Series-63 시험 - FINRA실제시험문제와 답 - 251문항

Question No : 1

To continue operating as an agent, broker-dealer, investment adviser, or investment adviser representative next year, you must pay the filing fee to renew your license with the state Administrator by

A.January 15th of the new year.
B.January 30th of the new year.
C.December 31st of this year.
D.the anniversary date of the original issue date on your license.

정답:
Explanation:
To continue operating as an agent, broker-dealer, investment adviser, or investment adviser representative next year, you must pay your filing fee to renew your license by December 31st of this year. Otherwise, your license will expire. There is no grace period.

Question No : 2

You have passed the necessary exams (congratulations!) and are applying for registration as a securities agent. It is already the end of September. Therefore, you must pay

A.one-fourth of the annual fee required since only one quarter of the year remains.
B.the full annual fee, and your license will expire on September 30th next year.
C.the full annual fee, and your license will expire on December 31st next year.
D.the full annual fee, and your license will expire on December 31st this year.

정답:
Explanation:
Once you have passed the necessary exams and are applying for registration as an agent, you must pay the full annual fee and your license will expire on December 31st of the current year, no matter how late in the year it is.

Question No : 3

Fly-By-Night Investment Advisers has closed its doors.
Which of the following statements is true?

A.Fly-By-Night is required to shred all documentation of client transactions and communications.
B.Fly-By-Night must send all records of client transactions and communications to the state Administrator for safekeeping.
C.Fly-By-Night must preserve and maintain all records, including client transactions and communications, advertising materials, and financial statements of the now-defunct business for five years.
D.Fly-By-Night must send each of its former clients its records of all that client’s transactions and communications with the firm over the past five years.

정답:
Explanation:
Even after Fly-By-Night has closed its doors, it is required to preserve and maintain all records, including client transactions and communications, advertising materials, and the financial statements of the business for five years, under the guidelines of the Uniform Securities Act.

Question No : 4

Which of the following entities are subject to post-registration provisions?
I. broker-dealers
II. agents
III. investment advisers
IV. investment adviser representatives

A.I and II only
B.I and III only
C.II and IV only
D.All of the entities are subject to post-registration provisions.

정답:
Explanation:
Only selections I and III are subject to post-registration provisions. Broker-dealers and investment advisers can be required to file advertising materials and financial reports with the Administrator, as specified by the Administrator. They are also required to keep records to the specifications of the Administrator. These records will include items such as client e-mails, client letters of complaint, and advertising brochures and must be kept for three years.

Question No : 5

Which of the following statements is false?

A.A state cannot require a higher minimum net capital for broker-dealers than the amount specified by the Securities Exchange Act of 1934.
B.A state cannot require a higher minimum net capital for investment advisers than the amount specified by the Investment Advisers Act of 1940.
C.The minimum net capital requirement for investment advisers that take custody of their clients’ assets is higher than the net capital requirement for advisers who do not take custody of the assets.
D.None of the above statements is false; all are true statements.

정답:
Explanation:
“A state cannot require a higher minimum net capital for investment advisers than the amount specified by the Investment Advisers Act of 1940” is a false statement. The Investment Advisers Act of 1940 does not specify a minimum net capital requirement. The Act simply indicates that if an investment adviser is already registered in one state and meeting that state’s minimum net capital requirement, a second state can’t impose a higher net capital requirement on it.

Question No : 6

S. White and Associates is an investment adviser registered in the state of Kentucky and, as such, is meeting Kentucky’s minimum net capital requirement for investment advisers. The firm recently registered with the state of Virginia and has opened an office there. Virginia has a significantly higher net capital requirement for its investment advisers.
Which of the following statements is true?

A.According to the Uniform Securities Act,
B.White will have to meet Virginia’s higher requirement.
C.According to the Investment Advisers Act of 1940,
D.White needs only to meet the net capital requirement of Kentucky.
E.According to the Securities Exchange Act of 1934,
F.White needs to meet at least the minimum net capital requirement specified by that Act since it is now operating in multiple states.
G.According to the Investment Advisers Act of 1940,
H.White will have to maintain a minimum net capital equal to the average of the net capital requirements of the two states.

정답:
Explanation:
Since S. White is already registered in the state of Kentucky and meeting the net capital requirement of that state, the Investment Advisers Act of 1940 stipulates that Virginia cannot require a higher minimum net capital. The Act states that if an investment adviser is registered in one state and is meeting its net capital requirement, a second state cannot impose a higher net capital requirement on the investment adviser.

Question No : 7

Barring no irregularities (such as a license revocation by another state last year), after you have filed for registration as an agent, your license will be granted within

A.10 business days.
B.14 business days.
C.30 days.
D.45 days.

정답:
Explanation:
Barring no irregularities, after you have filed for registration as an agent, you should receive your license within 30 days. More specifically, your license will be approved “no later than noon of the 30th day after filing.”

Question No : 8

The net worth of a broker-dealer has fallen below the minimum net capital requirement specified by the state in which the broker-dealer is registered. This broker-dealer must notify the Administrator of this fact

A.before the beginning of the next quarter.
B.before the end of the month.
C.by the close of business on the next business day.
D.within a week’s time.

정답:
Explanation:
When the net worth of a broker-dealer falls below the minimum net capital requirement specified by the state, the broker-dealer must notify the Administrator of this fact by the close of business on the next business day according to the Uniform Securities Act.

Question No : 9

Skip is a registered agent with state. He recently quit his job with Venus Broker-Dealers to become affiliated with Mars Broker-Dealers.
Which of the three entities must report this change to the state Administrator?

A.Skip only
B.Skip and either Mars or Venus, but not both
C.Both Skip and Venus
D.Skip, Mars, and Venus

정답:
Explanation:
When Skip leaves one broker-dealer and signs on with another, all three entities-Skip, Mars, and Venus-must report this to the state Administrator. Under the Uniform Securities Act, when an agent leaves a broker-dealer, both the agent and the broker-dealer are required to report this to the state Administrator, and when an agent begins employment with a new broker-dealer, both the agent and the new broker-dealer must report it.

Question No : 10

Bootstraps, Inc. is a family-owned business that has experienced enormous growth in the last couple of years. The business needs more cash to support this growth and has decided to issue some promissory notes, each with a face value of $5,000, for sale to the general public. The firm plans to hire three individuals to help them sell these notes. These individuals will earn a commission based on the notes they sell.
Given these facts, which of the following is true?

A.The notes must be registered with the state, and the three individuals hired to sell the notes must be registered as agents with the state.
B.The notes must be registered with the state, but the individuals hired to sell them are not required to be registered.
C.Neither the notes nor the individuals selling the notes need to be registered with the state.
D.Either the firm must register the notes with the state, or the individuals that are hired to sell the notes must be registered as agents with the state, but not both.

정답:
Explanation:
If Bootstraps hires three individuals to sell promissory notes to the public, both the notes and the three individuals hired to sell the notes must be registered with the state. The promissory notes are securities and, therefore, are required to be registered with the state before they can be offered for sale. The three individuals are working for the issuer, Bootstraps, to sell its securities to the public. This makes them agents, according to the Uniform Securities Act, and they must be registered as agents with the state.

Question No : 11

After passing the necessary exams, you must submit which of the following to the state Administrator when applying for registration as an agent?

A.U-4
B.Form ADV
C.a recent photograph of yourself
D.proof that you meet the state’s minimum net capital requirement

정답:
Explanation:
When applying for registration as an agent, you will need to submit a U-4. No photograph is necessary. Form ADV is used to register as an investment adviser, and only broker-dealers and investment advisers must meet the state’s minimum net capital requirement.

Question No : 12

An investment adviser
I. provides investment advice to clients.
II. sells securities to clients.
III. buys and sells securities in their clients’ accounts for the clients.

A.I only.
B.I and II only.
C.I and III only.
D.I, II, and II

정답:
Explanation:
An investment adviser provides investment advice to clients and may also buy and sell securities in their clients’ accounts for the clients. He does not, however, sell securities to his clients.

Question No : 13

Harry Lange manages the investment portfolio for the Fidelity Magellan Mutual Fund. Mr. Lange is a(n)

A.broker-dealer.
B.agent.
C.investment adviser.
D.investment company.

정답:
Explanation:
If Harry Lange is managing the investment portfolio of Fidelity Magellan Mutual Fund, he is an investment adviser. He is making the investment decisions and receives a percentage of the assets under management as his compensation. He is not selling the mutual fund or the fund’s investors anything, which is the job of a broker-dealer or an agent. Fidelity Magellan is the investment company.

Question No : 14

A broker-dealer cannot legally be

A.a partnership.
B.an individual.
C.a sole-proprietorship.
D.A broker-dealer can be any of the above.

정답:
Explanation:
A broker-dealer can be a partnership, an individual, or a sole-proprietorship under the guidelines of the Uniform Security Act.

Question No : 15

Once a person has filed an application with the Administrator, and in doing so has truthfully disclosed every material fact, how long does the Administrator have after the effective date of the registration to commence a proceeding to deny, suspend, or revoke that person’s license based on those facts?

A.30 days.
B.60 days.
C.90 days.
D.one year.

정답:
Explanation:
If a person has appropriately and truthfully disclosed every material fact on its application for registration, the Administrator has 90 days after the registration becomes effective to commence a proceeding to deny, suspend, or revoke the license. If the Administrator has known about the fact for longer than this, he may not begin a proceeding against that person according to the Uniform Securities Act.

FINRA Series-63 시험