SIE 시험 - FINRA실제시험문제와 답 - 164문항

Question No : 1

A customer will be out of the country for the next two months on business and asks his firm to hold his mail until he returns.
Which of the following statements is true regarding this request?

A.The firm is prohibited from holding the customer's mail under FINRA rules due to the personal information contained.
B.The firm must receive written instructions from the customer that include the time period for the requested mail hold.
C.The firm is permitted to hold the mail as long as the registered representative (RR) complies with the customer's oral instructions.
D.At the discretion of the RR, the firm is permitted to hold the customer's mail provided it takes reasonable actions to ensure no tampering occurs with this mail.

정답:
Explanation:
FINRA Rule 3150: Permits firms to hold customer mail only with written instructions specifying the duration, which cannot exceed three months unless there are exceptional circumstances.
Incorrect Options:
A: Holding mail is not prohibited if done in compliance with FINRA rules.
C & D: Oral instructions or RR discretion are not sufficient; written authorization is mandatory.
Reference: FINRA Rule 3150 (Holding of Customer Mail): FINRA Rule 3150.

Question No : 2

A confirmation indicates a 100-share purchase of Company ABC at $11.
According to SEC rules, which of the following information is required to be stated on the confirmation?

A.The firm's cost basis in the security
B.The firm's inventory level at the time of trade execution
C.That the firm did not act as a market maker in the security
D.The capacity in which the firm acted when executing the trade

정답:
Explanation:
SEC Rule 10b-10: Requires trade confirmations to disclose the capacity in which the firm acted (e.g., as agent or principal) and details like trade price, quantity, and commissions.
Incorrect Options:
A: Cost basis is not disclosed on trade confirmations.
B: Inventory levels are not part of the required disclosures.
C: Market maker status is not explicitly required in the confirmation.
Reference: SEC Rule 10b-10 (Confirmation Requirements): SEC Rule 10b-10.

Question No : 3

Publicly traded limited partnership interests are typically considered:

A.Mutual funds
B.Equity securities
C.Fixed-income securities
D.Derivative investments

정답:
Explanation:
Publicly Traded Limited Partnerships (PTPs): Represent ownership stakes, which categorize them as equity securities. PTPs often involve sectors like real estate or energy.
Incorrect Options:
A: Mutual funds are pooled investment vehicles, not partnerships.
C: Fixed-income securities are debt instruments like bonds.
D: Derivatives include options or futures, not ownership stakes.
Reference: SEC Guidance on Publicly Traded Partnerships: SEC PTPs.

Question No : 4

Which of the following entities settles broker-to-broker equity, listed corporate and municipal bond, and unit investment trust (UIT) transactions in the U.S. equities markets?

A.SEC
B.FINRA
C.Federal Reserve
D.National Securities Clearing Corporation (NSCC)

정답:
Explanation:
National Securities Clearing Corporation (NSCC): A subsidiary of the Depository Trust & Clearing Corporation (DTCC), the NSCC handles the clearance and settlement of broker-to-broker equity, corporate bond, municipal bond, and UIT transactions.
Incorrect Options:
A: The SEC oversees regulatory compliance but does not settle trades.
B: FINRA is a self-regulatory organization, not a clearing entity.
C: The Federal Reserve manages monetary policy and banking but is not involved in securities settlement.
Reference: DTCC Overview of NSCC: DTCC NSCC.

Question No : 5

When is a newly registered person subject to the Continuing Education Regulatory Element requirement?

A.The calendar year following initial registration
B.On the anniversary date of initial registration
C.Every three years after the date of registration
D.Every five years

정답:
Explanation:
Regulatory Element Requirement: Newly registered persons must complete the Continuing Education (CE) Regulatory Element on the second anniversary of their initial registration and every three years thereafter.
Incorrect Options:
A: The requirement begins on the second anniversary, not the following calendar year.
D: The cycle is every three years, not five.
Reference: FINRA Rule 1240 (Continuing Education): FINRA Rule 1240.

Question No : 6

A customer owns 100 shares of ABC with a current market value of $5.00 per share. The company undergoes a 1-for-2 reverse split of the stock.
Which of the following statements is true of the
customer's holdings and the price of the stock?

A.The customer will have 50 shares at $10.00 per share.
B.The customer will have 100 shares at $5.00 per share.
C.The customer will have 200 shares at $2.50 per share.
D.The customer will have 1,000 shares at $0.50 per share.

정답:
Explanation:
Reverse Split Calculation: A 1-for-2 reverse split reduces the number of shares by half while doubling the price per share.
Pre-Split Holdings: 100 shares at $5.00 = $500.
Post-Split Holdings: 50 shares at $10.00 = $500.
Incorrect Options: The total value remains unchanged; only the number of shares and price per share adjust.
Reference: FINRA Corporate Actions Guidance: FINRA Reverse Splits.

Question No : 7

A summary prospectus for a mutual fund must contain which of the following information?

A.Projected return
B.Investment objectives
C.Fund's portfolio holdings
D.Control persons and principal owners of the fund

정답:
Explanation:
Summary Prospectus Content: Must include key information such as the fund’s investment objectives, risks, fees, and past performance. This helps investors make informed decisions.
Incorrect Options:
A: Projected returns are speculative and not included in the prospectus.
C & D: Detailed portfolio holdings and control persons are included in the full prospectus, not the summary.
Reference: SEC Rule 498 (Summary Prospectuses): SEC Prospectus Requirements.

Question No : 8

An investor wants to purchase mutual fund shares, but she is concerned about the tax efficiency of the fund.
Which of the following disclosures required under industry regulations will help the investor make an informed decision?

A.The fund's turnover ratio
B.Sales charges and breakpoint discount opportunities
C.The commissions that the fund pays on each transaction
D.Projections of future dividend and capital gains distributions

정답:
Explanation:
Turnover Ratio: Indicates how frequently the fund manager buys and sells securities. A high turnover ratio may result in higher capital gains distributions, impacting tax efficiency.
Incorrect Options:
B: Sales charges affect cost but not tax efficiency.
C: Commission details are unrelated to the fund’s tax efficiency.
D: Projections of distributions are speculative and not disclosed under regulations.
Reference: SEC Mutual Fund Guide: SEC Mutual Funds.

Question No : 9

A customer is unhappy about a $5,000 loss in a stock that the registered representative (RR) recommended and threatens to call FINRA's Securities Helpline for Seniors about the matter.
What is the most appropriate next step for the RR to take?

A.The RR should notify their supervisor about the customer's dissatisfaction.
B.The RR is permitted to reimburse the customer for the loss to resolve the customer's complaint.
C.The RR should alert their compliance department to update their Form U4 with the complaint details.
D.The RR should call FINRA's Securities Helpline for Seniors before the customer does and explain their side of the story.

정답:
Explanation:
Escalation Requirement: The RR must promptly notify their supervisor or compliance department about the customer’s complaint as required by FINRA rules. Supervisors handle customer complaints according to firm procedures.
Incorrect Options:
B: Reimbursing the customer is not permissible without firm approval and may create compliance issues.
C: Complaints requiring Form U4 updates involve specific allegations such as fraud, not general dissatisfaction.
D: The RR should not contact FINRA directly; the firm will handle communications.
Reference: FINRA Rule 4530 (Reporting Requirements): FINRA Rule 4530.

Question No : 10

Which of the following security types is frequently offered to the public as part of a package or unit that also includes a fixed income obligation?

A.Options
B.Warrants
C.Common stock
D.Preferred stock

정답:
Explanation:
Warrants: Are often issued alongside fixed-income securities, such as bonds, to enhance their appeal to investors. Warrants give the holder the right to purchase company stock at a specific price in the future.
Incorrect Options:
Options: Not typically bundled with fixed-income securities.
Common and Preferred Stock: Usually issued separately, not as part of a package with bonds.
Reference: SEC Guide on Warrants: SEC Warrants Information.

Question No : 11

A customer buys 100 ABC at $50 and at the same time sells an ABC April 50 call at $8. At expiration, ABC must be at what market price for the customer to break even?

A.$42
B.$44
C.$50
D.$58

정답:
Explanation:
Breakeven Calculation: For covered call writing, breakeven is the stock purchase price minus the premium received.
Purchase Price = $50
Premium Received = $8
Breakeven = $50 - $8 = $42.
Other Options:
B, C, and D: Incorrect because they do not reflect the proper calculation of stock price minus the premium.
Reference: Options Clearing Corporation (OCC) Education: OCC Options Guidance.

Question No : 12

Which of the following statements is a characteristic of a government bond fund?

A.Government bond funds are diversified.
B.Dividend/interest payments will be the same each month.
C.If interest rates fall, the net asset value (NAV) of the fund will likely drop as well.
D.The value of the fund is not guaranteed by the government or any federal agency.

정답:
Explanation:
Government Bond Funds: Invest in government-backed securities, but the value of the fund itself is not guaranteed by the government, as these funds are subject to market risks.
Incorrect Options:
A: Diversification depends on the fund’s investment strategy.
B: Interest/dividend payments may fluctuate.
C: If interest rates fall, NAVs typically rise, not drop.
Reference: SEC Guidance on Mutual Funds: SEC Government Bond Funds.

Question No : 13

When exercised, an option written on which of the following items must be settled in cash?

A.Equity index
B.Preferred stock
C.Master limited partnership
D.Exchange-traded funds (ETFs)

정답:
Explanation:
Equity Index Options: These are cash-settled because the underlying asset is not a physical security but a theoretical value representing the index.
Incorrect Options:
Preferred Stock, Master Limited Partnerships, and ETFs: These involve physical delivery of the underlying asset upon exercise.
Reference: Options Clearing Corporation (OCC) Guidelines: OCC Cash-Settled Options.

Question No : 14

Which of the following terms describes failure to honor a firm quote?

A.Freeriding
B.Backing away
C.Interpositioning
D.Market manipulation

정답:
Explanation:
Backing Away: Refers to the failure of a market maker to honor a firm quote when a customer attempts to trade at that price. It is a violation of market rules.
Incorrect Options:
Freeriding: Involves selling securities before paying for them in a cash account.
Interpositioning: Involves unnecessary intermediaries in trades, which can harm customers.
Market Manipulation: Covers a range of deceptive practices, such as wash trading or spoofing, not specific to honoring quotes.
Reference: FINRA Rule 5220 (Firm Quote Rule): FINRA Rule 5220.

Question No : 15

A customer purchases 100 shares of stock on Thursday, August 2. This transaction must settle regular way no later than:

A.Friday, August 3
B.Monday, August 6
C.Tuesday, August 7
D.Wednesday, August 8

정답:
Explanation:
Regular-Way Settlement: For equity securities, settlement occurs on a T+2 basis, meaning two business days after the trade date.
Calculation:
Trade Date (T): Thursday, August 2.
T+2 Settlement: Excludes weekends, so settlement falls on Monday, August 6.
Incorrect Options:
A: Reflects T+1, not the correct settlement cycle. C & D: Extend beyond the standard T+2 cycle.
Reference: FINRA and SEC Settlement Rules: SEC Settlement Rules.

FINRA SIE 시험