[2023年07月03日]Series-7試験問題集PDF正確率保証と更新された問題
合格させるSeries-7試験にはリアルテストエンジンPDFには402問題あります
FINRAシリーズ7（一般証券代表資格試験）認定試験は、ライセンスを取得して証券代表者になりたい個人の知識とスキルを評価する厳しい試験です。この試験は、証券を販売する企業や個人を規制する非営利組織である金融業界規制機構（FINRA）によって管理されています。米国で証券代表者として働くためには、シリーズ7試験に合格することが必要です。
質問 # 72
In the distribution of a new issue underwriters or selling group member are prohibited from:
- A. all of the above
- B. selling to the public at the so-called public offering price
- C. withholding blocks of a new issue in the member's account
- D. selling to another broker or dealer who needs to fill an accommodation order
正解：C
解説：
Explanation/Reference:
Explanation: withholding blocks of a new issue in the member's account. Underwriters and selling group members are prohibited from keeping blocks of a new issue for their own accounts.
質問 # 73
Bubba owns a subordinated debenture in a company that is liquidating.
When will he get paid?
- A. after the shareholders of preferred stock
- B. after the company pays its outstanding bills, but before paying bank loans
- C. before the holders of secured debt
- D. after the bills are paid and the bank is paid, but before the preferred shareholders
正解：D
解説：
Explanation/Reference:
Explanation: after the bills are paid and the bank is paid, but before the preferred shareholders. As a creditor, Bubba is paid before any of the shareholders. But his position is subordinated to other creditors, like the bank and accounts payable.
質問 # 74
Which of the following does not appear in a municipal syndicate letter to underwriters?
- A. the amount of each member's participation
- B. the specific bid and offering terms of the issue
- C. the extent of the manager's authority in directing the offering
- D. the duration of the syndicate account
正解：B
解説：
the specific bid and offering terms of the issue. The bid and offering terms are determined after the syndicate letter to underwriters.
質問 # 75
In early September, Bubba buys 100 shares of XYZ for $83 per share and simultaneously writes one XYZ March 90 call for $4.
What is the price for XYZ stock at which Bubba will breakeven?
- A. $87
- B. $79
- C. $94
- D. $86
正解：B
解説：
Explanation/Reference:
Explanation: $79. Bubba's breakeven is his cost of the stock less the premium he received ($83 - $4).
質問 # 76
Which of the following option positions is indicative of the same class of option?
- A. short one XYZ February 60 put and one ABC February 60 put
- B. long one XYZ July 70 put and one XYZ July 70 call
- C. long one XYZ October 20 call and one XYZ January 30 call
- D. short one XYZ June 40 call and one ABC June 20 call
正解：C
解説：
long one XYZ October 20 call and one XYZ January 30 call. Options in the same class are either both puts or both calls on the same security.
質問 # 77
Bubba owns 100 shares of XYZ at $58. He needs to limit his loss to 5 points or less and will accept a longer time for the order to be executed, to make sure the loss does not exceed 5 points.
Which of the following orders would be the best recommendation?
- A. buy stop order
- B. sell stop-limit order
- C. sell limit order
- D. sell stop order
正解：B
解説：
sell stop-limit order. A sell stop-limit order specifies a price, but will not turn into a market order. This order will only get executed at the price or better. Stop orders, although quicker in execution, will turn into market orders and the customer will not be guaranteed a specific price. Stop -limit orders are risky, in that the order may or may not get executed, but in this situation, it is the best choice.
質問 # 78
Which of the following pairs of terms are synonyms in connection with most mutual funds?
- A. net asset value and offering price
- B. selling price and bid price
- C. bid price and management fee
- D. net asset value and redemption price
正解：D
解説：
Explanation/Reference:
Explanation: net asset value and redemption price. Investors redeeming shares of mutual funds receive the net asset value.
質問 # 79
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. $28,000
- C. $12,800
- D. $8,080
正解：B
解説：
$28,000. The equity is the market value plus the credit balance.
質問 # 80
Which of the following is a right for shareholders of common stock?
- A. the right to dividends
- B. the right to have the stock price increase
- C. the right to vote about important matters of the company
- D. both B and C
正解：C
解説：
Explanation/Reference:
Explanation: the right to vote about important matters of the company. Shareholders have no expectation of stock price increase or dividends. They are entitled to receive dividends only if the board of directors declares them.
質問 # 81
Which of the following would not be subject to the holding period restrictions under Rule 144?
- A. restricted stock acquired via investment letter
- B. restricted stock acquired via private placement
- C. restricted stock acquired via stock options plan
- D. restricted stock acquired via open market purchase
正解：D
解説：
restricted stock acquired via open market purchase. The two-year holding period does not apply when the security is acquired in the open market. However, if the security is owned by a control person, the other provisions of Rule 144 do apply.
質問 # 82
Which of the following municipal bonds may be grouped under the classification of "revenue bonds"?
- A. general obligation
- B. new housing authority
- C. special tax
- D. limited tax
正解：C
解説：
special tax. The other categories are not revenue bonds. Special tax is the only type that fits the general grouping.
質問 # 83
Bubba buys one XYZ June 40 call for $1,000 and sells one XYZ March 40 call for $600. Subsequently, the June call is closed for $1,200 and the March call for $900.
What is Bubba's net result?
- A. $100 profit
- B. $100 loss
- C. $200 profit
- D. $200 loss
正解：B
解説：
Explanation/Reference:
Explanation: $100 profit. The long position in the June call is a $200 profit ($1,200 - $1,000). The short position in the March call is a $300 loss ($900 - $300). Combining the gain and loss results in a $100 loss.
質問 # 84
Prospective bidders for a municipal bond being issued should consult what document for relevant procedures?
- A. the SEC Registration Statement
- B. the Eastern account agreement
- C. the offering circular
- D. the official notice of sale
正解：D
解説：
the official notice of sale. All bid requirements are found in the official notice of sale.
質問 # 85
If a mutual fund has invested its assets by allocating about one-third each for bonds, preferred stocks, and common stocks, it is identified as:
- A. an income fund
- B. a specialized fund
- C. a unit investment trust fund
- D. a balanced fund
正解：D
解説：
Explanation/Reference:
Explanation: a balanced fund. A balanced fund varies its investments among these categories of holdings.
質問 # 86
When a corporation dissolves, who gets paid first?
- A. the lawyer
- B. the tax collector
- C. senior bond holders
- D. bank lenders
正解：B
解説：
Explanation/Reference:
Explanation: the tax collector. Taxes always have preference over any other creditors.
質問 # 87
Smart Guys Securities Corporation has given a workable bid to Better Guys Securities Corporation. If market conditions change, Smart Guys may:
- A. not change the bid unless first notifying the other dealer
- B. change the bid
- C. change the bid only with prior approval of the other dealer
- D. not change the bid
正解：B
解説：
change the bid. A workable bid indicates a price level where a dealer is willing to negotiate business. It is not a firm bid and may be changed before becoming firm.
質問 # 88
Which of the following is not an intangible drilling cost?
- A. machinery and pipe
- B. repairs
- C. supplies and fuel
- D. salaries
正解：A
解説：
machinery and pipe. These are tangible fixed assets and not associated with intangible drilling costs.
質問 # 89
Which of the following is not a characteristic of treasury bills?
- A. they mature one to three years from the date of issuance
- B. the bid price is higher than the offer price
- C. their payments are exempt from state income tax
- D. they are quoted on yield-to-maturity percentages
正解：A
解説：
they mature one to three years from the date of issuance. Remember the question asks what is "not" a characteristic of treasury bills. The other choices are aspects of treasury bills, which most commonly have maturities of 90 days but never longer than one year.
質問 # 90
Which of the following is not true about mutual funds and variable annuities?
- A. the payout of each depends on the investment results of the securities owned in the portfolio
- B. the registered representative must have FINRA registration to solicit either one
- C. the holder of each must pay income taxes on the dividends received each year
- D. each is regulated under the Investment Company Act of 1940
正解：C
解説：
the holder of each must pay income taxes on the dividends received each year. Only the holder of mutual fund shares must pay income tax on annual dividends. This is "not" true of annuity owners. The other choices are true statements.
質問 # 91
What is the term applied to a classification of CMO securities having a stated maturity, average life, and estimated yield?
- A. tranche
- B. tier
- C. bracket
- D. bucket
正解：A
解説：
Explanation/Reference:
Explanation: tranche. That's the term used to describe a separate class within a CMO issue.
質問 # 92
Bubba decides to buy equity securities. Which of the following statements is always true about what Bubba is buying?
- A. they are readily marketable
- B. they have a fixed maturity date
- C. they have a fixed rate of return
- D. they are not secured by collateral
正解：D
解説：
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.
質問 # 93
Common stocks for which of the following industries are most likely to decline in value when interest rates rise?
- A. stock brokers
- B. automobile manufacturers
- C. airlines
- D. public utility companies
正解：D
解説：
Explanation/Reference:
Explanation: public utility companies. Interest rates most affect the companies with the greatest amount of debt. Public utility companies are highly leveraged. Hence, they most likely incur the largest effect of rising interest rates.
質問 # 94
Who is responsible for verifying that limited partners meet net worth and income requirements?
- A. the limited partners
- B. the registered representative
- C. the general partner
- D. the sponsor
正解：B
解説：
Explanation/Reference:
Explanation: the registered representative. Assuring that limited partners meet net wroth and income requirements is the responsibility of the registered representative.
質問 # 95
According to FINRA Conduct Rules, a party judged guilty of a rule infraction by the District Business Conduct Committee may then appeal to:
- A. the public court system
- B. the FINRA Board of Arbitration
- C. the SEC
- D. the FINRA Board of Governors
正解：D
解説：
the FINRA Board of Governors. The first appeal is to the Board of Governors, then to the SEC, and then to the federal courts.
質問 # 96
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FINRA Series-7（General Securities Representative Qualification Examination）試験は、金融業界規制機構（FINRA）によって実施される証券ライセンス試験です。この試験は、証券業界で登録代理人になりたい個人の知識とスキルをテストするために設計されています。Series-7試験は、株式、債券、投資信託、オプション、その他の投資商品など、証券業界に関連する広範なトピックをカバーしています。Series-7試験に合格することは、米国の証券仲介会社で登録代理人として働きたい個人にとって前提条件となります。
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