Series 7 (General Securities Representative Exam) Free Trial
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FINRA Series 7 Free Trial
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Question 1 of 10
1. Question
Which of the following statements is (are) false for Combination mutual funds?
I. They are a combination of growth funds and income funds
II. They invest in both stocks and bonds
III. Their objective is a balance between capital gains and income
IV. They have the investors with low tolerances to riskCorrect
Combination mutual funds are a cross between, or combination of, growth funds and income funds. In fact, they are often referred to as growth and income funds. They are not as risky as a pure growth fund, and not as conservative as a pure income fund, these funds are popular with investors who are seeking a balanced portfolio.
Incorrect
Combination mutual funds are a cross between, or combination of, growth funds and income funds. In fact, they are often referred to as growth and income funds. They are not as risky as a pure growth fund, and not as conservative as a pure income fund, these funds are popular with investors who are seeking a balanced portfolio.
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Question 2 of 10
2. Question
Which of the following bonds repay the bondholders solely through taxation but contains provisions limiting how much the municipality can increase taxes to repay the bonds:
Correct
Limited-tax general obligation (LTGO) bonds repay the bondholders solely through taxation (as all general obligations do), but contains provisions limiting how much the municipality can increase taxes to repay the bonds.
Incorrect
Limited-tax general obligation (LTGO) bonds repay the bondholders solely through taxation (as all general obligations do), but contains provisions limiting how much the municipality can increase taxes to repay the bonds.
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Question 3 of 10
3. Question
A person or institution which acts as a middleman between the buyer of a security and the seller of a security is known as:
I. Broker
II. Dealer
III. Priority
IV. ParityCorrect
A broker is a person or institution which acts as a middleman between the buyer of a security and the seller of a security. The broker makes his profit by charging a sales charge, or commission, for arranging the transaction.
Incorrect
A broker is a person or institution which acts as a middleman between the buyer of a security and the seller of a security. The broker makes his profit by charging a sales charge, or commission, for arranging the transaction.
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Question 4 of 10
4. Question
Which type of bond(s) provide tax-exempted interest:
I. Corporate Bonds
II. Municipal bonds
III. Convertible Bonds
IV. Term BondsCorrect
Municipal bonds provide tax-exempted interest.
Incorrect
Municipal bonds provide tax-exempted interest.
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Question 5 of 10
5. Question
The institutions (broker-dealers, particularly) which help issuers of securities to raise money for themselves is also known as:
I. capital markets
II. Money market
III. Selling groups
IV. Business continuityCorrect
Investment banking firms are any institutions (broker-dealers, particularly) which help issuers of securities to raise money for themselves.
Incorrect
Investment banking firms are any institutions (broker-dealers, particularly) which help issuers of securities to raise money for themselves.
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Question 6 of 10
6. Question
Financial Industry Regulatory Authority (FINRA) Rules 4512 and 4515 describe the exact information about which of the following matter:
Correct
Customer account information- Financial Industry Regulatory Authority (FINRA) Rules 4512 and 4515 describe the exact information that a broker-dealer is required to have on file prior to opening an account for a new customer.
Incorrect
Customer account information- Financial Industry Regulatory Authority (FINRA) Rules 4512 and 4515 describe the exact information that a broker-dealer is required to have on file prior to opening an account for a new customer.
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Question 7 of 10
7. Question
Which of the following statement is true regarding the disclosure of control relationship with issuer:
I. If common control exists between a member firm and the issuer of a security, it must be disclosed to the customer
II. If a firm has a financial interest in any security in primary or secondary distribution, it must be disclosed
III. All underwriting terms and agreements between the member firm and the issuer of the security must be disclosed
IV. If there are any private securities transactions between the member firm and issuer, they must be disclosedCorrect
Rule 2262 states that if common control exists between a member firm and the issuer of a security, the firm must disclose the relationship in writing to any customer wanting to buy or sell said security.
Rule 2269 states that if a firm is participating in or has a financial interest in any security either in primary or secondary distribution, this has to be disclosed in writing to the customer
Incorrect
Rule 2262 states that if common control exists between a member firm and the issuer of a security, the firm must disclose the relationship in writing to any customer wanting to buy or sell said security.
Rule 2269 states that if a firm is participating in or has a financial interest in any security either in primary or secondary distribution, this has to be disclosed in writing to the customer
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Question 8 of 10
8. Question
IPO must be notified to SEC, who is obliged to notify NASDAQ the IPO has been released by the SEC:
Correct
it is the obligation of the lead underwriter to notify NASDAQ the IPO has been released by the SEC.
Incorrect
it is the obligation of the lead underwriter to notify NASDAQ the IPO has been released by the SEC.
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Question 9 of 10
9. Question
Which of the following statement is true about money market funds:
I. Money market funds are not insured by FDIC
II. They can be invested in short term securities
III. They can be invested in both short term and long term securities
IV. The average maturity of the portfolio cannot exceed 120 daysCorrect
money market funds are not insured by the FDIC, Another restriction on money market funds is that they must stay mainly invested in short-term securities—the average maturity in their portfolio cannot exceed 90 days
Incorrect
money market funds are not insured by the FDIC, Another restriction on money market funds is that they must stay mainly invested in short-term securities—the average maturity in their portfolio cannot exceed 90 days
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Question 10 of 10
10. Question
Which of the following is made by financial institutions to the U.S detailing Information about suspicious individuals or transactions:
I. Currency transaction reports
II. Suspicious activity reports
III. Bank Secrecy Act
IV. Money launderingCorrect
Suspicious activity reports (SARs) are made by financial institutions to the U.S. Treasury Department (specifically, the Financial Crimes Enforcement Network, or Fin CEN), detailing information about suspicious individuals or transactions
Incorrect
Suspicious activity reports (SARs) are made by financial institutions to the U.S. Treasury Department (specifically, the Financial Crimes Enforcement Network, or Fin CEN), detailing information about suspicious individuals or transactions
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