매달, 우리는 1000명 이상의 사람들이 시험 준비를 잘하고 시험을 잘 통과할 수 있도록 도와줍니다.
Securities Industry Essentials Exam (SIE) 온라인 연습
최종 업데이트 시간: 2026년02월14일
당신은 온라인 연습 문제를 통해 FINRA SIE 시험지식에 대해 자신이 어떻게 알고 있는지 파악한 후 시험 참가 신청 여부를 결정할 수 있다.
시험을 100% 합격하고 시험 준비 시간을 35% 절약하기를 바라며 SIE 덤프 (최신 실제 시험 문제)를 사용 선택하여 현재 최신 164개의 시험 문제와 답을 포함하십시오.
정답:
Explanation:
Step by Step
Temporary Hold Period: Under FINRA Rule 2165, a firm can initially place a hold on disbursements for up to 10 business days if financial exploitation is suspected.
Additional Holds: The period may be extended by an additional 10 business days if warranted and allowed by state law.
Incorrect Options:
A & B: These are shorter than the permissible period.
D: The initial hold period is capped at 10 business days.
FINRA Rule 2165 (Financial Exploitation of Specified Adults): FINRA Rule 2165.
정답:
Explanation:
A bullish strategy reflects the expectation that prices―especially equity prices―will rise. Among the choices, purchasing stocks on margin is the most clearly bullish action because it uses borrowed funds to increase buying power and magnify exposure to potential stock price appreciation. If an investor is sufficiently optimistic about a stock or the market, they may choose margin to control a larger position than their cash alone would allow. This is a directional strategy: it increases sensitivity to gains when prices rise, which is the essence of a bullish position.
By contrast, reinvesting portfolio income into bonds (choice B) is not inherently bullish; it signals a preference for fixed-income allocation, typically associated with income, capital preservation, or lower volatility rather than expecting equity price appreciation. Halting reinvestment (choice C) can be a defensive move―choosing to stop adding to risk assets, possibly due to uncertainty. Increasing the cash percentage of an equities portfolio (choice D) is usually a bearish or risk-off action, since it reduces equity exposure and positions the investor more defensively against potential declines or volatility.
On the SIE, you’re expected to recognize that “bullish” aligns with actions that increase exposure to risk assets or benefit from rising prices, while “bearish” aligns with reducing exposure, increasing cash, or taking positions that benefit from declining prices. Margin is particularly testable because it also introduces additional risks―interest costs, maintenance requirements, and the possibility of margin calls―yet it is still fundamentally a bullish leverage tool when used to buy equities.
정답:
Explanation:
High-income bond mutual funds typically invest in lower-rated (junk) bonds that offer higher yields.
These bonds are exposed to significant credit risk, as issuers may default on their payments.
A is correct because credit risk is the primary concern with high-yield bonds.
B is incorrect as political risk is more relevant for international investments.
C is incorrect because taxability risk is not specific to bond mutual funds.
D is incorrect because purchasing power risk is more relevant for fixed-income investments during inflationary periods but is not the primary risk here.
Reference: SIE Study Guide, Chapter 3: Risks Associated with Bonds
정답:
Explanation:
The most appropriate permitted initial step is to contact the customer directly to confirm the activity and, if needed, notify the customer’s trusted contact person, making D correct. FINRA guidance and firm practices around protecting seniors emphasize proactive steps to detect and respond to potential financial exploitation. A trusted contact is a person the customer authorizes the firm to contact if there are concerns about possible exploitation, diminished capacity, or suspicious activity. Reaching out to the customer helps verify whether the activity was authorized and consistent with their intentions, and involving the trusted contact (when appropriate and permitted) adds another protective layer.
Choice A is inappropriate because immediately closing an account is an extreme action that is not the standard first step and could harm the customer or disrupt legitimate needs.
Choice B is also inappropriate because liquidating assets without authorization is generally impermissible absent a clear legal basis, proper discretion, or a valid protective hold process under firm policy and applicable rules.
Choice C is not the correct initial step; while firms may have reporting obligations in certain circumstances, the immediate first response is typically internal escalation and customer contact rather than “reporting to FINRA and the SEC” as the first action.
On the SIE, this tests senior investor protection concepts: recognizing red flags, escalating internally, and using tools like the trusted contact to help protect vulnerable customers while respecting account authority and documentation requirements.
정답:
Explanation:
A marketing piece claiming FINRA “endorses” a broker-dealer is not permissible, so A is correct. FINRA is a self-regulatory organization that oversees broker-dealers; it does not “endorse” member firms as a marketing claim. Communications with the public must be fair and not misleading. Suggesting FINRA endorsement could mislead customers into thinking the regulator has approved the firm’s quality, products, or services, which conflicts with the disclosure-based framework and the principle that regulators do not provide merit-based approval of market participants.
Choice B is incorrect because principal approval does not make a misleading statement permissible. Principal approval is an internal supervisory step; it cannot legalize a false or misleading representation.
Choice C is incorrect because FINRA does not provide written approvals to allow firms to claim endorsement; the concept itself is improper.
Choice D is incorrect because the issue is not whether specific investments are mentioned; the misrepresentation is the claim of regulatory endorsement, which is misleading regardless of content.
SIE exam questions in this area test your ability to spot prohibited or misleading marketing language―especially anything implying government or regulator “approval,” “guarantee,” or “endorsement.” Similar logic applies to claims that the SEC approves a prospectus or the merits of an offering. The correct approach in communications is accurate, balanced disclosure―not implying that a regulator supports or recommends the firm.
정답:
Explanation:
A corporate bond is generally marginable at settlement, making choice C correct. Under margin rules, many exchange-listed equities and a broad range of fixed-income securities can be purchased on margin once the trade settles, subject to firm policies, Reg T requirements, and whether the security is eligible. Corporate bonds―especially those that are widely traded and meet eligibility standards―are commonly marginable, and for SIE purposes they are a standard example of a margin-eligible security.
A right (choice A) is a short-lived privilege issued to existing shareholders to purchase additional shares, often at a subscription price, within a limited time window. Rights are not typically used as classic margin securities in the way standard listed stocks or bonds are, and their short duration and special characteristics make them a poor match for “marginable at settlement” in exam terms. A warrant (choice B) is a long-term instrument that gives the holder the right to buy stock at a stated price; warrants can trade, but they are not the standard “go-to” marginable instrument on the SIE and are often treated as special securities with firm-specific margin treatment. A money market fund (choice D) is designed to maintain a stable NAV and is frequently used as a cash equivalent; it is not typically treated as a marginable security for borrowing purposes in the same way as marginable stocks and bonds.
The SIE tests margin basics at a conceptual level: what types of securities can be financed in a margin account and when. “At settlement” language points you to the idea that margin eligibility is tied to the security and completion of the trade, not that every product is eligible immediately upon execution. The clearest correct choice here is corporate bonds.
정답:
정답:
Explanation:
A stock’s price is generally adjusted downward by the amount of the declared cash dividend on the ex-dividend date, so B is correct. The ex-dividend date is the first day the stock trades without the right to receive the upcoming dividend. Investors who purchase on or after the ex-dividend date are not entitled to that declared dividend; the seller retains the right to receive it. Because new buyers are no longer receiving that cash distribution, the market typically reflects this by reducing the stock’s price by approximately the dividend amount (all else equal). This is a standard SIE-tested dividend timing concept.
The record date (choice C) is the date on which the company reviews its shareholder records to determine who is entitled to receive the dividend. It is a corporate bookkeeping cutoff and is not the date the market typically adjusts the price. The payment date (choice D) is when the company actually pays the dividend to shareholders of record; again, this is not when the stock generally drops by the dividend amount.
Choice A is incorrect because “redemption date” applies to instruments like bonds, CDs, or redeemable fund shares―not common stock dividends.
This topic sits under corporate actions and dividend mechanics, and the SIE expects you to connect the sequence: declaration date (announced), ex-dividend date (price adjustment / eligibility cutoff for buyers), record date (company records), and payable/payment date (cash distributed).
Understanding the ex-dividend date is crucial for customer communication, trade timing, and explaining why price may appear to “drop” even without negative news.
정답:
Explanation:
Step by Step
Secondary Offering: Involves the sale of shares by an existing shareholder, such as an insider, rather than the company itself issuing new shares.
Incorrect Options:
A: Rights offerings involve giving existing shareholders the opportunity to buy additional shares.
B: Private offerings are not registered with the SEC and involve limited investors.
C: An exempt offering refers to securities exempt from SEC registration, such as Regulation D offerings.
SEC Guide on Secondary Offerings: SEC Secondary Offerings.
정답:
Explanation:
Variable annuity subaccounts are held in separate accounts, distinct from the insurance company’s general account. This separation protects subaccount assets from claims by creditors in case the insurance company becomes insolvent.
C is correct because the separate account ensures creditor protection.
A is incorrect as management fees for variable annuities are often higher.
B is incorrect because the subaccounts are not held at broker-dealers.
D is incorrect as subaccounts do not represent subordinated debt.
Reference: SIE Study Guide, Chapter 7: Annuities
정답:
Explanation:
Certain U.S. government securities are considered exempt securities under federal securities laws, meaning they are exempt from registration requirements that apply to many other public offerings. That is why zero-coupon U.S. government obligations (such as STRIPS and other Treasury-derived zero-coupon instruments) are classified as exempt securities due to exemption from registration, making answer B correct.
It’s important to separate “exempt from registration” from other common investor risks.
Choice A is incorrect because being a U.S. government obligation does not mean the security is “exempt from credit risk” as a legal classification; rather, investors generally view U.S. Treasury obligations as having very low credit risk because they are backed by the U.S. government. That market perception is not the legal basis for the “exempt security” label.
Choice C is incorrect because zero-coupon bonds can have substantial interest-rate risk―often more than comparable coupon-paying bonds― because their duration is typically higher (no periodic interest payments), making them more price-sensitive to rate changes.
Choice D is incorrect because Treasury interest is generally subject to federal income tax (though often exempt from state/local tax). Zero-coupon Treasuries also raise tax considerations due to “imputed interest” (original issue discount accretion), but none of that makes them federally tax-exempt.
The SIE tests that “exempt securities” refers to registration exemptions, not “risk-free” or “tax-free.” You should associate U.S. government securities with exemption from Securities Act registration requirements, while still recognizing they carry market risks like interest-rate risk.
정답:
Explanation:
The correct answer is Monetarist, which centers on the idea that the money supply is a primary driver of economic activity, inflation, and overall growth. Monetarists argue that changes in the quantity of money in circulation significantly influence aggregate demand and price levels over time. In practice, this links closely to the role of a central bank (in the U.S., the Federal Reserve) in influencing economic conditions through monetary tools that affect the availability and cost of money and credit. For SIE purposes, the key takeaway is that monetarist thinking emphasizes controlling money supply growth to promote stable economic expansion and manage inflation.
This differs from Keynesian theory, which typically emphasizes fiscal policy (government spending and taxation) and total demand management as the main lever for stabilizing the economy, especially during recessions. While Keynesians also recognize monetary policy, they usually place more focus on government intervention through budget policy to influence employment and output. Supply-side approaches focus more on policies intended to increase production incentives (e.g., lowering taxes and reducing regulation to stimulate investment and labor supply), rather than treating money supply as the central driver. Demand-pull is not a broad “model” in the same sense; it is most commonly associated with a type of inflation where rising demand outpaces supply, pushing prices upward.
The FINRA SIE outline includes principal economic theories (including Keynesian and Monetarist) and tests candidates’ ability to identify which framework aligns with a described belief about what drives growth and market conditions.
정답:
Explanation:
Step by Step
Settlement of the Transaction: Refers to the finalization of a trade, where the buyer pays for the securities, and the seller delivers them. For most securities, regular-way settlement occurs T+2 (trade date plus two business days).
Incorrect Options:
Clearing the Trade: Refers to matching trade details to prepare for settlement.
DVP Transactions: A specific type of settlement involving simultaneous payment and delivery, often used for institutional clients.
Corporate Action: Refers to events like stock splits or dividend declarations.
FINRA and SEC Guidelines on Settlement: SEC Settlement Process.
정답:
정답:
Explanation:
Step by Step
Rebalancing: Ensures that a portfolio remains aligned with its target allocation. Without rebalancing, outperforming assets can become overweighted, increasing exposure to specific risks.
Incorrect Options:
Inflation: Impacts purchasing power but isn’t tied to rebalancing.
Marketability: Refers to liquidity and isn’t linked to allocation models.
Interest Rate Risk: Relates to fixed-income investments and isn’t directly addressed by allocation models.
SEC Investor Bulletin on Asset Allocation: SEC Asset Allocation.