Series 7|52 Exam Review Questions Perfectly Answered|2024|16 Pages
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Series 7
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Series 7
A client of yours with a conservative level of tolerance for systematic risk and a fairly long time horizon has indicated that she would prefer to avoid substantial portfolio turnover. Your suitable recommendation would most likely be:
A.) a tactical strategy.
B.) a passive strategy.
C.) an ag...
Series 7|52 Exam Review Questions
Perfectly Answered|2024
A client of yours with a conservative level of tolerance for systematic risk and a fairly long time horizon
has indicated that she would prefer to avoid substantial portfolio turnover. Your suitable
recommendation would most likely be:
A.) a tactical strategy.
B.) a passive strategy.
C.) an aggressive strategy.
D.) a hedged strategy. - ✔ ✔ B.) a passive strategy.
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 memberII. A person who performs
back-office functions for the memberIII. A person who is no longer functioning as a representativeIV. 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 - ✔ ✔ C.) I, II & IV
A new stock issue may begin trading on NASDAQ
A.) as early as the completion of the IPO
B.) following the opening trade on the morning of the effective date
C.) 30 days after the effective date
D.) after a 5 business day quiet period - ✔ ✔ B.) following the opening trade on the morning of the
effective date
A 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registration has been revoked or terminated for a period of ____________ or more.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 - ✔ ✔ D.) 2 Years
A restricted margin account is one in which
A.) the equity has fallen below the minimum maintenance requirement
B.) the equity has fallen below the $2,000 minimum equity requirement
C.) the customer is temporarily prohibited from accessing SMA
D.) the equity is less than Reg. T - ✔ ✔ D.) the equity is less than Reg. T
A wrap account is most appropriate:
A.) for a client who actively trades.
B.) for a client who is predominantly a buy and hold investor.
C.) for a client wishing to follow a dollar cost averaging approach.
D.) for a client nearing retirement who will primarily be withdrawing rather than making new
investments. - ✔ ✔ A.) for a client who actively trades.
All member broker-dealers are required to comply with the USA Patriot Act and related protective
regulations. At the time of account opening, individuals filling out a new account form must supply
certain information which will enable which of the following agencies to verify they are not on the list of
known money launderers, terrorists or others deemed ineligible to open an account at a financial
institution?
A.) FINRA
B.) SEC
C.) OFAC
D.) Justice Department - ✔ ✔ C.) OFAC
, The Office of Financial Asset Control
An agent of a broker-dealer may borrow money from all of the below except:
A.) a corporate affiliate of the agent's member firm.
B.) a client which is a bank.
C.) a broker-dealer.
D.) a mortgage broker. - ✔ ✔ D.) a mortgage broker.
An option trader who simultaneously goes long an XYZ Oct 40 put and short an XYZ Nov 40 put will profit
if:
A.) both options expire unexercised
B.) the difference in premiums widens
C.) the market price of XYZ falls below 40 and remains there
D.) none of these - this is an uneconomic trade - ✔ ✔ A.) both options expire unexercised
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 - ✔ ✔ D.) Call
As the result of a client complaint involving accusations of churning, and allegations of unauthorized
trades, a duly qualified panel of arbitrators has heard the case and rendered its ruling against the
registered rep on all counts, as well as the branch manager and the member firm for failure to
supervise. FINRA rules set forth the normal procedure for the filing of an appeal to the adverse ruling
with which of the following?
A.) National Adjudicatory Council
B.) Board of Governors of FINRA
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