お手軽に合格させる 最新FINRA SIE問題集には166問があります
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FINRA SIE 認定試験の出題範囲：
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質問 # 98
A registered representative (RR) owns 500 shares of a thinly traded security. A customer of the firm calls the RR to place a sell order for 10,000 shares of the same security. The RR sells his shares before entering the customer's order to sell. Which of the following activities has the RR just engaged in?
- A. Front running
- B. Market manipulation
- C. Selling away
- D. Insider trading
正解：A
解説：
Step by Step Explanation:
* Front Running Definition: Occurs when a broker executes a personal trade ahead of a customer's order to profit from the anticipated market movement.
* Thinly Traded Security: Front running is particularly impactful in low-liquidity securities.
* Other Options:
* Selling Away: Involves unapproved securities transactions outside the employing firm.
* Insider Trading: Involves trading on material non-public information.
* Market Manipulation: Encompasses activities like wash trading or spoofing, not specific to this scenario.
References:
* FINRA Rule 5270 (Front Running of Block Transactions): FINRA Rule 5270.
質問 # 99
A Treasury bill is issued under which of the following terms?
- A. At a discount
- B. At par
- C. At a stated rate of interest
- D. At par plus interest
正解：A
解説：
Treasury bills (T-bills) are short-term debt securities issued at a discount to par value. The difference between the purchase price and the par value represents the investor's interest income, which is realized when the T- bill matures.
* C is correctbecause T-bills are issued at a discount and mature at par.
* Ais incorrect because T-bills are not sold at par value.
* BandDare incorrect because T-bills do not pay periodic interest; the return is based on the discount.
質問 # 100
Which of the following statements describes a characteristic of Treasury securities?
- A. They are issued by the U.S. government with a high amount of default risk.
- B. They are liquid.
- C. They are callable.
- D. They are FDIC-insured.
正解：B
解説：
Treasury securities are among the most liquid investments, as they are backed by the U.S. government and trade actively in large volumes.
* A is correctbecause Treasuries are highly liquid, making them easy to buy and sell.
* Bis incorrect because most Treasury securities are not callable.
* Cis incorrect because FDIC insurance applies to bank deposits, not Treasuries.
* Dis incorrect because U.S. government securities have negligible default risk.
質問 # 101
Which of the following characteristics best describes a benefit of a variable annuity subaccount?
- A. The account is held separately from the insurance company's general account and, therefore, is protected from the claims of general creditors of the insurance company.
- B. The account is held at a broker-dealer that is separate from the insurance company, thereby allowing tax-deferred investments in all types of securities products.
- C. The account represents the indebtedness of the insurance company that is subordinated to the claims of general creditors and, therefore, offers investors a higher rate of return.
- D. The account is managed by a third-party custodian and is, therefore, subject to lower management fees than those charged by the insurance company.
正解：A
解説：
Variable annuity subaccounts are held in separate accounts, distinct from the insurance company's general account. This separation protects subaccount assets from claims by creditors in case the insurance company becomes insolvent.
* C is correctbecause the separate account ensures creditor protection.
* Ais incorrect as management fees for variable annuities are often higher.
* Bis incorrect because the subaccounts are not held at broker-dealers.
* Dis incorrect as subaccounts do not represent subordinated debt.
質問 # 102
Under SEC Regulation D, which of the following parties is considered an accredited investor?
- A. A person whose net worth, excluding the net equity in their primary residence, exceeds $1 million at the time of purchase.
- B. A person whose joint income with their spouse exceeds $200,000 in each of the two most recent years and who has a reasonable expectation of reaching the same income level in the current year.
- C. A charitable organization, partnership, or corporation whose assets exceed $2.5 million.
- D. A person whose net worth, excluding the net equity in their primary residence, exceeds $500,000 at the time of purchase.
正解：A
解説：
Step by Step Explanation:
* Definition of Accredited Investor: As per SEC Regulation D, Rule 501, an accredited investor includes:
* Individuals with a net worth exceeding $1 million (excluding primary residence equity).
* Individuals with an annual income exceeding $200,000 (or $300,000 jointly with a spouse) for the past two years.
* Elimination of Incorrect Answers:
* $500,000 threshold (option B) is too low to qualify under Regulation D.
* Option D is incorrect as it requires assets of $5 million, not $2.5 million.
References:
* SEC Regulation D, Rule 501 (Accredited Investor Definition): SEC Regulation D.
質問 # 103
A hypothecation agreement gives the broker-dealer the right to engage in which of the following activities?
- A. Entering trades in a customer's account without prior authorization from the customer
- B. Sharing customers' nonpublic personal information with nonaffiliated third parties
- C. Using securities that a customer has bought on margin as collateral to obtain a loan from a bank
- D. Selling a customer's securities when the customer has failed to pay for trades in a cash account
正解：C
解説：
Step by Step Explanation:
* Hypothecation Agreement: Required for margin accounts, it authorizes the broker-dealer to use the customer's margin securities as collateral to secure loans for funding customer transactions.
* Incorrect Options:
* A: Sharing customer information is regulated under privacy rules (Regulation S-P).
* B: Unauthorized trading violates securities laws.
* C: Selling unpaid securities in cash accounts pertains to Regulation T, not hypothecation agreements.
References:
* FINRA Margin Account Rules: FINRA Rule 4210.
質問 # 104
Which of the following rates is subject to the most frequent changes?
- A. Discount
- B. Call loan
- C. Federal funds
- D. Prime
正解：C
解説：
The federal funds rate, which is the interest rate banks charge each other for overnight loans, changes frequently due to daily fluctuations in bank reserves and market conditions.
* D is correctas it is the most sensitive to short-term market forces.
* A,B, andCchange less frequently.
質問 # 105
Which of the following events requires reporting on a Form U4?
- A. A bench warrant for missing a court date
- B. A gross-misdemeanor domestic assault conviction
- C. A misdemeanor speeding ticket
- D. A felony conviction for drunk driving
正解：D
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 # 106
The civil penalty for an individual who is convicted of an insider trading violation is permitted to be an amount up to how many times the profit gained or loss avoided?
- A. 1 time
- B. 3 times
- C. 10 times
- D. 6 times
正解：B
解説：
Under the Insider Trading and Securities Fraud Enforcement Act of 1988, the SEC may impose acivil penalty of up to three timesthe profit gained or loss avoided (referred to as "treble damages") on individuals found guilty of insider trading.
* B is correctbecause treble damages equal three times the profit or avoided loss.
* Ais incorrect because the penalty is not limited to one time the profit.
* CandDare incorrect because the penalty is capped at three times, not six or ten times.
質問 # 107
Publicly traded limited partnership interests are typically considered:
- A. Equity securities
- B. Derivative investments
- C. Mutual funds
- D. Fixed-income securities
正解：A
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.
References:
* SEC Guidance on Publicly Traded Partnerships: SEC PTPs.
質問 # 108
A registered representative (RR) receives a mutual fund order from a customer at 4:10 p.m. ET. Which of the following statements is true regarding this order?
- A. It is not permitted to be accepted as it was received after the market close.
- B. It must be executed at the next day's opening price.
- C. It must be executed at the next closing price.
- D. It must be accepted as an "as/of" trade for today's price.
正解：C
解説：
Mutual funds are traded based on forward pricing. Orders received after the market closes are executed at the NAV calculated at the next market close.
* A is correctbecause it aligns with forward pricing rules.
* B,C, andDare incorrect as they do not follow mutual fund trade practices.
質問 # 109
A customer purchases $3,000 of XYZ, which settles today in a margin account. The customer has no other positions or balances. According to initial margin requirements, what is the amount of the required deposit?
- A. $1,500
- B. $3,000
- C. $2,500
- D. $2,000
正解：D
解説：
Under Federal Reserve Regulation T, customers must deposit at least 50% of the purchase price for margin trades. However, theminimum deposit requirement is $2,000, regardless of the 50% rule, if the account is below this threshold.
* 50% of $3,000 = $1,500.
* Since $1,500 is less than the $2,000 minimum, the customer must deposit the full $2,000.
* B is correctbecause $2,000 is the required minimum deposit.
* Ais incorrect because the $1,500 calculation does not meet the minimum.
* CandDare incorrect because they exceed the minimum deposit requirement.
質問 # 110
Company XYZ files a registration statement for its initial public offering (IPO). XYZ is permitted to communicate all of the following information about the offering in writing to investorsexceptthat:
- A. The IPO is being underwritten by Bank ABC and Bank DEF.
- B. The road show will be held February 6-10 in New York and Boston.
- C. The IPO is expected to price in early February.
- D. A recent industry report supports the company's valuation.
正解：D
解説：
During the "quiet period" after filing the registration statement, issuers are restricted in what they can communicate to the public to avoid influencing the market.
* C is correctbecause promotional statements, such as those supporting the company's valuation, are prohibited during this time.
* A,B, andDare factual, non-promotional statements and are permitted.
質問 # 111
Which of the following characteristics is true of open-end mutual fund shares?
- A. Their price is calculated intra-day based on the changing market value of the fund.
- B. They terminate and dissolve on an established date.
- C. They are purchased by investors in the secondary market.
- D. They are purchased by investors directly from the fund or through a broker-dealer offering the fund.
正解：D
解説：
Open-end mutual funds do not trade on secondary markets. Instead, shares are continuously issued or redeemed by the fund at the net asset value (NAV), calculated at the market close.
* D is correctbecause investors purchase and redeem shares directly through the fund or authorized brokers.
* Ais incorrect because mutual funds do not have a predetermined dissolution date.
* Bis incorrect because mutual fund shares are priced at the NAV calculated once daily after the market closes.
* Cis incorrect because secondary market trading applies to closed-end funds and ETFs, not open-end mutual funds.
質問 # 112
Which of the following statements is true with regard to SIPC and FDIC?
- A. SIPC protects brokerage accounts, and FDIC protects bank deposits.
- B. Money market mutual funds are covered by the FDIC and are not covered by SIPC.
- C. Securities held at broker-dealers 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：A
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.
References:
* SIPC Overview: SIPC Coverage.
* FDIC Insurance: FDIC Coverage.
質問 # 113
Which of the following types of securities is an equity?
- A. Exchange-traded note (ETN)
- B. Certificate of deposit (CD)
- 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 correctbecause preferred stock is an equity security.
* Bis incorrect because commercial paper is a short-term debt security.
* Cis incorrect because certificates of deposit (CDs) are fixed-income banking products.
* Dis incorrect because exchange-traded notes (ETNs) are unsecured debt securities.
質問 # 114
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. The customer is barred from trading for 30 days.
- B. Only closing transactions are permitted.
- C. All related accounts are frozen for 90 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 # 115
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