Series-7 Practice Exams and Training Solutions for Certifications
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How to Prepare For FINRA Series 7 Certification Exam
Preparation Guide for FINRA Series 7 Certification Exam
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The 7 Series review authorizes the holder to sell all types of products in securities, with the exception of commodities and futures. Officially known as the General Qualifying Examination for Securities Representatives, the Series 7 exam and its accreditation are managed by the Financial Sector Regulatory Authority (FINRA).
In the United States, stockbrokers must pass the Series 7 exam to obtain a commercial license. The 7 Series review focuses on investment risk, taxation, securities, and debt securities; securities, options, pension plans, and customer interactions.
In 2019, FINRA launched a distribution on 1 October 2018. of potential securities professionals. This introductory exam assesses a candidate's knowledge of basic information in the securities sector, including basic concepts for working in the sector
The purpose of the Series 7 license is to define a level of competence for a registered representative or securities dealer working in the securities sector. The 7 Series license is an essential requirement for a novice broker. The licensing exam covers a wide range of financial conditions and matters as well as the regulation of securities.
Candidates who pass the Series 7 exam can negotiate many securities, such as shares, mutual funds, options, municipal securities and variable contracts. The Series 7 license does not cover the sale of real estate or life insurance products. In addition to obtaining the Series 7 license, many states require registered representatives to take the Series 63 exam, also known as the state uniform agent law exam.
FINRA Series 7 Certified Professional Salary
The average Salary of a Series 7 Certified Professional Salary in
- Europe: 35,864 Euro
- United States: 90,000+ USD
- India: 12,00,000 INR
NEW QUESTION 222
Which of the following is an acceptable deposit to answer an NYSE maintenance call?
- A. SMA
- B. all of the above
- C. US savings bond
- D. US treasury notes
Answer: D
Explanation:
US treasury notes. A maintenance call requires cash or negotiable securities. Only the treasury notes meet this standard.
NEW QUESTION 223
Which of the following receives the highest priority of a municipal bond trustee when applying income and revenue derived from a financed toll facility?
- A. reserve maintenance fund
- B. bond service account fund
- C. operation and maintenance fund
- D. renewal and replacement fund
Answer: C
Explanation:
Explanation/Reference:
Explanation: operation and maintenance fund. This receives the top priority followed by debt service, maintenance reserves, and lastly renewal and replacement.
NEW QUESTION 224
Which of the following sets of prices is that of a closed-end investment company?
- A. $28.14 $27.75
- B. $10.10 $11.00
- C. $7.50 $8.10
- D. $20.15 $21.85
Answer: A
Explanation:
NAV=$28.14 and Asked Price=$27.75. In this case the ask price is less than NAV, which is never true of an open-end investment company.
NEW QUESTION 225
The definition of debentures is:
- A. securities backed by the general credit of the issuers but no specific collateral
- B. a worthless security
- C. a loan secured by real estate
- D. collateralized securities
Answer: A
Explanation:
Explanation/Reference:
Explanation: securities backed by the general credit of the issuers but no specific collateral. And in the case of some issuers, that may be fairly worthless.
NEW QUESTION 226
When opening a brokerage account for a customer, a registered representative must determine the customer's:
- A. financial resources
- B. all of the above
- C. investment objectives
- D. financial requirements
Answer: B
Explanation:
all of the above. All of the choices are required information for the registered representative to obtain.
NEW QUESTION 227
Bubba decides to buy equity securities. Which of the following statements is always true about what Bubba is buying?
- A. they have a fixed maturity date
- B. they have a fixed rate of return
- C. they are readily marketable
- D. they are not secured by collateral
Answer: D
Explanation:
Explanation/Reference:
Explanation: they are not secured by collateral. Equity is ownership, which has no collateral security...or any other kind of security such as a guaranteed return, maturity, or marketability.
NEW QUESTION 228
How much money is a concession of 3/8 worth for one municipal bond?
- A. $37.50
- B. $375.00
- C. $0.375
- D. $3.75
Answer: D
Explanation:
Explanation/Reference:
Explanation: $3.75. Three-eighths of a $1,000 bond with a par price of 100.00 equals $3.75.
NEW QUESTION 229
Which of the following would be least useful to an analyst making a technical market report?
- A. predictions of recession in the economy
- B. the short interest
- C. new highs and lows
- D. advances and declines
Answer: A
Explanation:
predictions of recession in the economy. All of the other choices are technical market indicators. An economic forecast is "fundamental" market data.
NEW QUESTION 230
Bubba maintains an individual cash account as well as a joint account with his wife, Bubbette. While Bubba is out of town on a fishing trip, Bubbette calls the brokerage firm with an order to buy 100 shares of Great Company, Inc., at the market value for Bubba individual account. It is a stock Bubba has previously informed the brokerage he wanted to buy at the "right price".
What does the brokerage do?
- A. enter the order only after receipt of written instructions to do so from Bubba
- B. buy the stock in the joint account and, after verification from Bubba, journal the security to his individual account
- C. refuse to accept the order unless Bubba has provided a signed trading authorization in favor of Bubbette
- D. execute the order as requested
Answer: C
Explanation:
Explanation/Reference:
Explanation: refuse to accept the order unless Bubba has provided a signed trading authorization in favor of Bubbette. Unless Bubbette has been given written trading authorization over Bubba's account, trading orders cannot be accepted from her or any other person.
NEW QUESTION 231
Regulation T is set at 50%. Bubba's account contains long positions in the following securities with the prices listed:
100 ABC $30
200 XYZ $70
200 QBB $40
200 KKK $25
Total market value = $30,000
Debit balance in the account = $12,000
Net equity balance of the account = $18,000
Bubba wants to buy 100 shares of DUM at $30 per share and 100 shares of OUT at $120. How much how much value of additional securities must Bubba deposit in lieu of depositing cash?
- A. $9,000
- B. $6,000
- C. $3,000
- D. $15,000
Answer: A
Explanation:
Explanation/Reference:
Explanation: $9,000. Since the required cash to deposit is $4,500 and Reg T is 50%, Bubba may deposit
$9,000 of securities.
NEW QUESTION 232
In which of the following situations may exemption from compliance with Regulation T be granted?
- A. a broker/dealer transacting less than 10% of its business through a member of a securities exchange
- B. a broker/dealer conducts business only in registered securities
- C. a broker/dealer who does not offer margin accounts
- D. none of the above
Answer: D
Explanation:
Explanation/Reference:
Explanation: none of the above. No broker/dealer is exempt. Reg T covers cash accounts as well as margin accounts.
NEW QUESTION 233
Bubba has several accounts at a brokerage firm. Which of the following is not covered by SIPC?
- A. commodities account in Bubba's name only
- B. joint account of Bubba and his son, Bubba, Jr.
- C. individual account in Bubba's name only
- D. joint account of Bubba and his wife
Answer: A
Explanation:
commodities account in Bubba's name only. SIPC does not cover commodities accounts.
NEW QUESTION 234
In a triple net lease, which of the following is the tenant not responsible for paying?
- A. financing charges
- B. insurance premiums
- C. maintenance
- D. taxes
Answer: A
Explanation:
Explanation/Reference:
Explanation: financing charges. In a triple net lease, the tenant is responsible for taxes, insurance, and maintenance.
NEW QUESTION 235
Bubba buys a municipal bond at a discount and holds it to maturity.
Which of the following is true?
- A. the capital gain is tax exempt, but the interest is taxable as ordinary income
- B. interest is taxable as ordinary income
- C. the capital gain is tax exempt
- D. interest is tax exempt, but the capital gain is taxable
Answer: D
Explanation:
Explanation/Reference:
Explanation: interest is tax exempt, but the capital gain is taxable. This happens because Bubba purchased the bond in the secondary market with a different price than the original issue face amount.
NEW QUESTION 236
Bubba wants to buy a US treasury bond with a bid of 97.28 and an asking of 98.2.
How were these prices established?
- A. by the FINRA
- B. by competitive biding
- C. by the terms of the bond
- D. by the Federal Reserve Board
Answer: B
Explanation:
by competitive biding. The quoted prices for treasury bonds-as with all negotiable securities-is determined in the market by competitive biding.
NEW QUESTION 237
Mutual fund salespersons may not represent that a product is like of safer than:
- A. a corporate debt instrument
- B. a fixed annuity
- C. an insurance policy
- D. all of the above
Answer: D
Explanation:
Explanation/Reference:
Explanation: all of the above. A broker/dealer must demonstrate that what is said or printed about a product is not fraudulent. Representing a mutual fund as safer than any of the choices above is likely fraudulent.
NEW QUESTION 238
CMOs are sold and priced based upon which of the following:
- A. current yield
- B. par value
- C. expected average life
- D. stated maturity
Answer: C
Explanation:
expected average life. The average life of a CMO is the length of time that each dollar of invested principal is expected to remain outstanding. Pricing of CMOs is based upon this factor.
NEW QUESTION 239
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