[2026年07月最新リリース]SIE試験問題はあなたをパスさせる
FINRA SIE試験基本問題とアンサー
FINRA SIE 認定試験の出題範囲：
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| トピック 3 |
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質問 # 78
Which of the following risks are associated with Treasury securities?
- A. Prepayment risk
- B. Liquidity risk
- C. Interest rate risk
- D. Credit risk
正解：C
解説：
Step by Step Explanation:
* Interest Rate Risk: Treasury securities are sensitive to changes in interest rates. When rates rise, Treasury prices fall, exposing investors to price risk.
* Incorrect Options:
* Credit Risk: Virtually nonexistent for Treasuries, as they are backed by the U.S. government.
* Liquidity Risk: Treasuries are highly liquid.
* Prepayment Risk: Applies to mortgage-backed securities, not Treasuries.
:
SEC Bond Risk Disclosures: SEC Treasury Risks.
質問 # 79
Which of the following products is redeemable at net asset value (NAV)?
- A. Open-end mutual funds
- B. Municipal bonds
- C. Options contracts
- D. Corporate stock
正解：A
解説：
Open-end mutual funds are redeemable securities, meaning investors can sell their shares back to the fund at the NAV.
* D is correct because mutual funds allow redemption at NAV.
* A, B, and C are not redeemable securities.
Reference: Investment Company Act of 1940, Section 2(a)(32)
質問 # 80
When exercised, an option written on which of the following items must be settled in cash?
- A. Exchange-traded funds (ETFs)
- B. Preferred stock
- C. Equity index
- D. Master limited partnership
正解：C
解説：
Step by Step 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.
Options Clearing Corporation (OCC) Guidelines: OCC Cash-Settled Options.
質問 # 81
Corporate bonds unsecured by any pledge of property are called:
- A. Trust certificates
- B. Collateral trust bonds
- C. Debentures
- D. General obligation (GO) bonds
正解：C
解説：
Step by Step Explanation:
* Debentures: Corporate bonds not backed by physical assets or collateral. They rely on the issuer's creditworthiness.
* Incorrect Options:
* B: Trust certificates are a legacy term for bonds backed by a trust.
* C: Collateral trust bonds are secured by financial assets.
* D: GO bonds are issued by municipalities, not corporations.
References:
* SEC Guide on Corporate Bonds: SEC Corporate Bonds.
質問 # 82
Which of the following types of securities is an equity?
- A. Certificate of deposit (CD)
- B. Exchange-traded note (ETN)
- C. Commercial paper
- D. Preferred stock
正解：D
解説：
Equity securities represent ownership in a company, and preferred stock is a type of equity security that pays dividends and has priority over common stock in liquidation.
* A is correct because preferred stock is an equity security.
* B is incorrect because commercial paper is a short-term debt security.
* C is incorrect because certificates of deposit (CDs) are fixed-income banking products.
* D is incorrect because exchange-traded notes (ETNs) are unsecured debt securities.
Reference: SIE Study Guide, Chapter 5: Corporate Securities
質問 # 83
Trades that settle within the period preset by regulators of the particular market are considered to have which of the following types of settlement?
- A. Cash
- B. Regular way
- C. Rolling
- D. Next day
正解：B
解説：
"Regular way" settlement refers to the standard settlement cycle for securities transactions, which is T+2 for most stocks and bonds. This timeline is set by regulators to ensure orderly processing of trades.
* D is correctbecause regular way settlement follows the preset T+2 cycle.
* Ais incorrect because cash settlement occurs the same day as the trade.
* Bis not a recognized term for settlement types.
* Cis incorrect because next-day settlement applies only to specific securities (e.g., Treasury securities).
質問 # 84
A corporate bond is convertible into 40 shares of the company's common stock and is purchased at par value.
If converted by the bondholder, what will be his per-share cost basis?
- A. $25
- B. $40
- C. $250
- D. $400
正解：A
解説：
A corporate bond purchased at par value costs $1,000. If the bond is convertible into 40 shares of the issuer's common stock, the investor's per-share cost basis is calculated by dividing the bond's cost by the number of shares received upon conversion. $1,000 divided by 40 shares equals $25 per share. Choice A is correct.
Choice B incorrectly uses the number of shares as the dollar answer. Choice C and choice D are mathematical distractors that do not reflect the conversion calculation. Convertible bonds allow bondholders to exchange the bond for a specified number of common shares, giving the investor fixed-income characteristics plus potential equity upside. The conversion ratio is the number of shares received for each bond. The conversion price is effectively the bond's par value divided by the conversion ratio. The SIE outline includes corporate bonds, convertible features, par value, and equity securities. This question tests the relationship between par value and conversion ratio. Reference: Understanding Products and Their Risks; Debt Instruments; Corporate Bonds; Convertible Features.
質問 # 85
Which of the following statements is true with regard to SIPC and FDIC?
- A. Securities held at broker-dealers are covered by the FDIC and are not covered by SIPC.
- B. SIPC protects brokerage accounts, and FDIC protects bank deposits.
- C. Money market mutual funds are covered by the FDIC and are not covered by SIPC.
- D. SIPC coverage is only for securities, and FDIC coverage is only for cash.
正解：B
解説：
Step by Step Explanation:
* SIPC Coverage: Protects customers of brokerage firms against the loss of securities and cash due to broker-dealer insolvency, but it does not protect against market losses.
* FDIC Coverage: Protects bank deposits (checking, savings, CDs) up to $250,000 per depositor, per institution.
* Incorrect Options:
* A: SIPC covers both securities and cash held at brokerage firms (within limits).
* C & D: Money market mutual funds are not FDIC insured, and securities are not covered by the FDIC.
SIPC Overview: SIPC Coverage.
FDIC Insurance: FDIC Coverage.
質問 # 86
On settlement date, a customer is unable to pay for a purchase in his cash account. His position is liquidated.
Which of the following statements is true according to Federal Reserve Regulation T?
- A. Only closing transactions are permitted.
- B. All related accounts are frozen for 90 days.
- C. The customer is barred from trading for 30 days.
- D. The customer's account is frozen for 90 days.
正解：D
解説：
Federal Reserve Regulation T mandates that customers must pay for purchases in a cash account within two business days of settlement (T+4). If payment is not made, the brokerage firm must liquidate the securities and place the account on a 90-day restriction.
* C is correctbecause the customer's account is frozen for 90 days, during which all trades must be paid for in advance.
* Ais incorrect as closing transactions are still permitted but require prepayment.
* Bis incorrect because the restriction lasts for 90 days, not 30.
* Dis incorrect as only the delinquent account, not related accounts, is frozen.
質問 # 87
Which of the following risks are associated with Treasury securities?
- A. Prepayment risk
- B. Liquidity risk
- C. Interest rate risk
- D. Credit risk
正解：C
解説：
Step by Step Explanation:
* Interest Rate Risk: Treasury securities are sensitive to changes in interest rates. When rates rise, Treasury prices fall, exposing investors to price risk.
* Incorrect Options:
* Credit Risk: Virtually nonexistent for Treasuries, as they are backed by the U.S. government.
* Liquidity Risk: Treasuries are highly liquid.
* Prepayment Risk: Applies to mortgage-backed securities, not Treasuries.
References:
* SEC Bond Risk Disclosures: SEC Treasury Risks.
質問 # 88
Which of the following statements describes a characteristic of Treasury securities?
- A. They are callable.
- B. They are backed by the full faith and credit of the U.S. government.
- C. They are FDIC-insured.
- D. They are exempt from state, local and federal taxes.
正解：B
解説：
The correct answer is D, They are backed by the full faith and credit of the U.S. government. Treasury securities (including Treasury bills, notes, and bonds) are considered among the safest investments because they are guaranteed by the U.S. government's ability to tax and print money.
Step-by-step, this "full faith and credit" backing means that the government is legally obligated to pay interest and return principal on time, virtually eliminating credit (default) risk. This is why Treasury securities are often used as a benchmark for "risk-free" rates in financial markets.
Choice A is incorrect because Treasury securities are non-callable, meaning the government cannot redeem them prior to maturity. Choice B is incorrect because FDIC insurance applies to bank deposits, not securities.
Choice C is incorrect because while Treasury securities are exempt from state and local taxes, they are still subject to federal income tax.
Thus, the defining characteristic of Treasury securities is their government backing, making them extremely low-risk investments and confirming that Answer D is correct.
質問 # 89
Which of the following actions will best hedge a short put?
- A. Buying a call with a higher strike price
- B. Selling short the stock
- C. Buying the stock
- D. Selling a put with an earlier expiration
正解：C
解説：
The correct answer is A, Buying the stock. A short put position means the investor has sold (written) a put option and is obligated to buy the underlying stock at the strike price if the option is exercised. The primary risk is that the stock price falls significantly, forcing the writer to purchase shares at a price above market value.
Step-by-step, the best hedge is to own the underlying stock. If the investor already owns the stock, then being assigned on the short put simply results in acquiring more shares, which can offset losses or align with their investment strategy. More importantly, owning the stock reduces the overall directional risk exposure.
Choice B (selling short the stock) would increase risk because it creates a bearish position, which is inconsistent with the bullish/neutral nature of a short put. Choice C (selling another put) increases exposure and risk rather than hedging. Choice D (buying a call) does not effectively hedge downside risk from a falling stock price.
Thus, the most appropriate hedge for a short put is to buy or own the underlying stock, making Answer A correct.
質問 # 90
Which of the following statements is true regarding American Depositary Receipts?
- A. American Depositary Receipts offer a one-for-one conversion from U.S. shares to foreign shares.
- B. American Depositary Receipts are not subject to political risk.
- C. American Depositary Receipts are not subject to currency fluctuations.
- D. American Depositary Receipts pay dividends in U.S. dollars.
正解：D
解説：
American Depositary Receipts, or ADRs, represent ownership interests in shares of a foreign issuer and trade in U.S. markets in U.S. dollars. Dividends paid by the foreign issuer are converted by the depositary bank into
U.S. dollars before being distributed to ADR holders. Therefore, choice A is correct. ADRs are still subject to political risk because changes in the foreign issuer's home country, including political instability, capital controls, sanctions, or regulatory changes, may affect the issuer and the investment. Choice C is incorrect because ADR investors remain exposed to currency risk. Even though the ADR trades and pays dividends in
U.S. dollars, the value of the underlying foreign shares and dividends may be affected by exchange-rate movements. Choice D is incorrect because ADR ratios vary. One ADR may represent one foreign share, multiple shares, or a fraction of a share, depending on the ADR program. The SIE outline includes ADRs under equity securities and separately identifies currency, political, market, and other risks under investment risks. This question tests both product structure and international risk exposure. Reference: Section 2.1.1 Equity Securities, ADRs; Section 2.2 Investment Risks.
質問 # 91
A retail investor owns shares of Mutual Fund ABC that paid a $0.25 dividend on September 1 and closed at
$10.00. What is the opening price once this fund trades on the ex-dividend date?
- A. $10.00
- B. $9.25
- C. $9.75
- D. $10.25
正解：C
解説：
Step by Step Explanation:
* Ex-Dividend Date Pricing: On the ex-dividend date, the mutual fund's price is adjusted downward by the amount of the dividend.
* Closing Price: $10.00
* Dividend: $0.25
* Adjusted Opening Price: $10.00 - $0.25 = $9.75.
* Incorrect Options:
* A: $9.25 subtracts more than the dividend amount.
* C: $10.00 does not reflect the dividend adjustment.
* D: $10.25 adds to the price rather than subtracting the dividend.
:
SEC Guidance on Mutual Fund Pricing: SEC Mutual Funds.
質問 # 92
Which of the following events requires reporting on a Form U4?
- A. A gross-misdemeanor domestic assault conviction
- B. A felony conviction for drunk driving
- C. A bench warrant for missing a court date
- D. A misdemeanor speeding ticket
正解：B
解説：
Form U4 (Uniform Application for Securities Industry Registration or Transfer) requires disclosure of any felony convictions, regardless of whether they are securities-related. A felony conviction for drunk driving falls under this requirement.
* B is correctbecause a felony conviction must be reported on Form U4.
* Ais incorrect as misdemeanor speeding tickets do not require disclosure unless they involve fraud, theft, or dishonesty.
* Cis incorrect as bench warrants are not reportable unless they lead to a conviction.
* Dis incorrect because gross misdemeanors (except those involving fraud or dishonesty) do not require reporting.
質問 # 93
A customer wants to establish an account for the benefit of his grandchildren. He states to his registered representative that he wants to be able to control the distribution of the assets and direct how the account will be invested. Which of the following account types is most appropriate?
- A. Certificate of deposit (CD)
- B. Trust
- C. 529 savings plan
- D. UTMA
正解：B
解説：
Step by Step Explanation:
Trust Accounts: Provide the account owner (trustee) full control over distributions and investment decisions.
Suitable for complex estate planning needs.
Incorrect Options:
UTMA: Transfers control to the minor upon reaching the age of majority.
529 Plan: Used for educational savings, with limited control over distributions.
CD: A fixed-term deposit, not an account type for managing distributions.
SEC and FINRA Guidelines on Trusts: FINRA Trust Accounts.
質問 # 94
A rating agency downgrades a corporation's credit rating. Which of the following effects is this action most likely to have on the yield and price of the corporation's outstanding bonds?
- A. Yield will fall; price will rise.
- B. Yield will rise; price will rise.
- C. Yield will fall; price will fall.
- D. Yield will rise; price will fall.
正解：D
解説：
Step by Step Explanation:
* Credit Downgrade: Increases perceived risk, causing bond prices to drop and yields to rise.
* Yield-Price Relationship: Yields move inversely to bond prices. Lower prices lead to higher yields as investors demand more return for increased risk.
References:
* SEC Guidance on Bond Ratings: SEC Bond Ratings.
質問 # 95
Publicly traded limited partnership interests are typically considered:
- A. Derivative investments
- B. Mutual funds
- C. Equity securities
- D. Fixed-income securities
正解：C
解説：
Step by Step 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.
SEC Guidance on Publicly Traded Partnerships: SEC PTPs.
質問 # 96
Which of the following statements is true of the comparison between penny stocks and blue-chip stocks?
- A. Penny stocks are more likely to pay dividends than blue-chip stocks.
- B. Penny stock prices are generally more stable than blue-chip stock prices.
- C. Penny stocks are generally less liquid than blue-chip stocks.
- D. Penny stock issuers are generally better capitalized than issuers of blue-chip stocks.
正解：C
解説：
Step by Step Explanation:
Penny Stocks: These are low-priced, highly speculative stocks often issued by small or distressed companies.
They generally have low liquidity, meaning they can be difficult to buy or sell without significantly impacting the price.
Incorrect Options:
Dividends: Penny stocks rarely pay dividends, unlike blue-chip stocks.
Price Stability: Penny stocks are highly volatile compared to blue-chip stocks.
Capitalization: Blue-chip companies are far better capitalized.
SEC Bulletin on Penny Stocks: SEC Penny Stocks.
質問 # 97
Which of the following groups are members of NASAA?
- A. Self-regulatory organizations (SROs)
- B. State securities regulators
- C. Major stock exchanges
- D. Broker-dealers
正解：B
解説：
NASAA is the North American Securities Administrators Association, and its membership is made up of state, provincial, and territorial securities regulators (in the U.S., primarily the state securities administrators).
That makes C correct. On the SIE, NASAA is tested as the umbrella organization representing state-level regulators, which are responsible for enforcing state securities laws ("blue sky" laws), registering certain securities offerings when applicable, and registering/licensing investment adviser representatives and other participants under state jurisdiction.
Choice A is incorrect because broker-dealers are regulated entities, not NASAA members. Broker-dealers register with the SEC and are members of self-regulatory organizations like FINRA, but they are not
"members of NASAA." Choice B is incorrect because stock exchanges are marketplaces and are often SROs themselves, but they are not NASAA members. Choice D is incorrect because SROs (such as FINRA or MSRB) are not NASAA members; NASAA represents state-level governmental regulators, not self- regulatory organizations.
This question reinforces an important SIE framework: U.S. securities regulation is shared among federal regulators (SEC), self-regulatory organizations (FINRA, MSRB, exchanges), and state regulators. NASAA serves as a coordinating body for state regulators, promoting uniformity through model rules, policy coordination, investor education, and cooperation among jurisdictions. Understanding NASAA's membership helps you correctly assign regulatory roles-especially when questions involve blue sky laws, state registration requirements, and state-level enforcement.
質問 # 98
SEC Regulation S-P (Consumer Privacy) requires certain information to be included in privacy notices delivered to customers of broker-dealers (BDs). Which of the following information is required to be included in the privacy notice?
- A. The website and telephone number of the Consumer Financial Protection Bureau (CFPB)
- B. The BD's policies and practices for protecting the customer's nonpublic personal information
- C. The website and telephone number of SIPC
- D. The name and telephone number of the BD's chief compliance officer
正解：B
解説：
Regulation S-P mandates that broker-dealers disclose how they collect, protect, and share customers' nonpublic personal information. The privacy notice must include:
* The categories of information collected.
* The firm's policies for safeguarding data.
* Opt-out rights for sharing information with unaffiliated third parties.
* D is correctbecause privacy notices must describe policies for protecting customer information.
* A,B, andCare incorrect because they do not relate to the required elements of Regulation S-P privacy notices.
質問 # 99
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