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SIE Exam: 1001 Practice Questions For Dummies 1st Edition Steven M. Rice (Author) - Solutions

MKR Corp. has decided to pay its common shareholders a dividend. Place the following dividend dates in order from first to last.I. The payment date II. The declaration date III. The ex-date IV. The record date(A) II, III, IV, I(B) I, II, III, IV(C) IV, II, II, I(D) III, II, I, IV
If your client, Sara Silver, requests a statement of a brokerage firm’s financial condition, what document(s) must the brokerage firm send to Sara immediately?(A) The most recent income statement(B) The most recent balance sheet(C) Both Choices (A) and (B)(D) Neither Choice (A) nor (B)
Declan Smith has an account at Ayla Broker-Dealer. Declan has not traded any securities at Ayla Broker-Dealer for more than three years. How often is Ayla Broker-Dealer required to send an account statement to Declan?(A) Monthly(B) Quarterly(C) Semiannually(D) Annually
Dim Outlook Securities has procedures allowing their registered representatives to borrow money from and lend money to certain customers. Under what circumstance may a registered representative of Dim Outlook borrow money from or lend money to a customer?I. The customer is an immediate family
The term “specified adult” refers to investors(A) aged 65 or older(B) individuals aged 18 or older with a mental impairment that render them unable to protect their own interests(C) individuals aged 18 or older with a physical impairment that render them unable to protect their own interests(D)
If a member believes that the financial exploitation of a specified adult has taken place, what action may they take?(A) Contact FINRA to find out what action to take.(B) Contact the SEC to find out what action to take.(C) Place a temporary hold on the disbursement of funds or securities from the
All accounts for specified adults must have a(A) named “Trusted Contact Person”(B) named “Beneficiary”(C) signed “Proportionate Sharing Agreement”(D) named “Associated Person”
Under MSRB rules, a client’s confirmation must include(A) the markup or markdown(B) the location of the bond resolution(C) the settlement date(D) whether the trade was executed on a dealer or agency basis
The certificate sent out to customers at the completion of the trade, which supplies all the details of the trade, is called a(n)(A) proxy(B) order ticket(C) confirmation(D) account statement
A client’s confirmation must include I. the markup or markdown for a principal transaction II. the commission for an agency transaction III. a description of the security IV. the registered representative’s identification number(A) I and III(B) I, II, and III(C) II, III, and IV(D) I, II, III,
All of the following must be included on a customer’s trade confirmation EXCEPT(A) the commission, if the trade was executed on an agency basis(B) the price of the security(C) the customer’s signature(D) the customer’s account number
For member-to-customer transactions, the member firm must send a trade confirmation(A) at or prior to the completion of the transaction(B) no later than one business day after the trade date(C) no later than two business days after the trade date(D) no later than three business days after the trade
Broker-dealers, investment companies, and investment advisers must have written policies designed to protect customers’records and information. This falls under(A) Regulation S-P(B) Regulation D(C) Regulation M(D) Regulation BI
Diamond Broker-Dealer sent a client a confirmation of their latest trade of Mineshaft Corp. common stock. Which of the following items should be on the confirmation?I. The trade date and the settlement date II. Whether Diamond Broker-Dealer acted as an agent or principal III. The name of the
Prior to an initial recommendation to a client, a customer relationship survey must be provided to that client. This falls under(A) Regulation S-P(B) Regulation BI(C) Regulation M(D) Regulation T
All brokerage firms are required to have safeguards in place to protect customers’non-public information. The SEC regulation that outlines brokerage firm requirements to safeguard customers’ information is(A) Regulation T(B) Regulation G(C) Regulation S-P(D) Regulation A
Which of the following are TRUE regarding securities transactions in cash?I. Payment is due the same day as the trade date regardless of the type of security.II. Payment is due the next business day after the trade date regardless of the type of security.III. Settlement is the same day as the trade
What is the regular way settlement for option transactions?(A) T+1(B) T+2(C) T+3(D) T+4
Issued transactions settle(A) in one business day after the trade date(B) in two business days after the trade date(C) in three business days after the trade date(D) on a date to be assigned
Treasury bonds settle in(A) one business day after the trade date(B) two business days after the trade date(C) three business days after the trade date(D) ten business days after the trade date
When is the last day an investor can buy the stock“regular way” and receive the dividend?(A) Monday, September 15(B) Tuesday, September 16(C) Wednesday, September 17(D) Monday, September 22
A corporation announces a dividend with record date Thursday, September
Which of the following are TRUE regarding a regular-way purchase of municipal bonds?I. The settlement is in one business day after the trade date.II. The settlement is in two business days after the trade date.III. The payment is due in one business day after the trade date.IV. The payment is due
What is the settlement date for a corporate bond transaction?(A) One business day after the trade date(B) Two business days after the trade date(C) Three business days after the trade date(D) Ten business days after the trade date
What is the settlement date?(A) Monday, October 6(B) Tuesday, October 7(C) Wednesday, October 8(D) Thursday, October 9
A customer purchases 1,000 shares of XYZ common stock on Friday, October
When may a registered representative open a joint account with a client?I. Under no circumstances II. If obtaining approval from a principal III. If obtaining a signed proportionate sharing agreement from the client(A) I only(B) II only(C) III only(D) II and III
Principals must approve trades made by registered representatives(A) at or prior to execution(B) at or prior to completion of the transaction(C) the same day as execution of the order(D) none of the above
A customer wishes to purchase a security that does not fit their investment objectives.After making them aware of that fact, they decide that they want to go ahead with the purchase anyway. What should you do?(A) Refuse the order.(B) Change the customer’s investment objectives.(C) Talk it over
Gina wants to buy 1,000 shares of Biff Spanky Corporation at $1.20 per share. As Gina’s agent, you inform Gina that the investment doesn’t fit into their investment profile and is probably too risky. If Gina still insists on buying Biff Spanky Corporation, you should(A) refuse the order(B)
Which of the following items are required on an order ticket?I. The time of the order II. A description of the security III. Whether the rep has discretionary authority over the account IV. The registered rep’s identification number(A) I, III, and IV(B) I and III(C) I, II, and IV(D) I, II, III,
One of your clients is nearing retirement age, and their main investment objective is risk aversion. However, your client is dead set on purchasing a low-priced stock that you deem too risky considering their age and investment objectives. You should(A) refuse the order(B) take the order and mark
All of the following information would be found on an order ticket EXCEPT(A) the name of the brokerage firm(B) the customer’s name(C) the quantity of securities(D) the investor’s occupation
Which of the following information is required on an order ticket?I. The registered rep’ s identification number II. A description of the securities III. The time of the order IV. Whether the order was solicited or unsolicited(A) I and II(B) I, II, and III(C) I, II and IV(D) I, II, III, and IV
All order tickets must be signed by(A) a principal(B) the customer(C) the state administrator(D) a compliance officer
Which of the following individuals are exempt from FINRA registration?I. A person whose functions are solely clerical II. A person who solely and exclusively is involved in transactions of municipal securities III. A person who solely and exclusively is involved in transactions of commodities IV. A
Which of the following is true when a registered representative leaves a member firm?(A) The firm files a U-4 form, and the registered representative has up to one year to get registered with another firm or their license will expire.(B) The firm files a U-4 form, and the registered representative
Regarding continuing education, which of the following is TRUE?(A) Member firms must have annual meetings, and registered persons must take the regulatory element every two years.(B) Member firms must have semiannual meetings, and registered persons must take the regulatory element every three
Which TWO of the following are TRUE about an associated person who would like to open an account at another firm?I. It requires written permission from the associated person’s firm.II. It requires verbal permission from the associated person’s firm.III. Duplicate confirmations and statements
Which of the following employees of a broker-dealer would be required to be fingerprinted?(A) Registered representatives(B) Individuals handling cash or certificates(C) Principals(D) All of the above
While trying to build their book, a registered rep decides they want to bartend on weekends. Which of the following is true?(A) They need to get verbal permission from a principal of the firm.(B) They must notify their firm.(C) They need to get written permission from a manager of the firm.(D) They
A registered representative has not completed their regulatory element training within the prescribed period of time. What are the consequences?(A) Their license will be suspended until they meet the requirements.(B) Their license will be suspended for no less than 60 days after they meet the
Mike Goldbar was a Series 7 registered representative for most of his working life.Mike had to leave the business for a while due to a family issue. Mike will be required to take his exams all over again if he has been unaffiliated with a broker/dealer for more than(A) nine months(B) one year(C)
A registered rep feels that their firm cheated them out of a commission on a large sale of common stock. Can the registered rep take this firm to court?(A) No, they must go through arbitration.(B) It depends on their length of employment.(C) Yes, but only with approval from a principal of the
A registered representative would like to register with a new firm and fills out a U-4 form. Which of the following is true of the information on the form?I. It includes the registered rep’s residential history.II. It includes a 10-year employment history of the registered rep.III. It includes an
A person will be statutorily disqualified from membership from FINRA under which of the following circumstances?I. If they had a felony conviction within the last 15 years.II. If they have been barred from membership in an SRO.III. If they have made false statements on their application.(A) I and
Which of the following will prohibit an individual from becoming an employee or officer of a brokerage firm?I. The individual has been convicted of a felony within the last ten years.II. The individual has been charged with a misdemeanor marijuana violation within the last ten years.III. The
Which of the following regulatory organizations has the authority to punish registered representatives for rule violations?I. SEC II. FINRA III. NYSE IV. MSRB(A) I only(B) I and II(C) I, II, and III(D) I, II, III, and IV
FINRA and the NYSE have the authority to do which of the following?I. Incarcerate II. Fine III. Expel IV. Censure(A) II and III(B) II, III, and IV(C) I and II(D) I and IV
The _____________ was/were established to manage U.S. revenue.(A) Department of the Treasury(B) Federal Reserve Board(C) 12 Federal Reserve member banks(D) None of the above
Which self-regulatory organization (SRO)is responsible for the operation and regulation of the over-the-counter market and exchanges, such as the New York Stock Exchange?(A) SEC(B) CBOE(C) MSRB(D) FINRA
All of the following are excluded from the definition of investment adviser according to the Investment Advisers Act of 1940 EXCEPT(A) lawyers(B) teachers(C) engineers(D) economists
Which of the following are TRUE of investment advisers?I. They receive a fee for giving investment advice.II. They charge a commission for giving investment advice.III. If they have less than $25 million, they don’t have to register with the SEC.IV. All investment advisers have to register with
Who is responsible for registering securities and registered representatives on the state level?(A) The SEC(B) FINRA(C) The state administrators(D) MSRB
Open-end (mutual) funds would be covered under the(A) Securities Exchange Act of 1934(B) Trust Indenture Act of 1939(C) Investment Advisers Act of 1940(D) Investment Company Act of 1940
The Trust Indenture Act (TIA) covers sales of(A) corporate bonds(B) corporate stock(C) limited partnerships(D) options
All of the following enforce MSRB rules EXCEPT(A) FINRA(B) SEC(C) FED(D) MSRB
All of the following are SROs EXCEPT(A) FINRA(B) MSRB(C) SEC(D) NYSE
All of the following are mandated or regulated under the Securities Exchange Act of 1934 EXCEPT(A) the creation of the SEC(B) market manipulation(C) margin rules(D) the full and fair disclosure required on new offerings
Which of the following is NOT TRUE of the Securities Exchange Act of 1934?(A) It regulates the extension of credit.(B) It regulates trades of securities in the primary market.(C) It regulates trades of securities in the OTC market.(D) It regulates trades of securities in the exchange market.
What is the primary purpose of selfregulatory organizations such as FINRA?(A) To register and create a market for new securities(B) To prosecute people for insider trading activities(C) To help promote fair and equitable practices among its members(D) To insure investors in the event of
Which of the following securities acts created the Securities and Exchange Commission?(A) The Securities Act of 1933(B) The Securities and Exchange Act of 1934(C) The Trust Indenture Act of 1939(D) The Investment Company Act of 1940
The U.S. Securities and Exchange Commission regulates trading of which of the following securities?I. Stock options II. Commodity futures III. Common stock IV. Corporate bonds(A) I, III, and IV(B) III and IV(C) II and III(D) I, II, III, and IV
Which of the following is TRUE regarding SEP IRAs?(A) Contributions can be made by employees only.(B) Contributions can be made by the employer only.(C) Contributions can be made by both the employee and employer.(D) Contributions can’t be made by the employee nor employer.
Which of the following plans require a minimum distribution to take place by April 1 after the investor turns age 73?(A) 401(k), traditional IRA, Roth IRA(B) 403(b), traditional IRA, Roth IRA(C) 403(b), 401(k), Roth IRA(D) 403(b), 401(k), traditional IRA
Which of the following are TRUE regarding defined contribution plans?(A) The contribution amount is fixed, and the benefit amount is fixed.(B) The contribution amount is fixed, and the benefit amount is variable.(C) The contribution amount is variable, and the benefit amount is fixed.(D) The
If a 75-year-old investor doesn’t take their required minimum distribution this year, what are the consequences?(A) They will have to double the amount to be taken the following year.(B) They receive a 6% penalty on the amount that was supposed to be withdrawn.(C) They receive a 10% penalty on
The maximum contribution allowed for a SEP IRA is(A) 6% of an employee’s pay(B) 10% of an employee’s pay(C) 20% of an employee’s pay(D) 25% of an employee’s pay
An investor had some gambling losses and needs to withdraw money from their IRA to be able to pay rent this month. If they are only 52 years old, what happens to the withdrawal?(A) Since the investor is over age 50, the withdrawal is taxed at their current tax bracket.(B) The withdrawal is taxed at
What happens if an investor contributes more to an IRA one year than they’re supposed to?(A) There is a 6% penalty on the amount over contributed.(B) There is a 10% penalty on the amount over contributed.(C) There is a 50% penalty on the amount over contributed.(D) The amount over contributed
Which of the following is TRUE regarding the vesting of SEP IRAs?(A) All employees are fully vested immediately.(B) All employees are 50% vested for the first 3 years and fully vested after that.(C) All employees are 50% vested for the first 5 years and fully vested after that.(D) All employees are
An investor may start taking withdrawals from an IRA beginning at age ________ without facing a penalty.(A) 50(B) 59½(C) 65(D) 73
An investor deposits $30,000 into an IRA over a period of several years. When the investor is ready to withdraw from the account, the value of the IRA is $50,000. If the investor withdraws $30,000 from the account, which of the following is true?(A) The withdrawal is tax free.(B) $20,000 of the
ERISA (Employee Retirement Income Security Act) regulations cover(A) private pension plans(B) public pension plans(C) both private and public pension plans(D) neither private nor public pension plans
If a 77-year-old investor doesn’t take money out of their Roth IRA this year, what are the consequences?(A) No consequences(B) 6% penalty on the amount that was supposed to be withdrawn(C) 10% penalty on the amount that was supposed to be withdrawn(D) 50% penalty on the amount that was supposed
If an investor withdraws money from a pension plan, how long does the investor have to roll over money into another retirement plan or IRA?(A) 20 days(B) 30 days(C) 60 days(D) 6 months
When must an individual begin withdrawing money from most retirement plans?(A) At age 59½(B) At age 70½(C) On April 15 of the year after the investor turns age 72(D) On April 1 of the year after the investor turns age 73
Which TWO of the following are TRUE?I. Qualified dividends from Roth 401(k)s are excluded from federal income tax.II. Qualified dividends from Roth 401(k)s are not excluded from federal income tax.III. Qualified dividends from Roth IRAs are excluded from federal income tax.IV. Qualified dividends
Which of the following types of retirement plans is a salary reduction plan set up for public school employees?(A) SEP-IRAs(B) 401(k)s(C) 403(b)s(D) Keogh plans
When an investor starts receiving payments at retirement from a 403(b) plan, they are(A) not taxable(B) 100% taxable at the investor’s tax bracket(C) partially taxable at the investor’s tax bracket(D) either fully taxable or partially taxable depending on the investor’s tax bracket
An investor has been contributing to a 401(k) set up at their place of work. They would like to start contributing to an IRA also. Which of the following is TRUE?(A) They would not be able to contribute to an IRA since they already have another retirement plan.(B) Contributions to the IRA would be
An investor received an eligible rollover from a traditional IRA and intends to roll it over into their 403(b) plan. How long do they have to roll it over into the 403(b)plan without the money being taxed as a distribution?(A) Within 5 business days(B) Within 30 calendar days(C) Within 60 calendar
Which of the following are TRUE regarding Roth IRAs and Roth 401(k)s?(A) Withdrawals from both are tax-free provided that investors have held the accounts for at least five years and have reached the age of 59½.(B) There are no contribution limits.(C) Contributions made to both are made
What is the last day an investor can deposit money into a traditional IRA and be able to claim it as a write-off on the current year’s taxes?(A) December 31 of the current year(B) January 31 of the following year(C) April 1 of the following year(D) April 15 of the following year
An individual investor who lives at home with their parents is covered by an employer pension plan. However, they would like more coverage at retirement and decide to put the maximum allowable contribution into an IRA. If their salary is$52,000 per year, which of the following is TRUE?(A)
Which TWO of the following statements are TRUE regarding traditional 401(k) plans?I. They are defined contribution plans.II. They are defined benefit plans III. Contributions are made with pretax dollars.IV. Contributions are made with after-tax dollars.(A) I and III(B) I and IV(C) II and III(D) II
For investors under the age of 50 that own both traditional and Roth IRAs, the maximum annual contribution is(A) $6,000 combined(B) $6,500 combined(C) $12,000 combined(D) $13,000 combined
Traditional and Roth IRAs allow an additional catch-up contribution of(A) $500 per year for investors aged 50 and older(B) $500 per year for investors aged 55 and older(C) $1,000 per year for investors aged 50 and older(D) $1,000 per year for investors aged 55 and older
What is the maximum yearly traditional IRA contribution limit to for a 45-year old investor who is not covered by another retirement plan?(A) $6,000(B) $6,500(C) $7,000(D) $7,500
All of the following are types of nonqualified retirement plans EXCEPT(A) deferred compensation(B) payroll deduction(C) 401(k)(D) 457
All of the following are types of taxqualified retirement plans EXCEPT(A) 401(k)(B) profit-sharing(C) IRA(D) deferred compensation
Which TWO of the following statements regarding qualified retirement plans are TRUE?I. Distributions are 100% taxable at the holder’s tax bracket.II. Distributions are partially taxable at the holder’s tax bracket.III. Contributions are made with pretax dollars.IV. Contributions are made with
ERISA regulations cover(A) private pension plans(B) public pension plans(C) private and public pension plans(D) none of the above
All of the following business retirement plans are regulated by ERISA EXCEPT(A) money purchase plans(B) ESOPs(C) payroll deduction plans(D) 401(k)
Which of the following securities would be LEAST suitable for a pension fund to purchase?(A) Common stocks(B) Preferred stocks(C) Corporate bonds(D) Municipal bonds
Which of the following would LEAST likely purchase revenue bonds?(A) Individual investors(B) Banks(C) Retirement plans(D) Mutual funds
Mrs. Jones purchased 100 shares of ABC common stock at 48.Six months later Mrs. Jones sold the stock when ABC was trading at $40. Two weeks later Mrs. Jones repurchased ABC when it was trading at$42 and decides to take the loss on the original purchase and sale. Which of the following is true?(A)
If an investor sells a security at a loss and wants to claim the tax deduction, the investor cannot buy back the same security nor anything convertible into the same security for at least(A) 20 days(B) 30 days(C) 45 days(D) 60 days
According to the wash sale rule, if a customer sold a security at a loss, which of the following is TRUE?(A) The customer cannot purchase call options on the same security for 30 days before or after the sale and be able to claim the loss.(B) The customer cannot purchase bonds by the same issuer
If Marty sells LMN common stock at a loss on July 3 for 30 days, he can’t buy which of the following securities without being subject to the wash sale rule?I. LMN common stock II. LMN warrants III. LMN call options IV. LMN preferred stock(A) I only(B) I and IV(C) I, II, and III(D) I, II, III, and

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