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Series 7 Exam Questions with correct answers
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Series 7 Exam Questions with correct answers
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Series 7 Exam QuestionsA registered principal or registered representative must retake the qualifying exam if his or her
registration has been revoked or terminated for a period of ____________ or more.
A.) 1 year
B.) 5 years
C.) 3 years
D.) 2 years - correct answer ✔✔D.) 2 Years
A member may maintain a representative registration for which of the following persons? I. A person
who performs legal, compliance, or internal audit functions for the member II. A person who performs
back-office functions for the member III. A person who is no longer functioning as a representative IV. A
person who performs administrative functions for registered personnel
A.) I, II, III, IV
B.) I, II, III
C.) I, II & IV
D.) I & II only - correct answer ✔✔C.) I, II & IV
Which of the following is true regarding persons who are to function as research analysts?
A.) None of these answer choices.
B.) They must be registered as a general securities representative and pass a qualifying examination for
research analysts.
C.) They must be registered as a general securities representative only.
D.) They must pass a qualifying examination for research analysts only. - correct answer ✔✔B.) They
must be registered as a general securities representative and pass a qualifying examination for research
analysts.
Within how many days must a member report to FINRA if the member or an associated person of the
member is the subject of a written customer complaint involving allegations of theft or misappropriation
of funds?
A.) 10 business days
,B.) 15 calendar days
C.) 20 business days
D.) 30 calendar days - correct answer ✔✔D.) 30 calendar days
Which of the following are considered institutional investors?
A.) A governmental entity
B.) An employee benefit plan that meets the requirement of Section 403(b) or Section 457 of the
Internal Revenue Code and has at least 100 participants
C.) A qualified plan as defined in Section 3(a)(12)(C) of the Exchange Act and that has at least 100
participants
D.) All of these answer choices - correct answer ✔✔D.) All of these answer choices
An options contract that gives the holder the right to purchase the number of shares of the underlying
security is a _________________.
A.) Covered
B.) Uncovered
C.) Put
D.) Call - correct answer ✔✔D.) Call
Which of the following registered principals may approve the purchase of a variable annuity?I. General
Securities Sales Supervisor (Series 9/10)II. General Securities Principal (Series 24)III. Investment Company
Products/Variable Contracts Principal (Series 26)
A.) I, II, & III
B.) III only
C.) I only
D.) I & III - correct answer ✔✔A.) I, II, & III
Correspondence means any written communication that is distributed to _____ or fewer retail investors
within any ______-day period.
A.) 10 or fewer investors within any 10-day period
B.) 15 or fewer investors within any 20-day period
, C.) 25 or fewer investors within any 30-day period
D.) 30 or fewer investors within any 25-day period - correct answer ✔✔C.) 25 or fewer investors within
any 30-day period
Which of the following persons would not be included in a research analyst's household?
A.) A mother, financially dependent on the research analyst, living at the same address.
B.) A nonrelated, financially independent individual who resides at the same address as the research
analyst.
C.) Parents who have a different principal residence than the research analyst.
D.) A spouse and children who share the same principal residence as the research analyst. - correct
answer ✔✔B.) A nonrelated, financially independent individual who resides at the same address as the
research analyst.
What is the Time of Day Restriction when placing cold calls (telemarketing)?
A.) Before 8:00 a.m. and after 8:00 p.m. (local time of the called party's location)
B.) Before 8:00 a.m. and after 9:00 p.m. (local time of the called party's location)
C.) Before 8:00 a.m. and after 8:00 p.m. (local time of the caller's location)
D.) Before 8:00 a.m. and after 9:00 p.m. (local time of the caller's location) - correct answer ✔✔B.)
Before 8:00 a.m. and after 9:00 p.m. (local time of the called party's location)
What are the three General Telemarketing Requirements?
A.) Time of Day Restriction, Firm-Specific Do-Not-Call List, and State Do-Not Call List
B.) State Do-Not-Call List, National Do-Not-Call List, and Firm-Specific Do-Not-Call List
C.) Time of Day Restriction, National Do-Not-Call List, and Firm-Specific Do Not Call List
D.) Time of Day Restriction, State Do-Not-Call List, and National Do-Not-Call List - correct answer ✔✔C.)
Time of Day Restriction, National Do-Not-Call List, and Firm-Specific Do Not Call List
What is the dollar value that any gift from or to a member or person associated with a member may not
exceed in one year?
A.) $50.00
B.) $150.00
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