaring

   Svar: 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 _____.

   Alternativer for luke 1: credit risk, liquidity risk, purchasing power risk, currency risk

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   Svar: 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
   Vis svar og forklaring

   Svar: 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
   Vis svar og forklaring

   Svar: 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
    Vis svar og forklaring

    Svar: 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
    Vis svar og forklaring

    Svar: 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 _____.

    Alternativer for luke 1: tenants in common, joint tenants with rights of survivorship, a custodial account, a discretionary account

    Vis svar og forklaring

    Svar: 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?

    Velg alle som passer.

    • 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
    Vis svar og forklaring

    Svar: 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?

    Velg alle som passer.

    • 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
    Vis svar og forklaring

    Svar: 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
    Vis svar og forklaring

    Svar: 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.

Dette dekker SIE-prøven

Securities Industry Essentials er FINRAs inngangsprøve til verdipapirbransjen i USA. Det som særpreger den er at du ikke trenger et foretak som sponser deg for å ta den. FINRA opplyser at prøven er åpen for alle som har fylt 18 år, som betyr at studenter, folk som skifter karriere og folk som ennå ikke er ansatt kan ta den og ta resultatet med seg inn i et jobbintervju. Den tester grunnleggende kunnskap framfor det daglige arbeidet til en registrert rådgiver, så spørsmålene handler om hvordan markedet er satt sammen, hva produktene er, hva som kan gå galt og hvem som lager reglene.

FINRA publiserer strukturen på SIE-siden sin. I skrivende stund oppgir den 75 spørsmål, 1 time og 45 minutter prøvetid, en grense for bestått på 70 og et resultat som er gyldig i fire år. Fagplanen deles i fire deler med faste vekter: kunnskap om kapitalmarkedene på 16 prosent, forståelse av produkter og risikoen i dem på 44 prosent, forståelse av handel, kundekontoer og forbudt praksis på 31 prosent, og oversikt over regelverket på 9 prosent. FINRA setter også prøvegebyret og viser det på den samme siden.

To begrensninger er verdt å kjenne før du melder deg på. De tallene kan endre seg, så behandle finra.org som den eneste kilden som er oppdatert, ikke en repetisjonsside eller denne siden. Og det å bestå SIE alene gir deg ikke lov til å drive verdipapirvirksomhet. Den er den felles første halvdelen av registreringen, og du trenger fortsatt et foretak pluss en prøve på rådgivernivå som Series 7 for å kunne handle. Ingenting her, og ingenting på prøven, er investeringsråd.

Slik bruker du smakebiten og slik leser du stoffet

Disse 15 spørsmålene er fordelt på alle fire fagområdene, vektet omtrent slik den ekte prøven er, så produkter og risiko tar den største andelen. De holder seg med vilje på SIE-nivå. Du finner ingen egnethetsvurderinger, opsjonsstrategier eller marginregning her, for det hører til prøvene på rådgivernivå. Poenget er grunnlaget: hva et verdipapir er, hvem som utsteder det, hvem som handler det, hvilken risiko det bærer og hvilken atferd som er forbudt.

Ta alle 15 i én økt uten notater, og les så forklaringen til hvert spørsmål, også de du fikk riktig. Å gjette riktig og å vite er to forskjellige tilstander, og forklaringen er der du finner ut hvilken du var i. Behandle et galt svar som et tema og ikke som et faktum. Bommet du på spørsmålet om obligasjonskurs og spørsmålet om inflasjonsrisiko, kan du repetere renterisiko én gang og lukke begge hullene, for det er den samme tanken sett fra to kanter.

Den vanligste måten folk forbereder seg for dårlig til SIE på, er å lese repetisjonsboka fra perm til perm og aldri teste seg selv. Gjenkalling er ferdigheten prøven måler, så begynn å svare på spørsmål allerede i uke én, selv om det går dårlig. Ordforråd teller også mye. En stor del av bommene er ikke sviktende resonnement, men et ord kandidaten bare halvveis kunne, som forskjellen på en call og en put, eller mellom tenants in common og joint tenants with rights of survivorship.

Slik bygger StudyPDF fullengdes øvingsprøver fra ditt eget repetisjonsmateriale

Femten spørsmål kan vise deg hvor du er svak. De gjør deg ikke klar, og en generell spørsmålsbank på nett treffer sjelden det kurset du faktisk betalte for.

StudyPDF jobber fra ditt materiale i stedet. Last opp PDF-en av SIE-repetisjonsboka, kapittelheftene fra kurstilbyderen, flashcard-eksporten eller opplæringslysarkene arbeidsgiveren sendte deg, så bygger Bo, studieagenten, fullengdes øvingsprøver fra akkurat de sidene. Hvert spørsmål er forankret i ditt materiale, og hver forklaring peker tilbake til hvor svaret kom fra, så du kan sjekke det i kilden i stedet for å stole på fasiten til en fremmed. Du kan lage nye prøver så ofte du vil, spisse en av dem mot ett fagområde som pakkede produkter eller forbudt praksis, og følge med på hvilke begreper du stadig bommer på fra gang til gang. Det betyr noe på en prøve som denne, der vektingen er offentlig og du kan rette innsatsen mot delen på 44 prosent.

Du trenger ikke laste opp noe for å komme i gang. Er repetisjonsboka di på papir, eller sitter du i lunsjpausen uten noe for hånden, kan du bare oppgi et tema i stedet, for eksempel grunnleggende om municipal versus corporate debt, røde flagg for hvitvasking eller rollen til SEC, så skriver Bo en øvingsprøve fra det. Gratis å komme i gang. StudyPDF forklarer hva en eksamen spør om, og er ingen kilde til investeringsråd, skatteråd eller juridiske råd.