合格できるFINRA General Securities Representative Examination (GS)試験最速合格保証最近更新されたJPNTest問題集！
合格できるSeries7試験の400問題で最適なJPNTest出題問題
質問 163
A basis point is:
- A. 1.00%
- B. 0.01%
- C. 0.001%
- D. 0.10%
正解: B
解説:
0.01%. A basis point is one-hundredth of a point. Since a point is 1%, a basis point is 0.01%.
A bond price change of one basis point is ten cents ($1,000 x 0.01%).
質問 164
Which of the following statements incorrectly describes US securities markets?
- A. a capital market comprised of long-term debt and equity issues
- B. a government and agency market comprised of both short-term and long-term debt issues
- C. a money market comprised of short-term debt and equity issues
- D. a municipal market comprised of tax-exempt issues of state and local governments
正解: C
解説:
a money market comprised of short-term debt and equity issues. This is the statement that is
"incorrect". Equity issues are not traded in the money market, which consists only of high-quality
short-term debt securities.
質問 165
Which are the primary considerations in evaluating the worth of a limited partnership?
- A. the cost of assets
- B. the size of the tax deductions
- C. both B and C
- D. the adequacy of funding
正解: C
解説:
both B and C. The size of tax deductions is not a "primary" consideration.
質問 166
A dealer buys 100 shares of XYZ common, which is an actively traded stock, at 23.50. Three days later,
when XYZ common is quoted at 19.50 - 19.75, he sells the 100 shares to a customer. The basis for the
dealer's markup is:
- A. 23 1/2
- B. 5% above cost
- C. 10 5/8
- D. 19 7/8
正解: D
解説:
19 7/8. The markup is always based on the current market price, not upon cost. Therefore,
the markup is based on the offering side of the current quotation.
質問 167
A group net order is one that benefits municipal syndicate members:
- A. equally
- B. according to their percentage participation in the account
- C. according to the number of presale orders they've received
- D. according to the number of designated orders they've received
正解: B
解説:
according to their percentage participation in the account. For example, if the group net
order produces $3,000 in fees and a syndicate member has a 10% overall participation, that member
receives $300 in fees.
質問 168
Which of the following are direct obligations of the US government?
- A. Import-Export bank bonds
- B. both B and C
- C. Farm Credit System bonds
- D. Series EE bonds
正解: D
解説:
Series EE bonds. Import-Export bank bonds and Farm Credit System bonds are not direct
obligations of the United States.
質問 169
Bubba buys a $4 convertible preferred with a $50 par value that is exchangeable for common stock at
4 7.50. If the preferred stock is trading at 52 and the common stock at 51, Bubba determines that the
preferred stock is:
- A. going to be called when the common stock price is $52
- B. underpriced and should rise quickly
- C. overpriced and will quickly decline
- D. selling at a 4% premium over conversion value
正解: B
解説:
underpriced and should rise quickly. The parity price for the common stock is about $49.38 -
determined as:50 / 47.50 = 1.053 52 / 1.053 = 49.38 Since the common stock is trading at 51, the
preferred is underpriced.
質問 170
A four-letter symbol assigned to an issue is characteristic of an equity security that is:
- A. listed on the NYSE
- B. admitted to unlisted trading privileges on a regional stock exchange
- C. authorized for inclusion in the NASDAQsystem
- D. trading in less than 100-share units on the American Stock Exchange
正解: C
解説:
authorized for inclusion in the NASDAQ system. Stocks listed on an exchange have no more
than three characters in their symbols.
質問 171
Which of the following is associated with an income oil and gas partnership?
- A. the risk of dry holes
- B. capital appreciation
- C. cash flow and depletion allowance
- D. high intangible drilling costs
正解: C
解説:
cash flow and depletion allowance. The other choices are not applicable because an
"income" partnership already has a producing well.
質問 172
The Bubba Corporation is offering stock to the public for the first time. The registration statement lists
1 50,000 shares for sale at $400 per share. The company conducts business in a 100-mile radius that
includes towns in two neighboring states. Which of the following information is not required in the
preliminary prospectus for this offering?
- A. a statement of the company's assets and liabilities
- B. a notice in red ink to the effect that the prospectus has not been approved by the SEC
- C. the price at which the issue is offered
- D. a section describing how the funds from the sale will be used
正解: C
解説:
the price at which the issue is offered. The offering price is usually determined on the
offering date and does not normally appear in the preliminary prospectus.
質問 173
Regulation T is set at 50%. Bubba's account contains long positions in the following securities with the
prices listed
1 00 ABC $30
2 00 XYZ $70
2 00 QBB $40
2 00 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
additional money must be deposited?
- A. $1,500
- B. $7,000
- C. $4,500
- D. $6,000
正解: C
解説:
$4,500. The purchase of DUM will cost $3,000 (100 x $30) and the purchase of OUT will cost
$ 12,000 (100 x $120). Both combined total a cost of $15,000. Reg T requires 50% ($7,500) and Bubba
only has $3,000. So he is $4,500 short.
質問 174
At the time it underlying stock is trading at 48, Bubba buys a listed call option with a $50 strike price for
$ 300. At what minimum price must that stock trade for Bubba to recover his investment (ignoring
commission and taxes)?
- A. $53
- B. $51
- C. $45
- D. $48
正解: A
解説:
$53. The breakeven price on the call is the premium plus the strike price. Since the premium
is $3 per share, the breakeven price is $53.
質問 175
What is represented by the net investment income of an open-end investment company?
- A. dividends, interest, and net gains on sales of securities
- B. net income from dividend and interest paid on securities in the fund portfolio
- C. net profits from the investment company operation
- D. net gains on sales of portfolio securities
正解: B
解説:
net income from dividend and interest paid on securities in the fund portfolio. This is the
definition of net investment income, which excludes gains on sales of securities.
質問 176
The gross spread in a new issue depends upon which of the following?
- A. all of the above
- B. the past record of the issuing corporation
- C. the amount of the issue
- D. the type of industry in which the issuer is engaged
正解: A
解説:
all of the above. The gross spread (or "underwriting spread") depends upon all of these
factors.
質問 177
Which of the following statements is not true about a letter of intent?
- A. a certain portion of shares purchased are held in escrow until the terms of the letter are met
- B. the letter of intent has a maximum duration of 13 months
- C. a shareholder may not redeem any shares for 13 months
- D. a letter of intent may be backdated by 90 days
正解: C
解説:
a shareholder may not redeem any shares for 13 months. Redemptions are permissible at
any time. However, since escrowed shares are set aside to cover the difference in sales loads based on
terms of the letter, redemptions prior to 13 months may liquidate the escrow account and thus return to
the investor 100% of net asset value.
質問 178
The FINRA markup policy applies to:
- A. mutual fund sales
- B. new issues of corporate securities
- C. principal transactions in municipal bonds
- D. agency sales OTC
正解: D
解説:
agency sales OTC. Markup policy applies to basically all securities other than government
and municipal offerings expect where the security is offered under a current prospectus. Choices C and D
are offered under a prospectus. Choice B involves municipal securities. Therefore choice A is the only
correct answer.
質問 179
Which of the following will not result in termination of a limited partnership?
- A. transfer of ownership of a limited partnership interest
- B. sale or transfer of partnership assets
- C. majority vote of the limited partners to end the partnership
- D. arrival of the termination date established in the partnership agreement
正解: A
解説:
transfer of ownership of a limited partnership interest. Transfer of ownership does "not" result
in automatic termination.
質問 180
Bubba's margin account has securities valued at $20,000 and an $8,000 credit balance. What is the
equity in Bubba's account?
- A. $20,000
- B. $8,080
- C. $28,000
- D. $12,800
正解: C
解説:
$28,000. The equity is the market value plus the credit balance.
質問 181
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