ベストFINRA SIE学習ガイドと問題集は2025年更新
トップクラスFINRA SIE試験最先端学習ガイド！練習問題バージョン
FINRA SIE 認定試験の出題範囲：
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質問 # 81
The financial risk that a given security is not readily tradable in the market without impacting the market price is known as:
- A. Liquidity risk
- B. Prepayment risk
- C. Credit risk
- D. Market risk
正解：A
解説：
Step by Step Explanation:
* Liquidity Risk: Refers to the difficulty of selling a security quickly without significantly affecting its price. This is common in thinly traded securities or complex instruments.
* Other Risks:
* Credit Risk: Relates to the possibility of default by the issuer.
* Market Risk: Pertains to overall price changes due to market conditions.
* Prepayment Risk: Associated with mortgage-backed securities and early repayment of loans.
References:
* SEC Investor Bulletin on Risks: SEC Risk Guidance.
質問 # 82
When the index level and strike price of a listed index option are the same, the option is:
- A. Out of the money.
- B. In the money.
- C. At the money.
- D. Trading at intrinsic value only.
正解：C
解説：
An option is considered "at the money" when the current price of the underlying asset (or index level) equals the option's strike price.
* B is correctbecause the index level equals the strike price.
* Ais incorrect because "in the money" requires the option to have intrinsic value (e.g., for a call, the index level must be above the strike price).
* Cis incorrect because "out of the money" applies when the index level is below the strike price (for calls) or above it (for puts).
* Dis incorrect because "at the money" options have no intrinsic value.
質問 # 83
Which of the following is considered nonpublic information?
- A. Customer's address
- B. Customer's name
- C. Customer's net worth
- D. Customer's telephone number
正解：C
解説：
Step by Step Explanation:
* Nonpublic Information: A customer's net worth is nonpublic personal information that requires confidentiality under Regulation S-P.
* Incorrect Options:
* A, B, and D: Names, addresses, and phone numbers may be public unless linked to specific financial or personal details.
References:
* SEC Regulation S-P (Privacy of Consumer Financial Information): SEC Regulation S-P.
質問 # 84
A registered representative wants to open an account for himself at a different financial institution. Under FINRA rules, which of the following accounts requires prior written consent from his employing broker- dealer?
- A. Variable contracts registered under the Investment Company Act
- B. A 529 savings plan account established for his grandchild
- C. An investment advisory account in which securities transactions are effected
- D. Mutual fund accounts held directly with the fund company
正解：C
解説：
Step by Step Explanation:
* FINRA Rule 3210: Requires registered representatives to obtain written consent from their employing broker-dealer before opening accounts at other financial institutions if securities transactions will occur.
* Incorrect Options:
* A, B, and C: These accounts are exempt because they do not involve direct securities transactions requiring monitoring.
References:
* FINRA Rule 3210 (Accounts at Other Institutions): FINRA Rule 3210.
質問 # 85
Assuming yields are held constant, which of the following statements describes what will occur as a discount bond reaches maturity?
- A. Its par value increases.
- B. Its price decreases.
- C. Its par value decreases.
- D. Its price increases.
正解：D
解説：
Step by Step Explanation:
* Discount Bonds: These are issued or traded below par value. Over time, their price moves closer to par as they approach maturity, assuming yields remain constant.
* Other Options:
* Par Value Changes: The par value of a bond does not change over time; only its price fluctuates.
References:
* SEC and FINRA Bond Basics: SEC Discount Bonds.
質問 # 86
In performing fundamental analysis of an equity, which of the following elements should an investor consider?
- A. Resistance and support levels
- B. Moving average
- C. Chart patterns
- D. Financial statements
正解：D
解説：
Fundamental analysis focuses on evaluating a company's financial health and potential for growth by analyzing its financial statements, such as the income statement, balance sheet, and cash flow statement.
* C is correctbecause financial statements provide the data necessary for fundamental analysis.
* AandBare incorrect because chart patterns and moving averages are tools of technical analysis, not fundamental analysis.
* Dis incorrect because resistance and support levels are also part of technical analysis.
質問 # 87
Class A and Class C shares of a mutual fund differ in which of the following ways?
- A. When the customer is permitted to purchase
- B. The underlying investments
- C. The net asset value (NAV)
- D. The expense ratio
正解：D
解説：
Step by Step Explanation:
* Expense Ratio: Class A shares typically have lower ongoing expense ratios but higher front-end sales charges. Class C shares often have higher ongoing expense ratios but no front-end charges.
* Incorrect Options:
* B: NAV is determined daily and does not vary by share class.
* C: All share classes invest in the same underlying portfolio.
* D: Purchase timing is the same for all share classes.
References:
* SEC Guidance on Mutual Fund Share Classes: SEC Fund Classes.
質問 # 88
Which of the following strategies is best for mitigating the risk of a concentrated position?
- A. Dollar-cost averaging
- B. Dividend reinvestment
- C. Use of leverage
- D. Diversification
正解：D
解説：
Step by Step Explanation:
* Diversification: Spreads investments across multiple securities, industries, or asset classes to reduce exposure to a single security or sector.
* Other Options:
* Use of Leverage: Increases, not decreases, portfolio risk.
* Dollar-Cost Averaging: Reduces timing risk but does not address concentration.
* Dividend Reinvestment: Enhances returns but does not mitigate concentration risk.
References:
* SEC Guidance on Diversification: SEC Diversification.
質問 # 89
A customer writes a call for XYZ stock with a strike price of $35 and receives a premium of $7. The stock is currently trading at $40. What is the time value of this option?
- A. $0
- B. $5
- C. $7
- D. $2
正解：D
解説：
An option's premium consists of intrinsic value and time value:
* Intrinsic value= Current stock price - Strike price = $40 - $35 = $5.
* Time value= Total premium - Intrinsic value = $7 - $5 =$2.
* B is correctbecause $2 represents the time value.
* A,C, andDare incorrect because they miscalculate the time value based on the option's total premium.
質問 # 90
A customer purchases 100 shares of stock on Thursday, August 2. This transaction must settle regular way no later than:
- A. Friday, August 3
- B. Tuesday, August 7
- C. Monday, August 6
- D. Wednesday, August 8
正解：C
解説：
Step by Step Explanation:
* Regular-Way Settlement: For equity securities, settlement occurs on a T+2 basis, meaning two business days after the trade date.
* Calculation:
* Trade Date (T): Thursday, August 2.
* T+2 Settlement: Excludes weekends, so settlement falls on Monday, August 6.
* Incorrect Options:
* A: Reflects T+1, not the correct settlement cycle.
* C & D: Extend beyond the standard T+2 cycle.
References:
* FINRA and SEC Settlement Rules: SEC Settlement Rules.
質問 # 91
Beta coefficient is a measure of:
- A. The volatility of the broad stock market.
- B. Only the upside participation of an individual stock.
- C. The liquidity of an individual stock relative to the sector average.
- D. The volatility of an individual stock relative to the broad stock market.
正解：D
解説：
The beta coefficient measures the sensitivity of a stock's returns relative to the overall market (usually the S&P 500). A beta of:
* 1.0indicates the stock moves in line with the market.
* Greater than 1.0suggests the stock is more volatile than the market.
* Less than 1.0suggests the stock is less volatile.
* D is correctbecause beta specifically compares the volatility of a stock to the market.
* Ais incorrect as beta does not measure the market's volatility.
* Bis incorrect as beta considers both upside and downside movements.
* Cis incorrect as beta does not measure liquidity.
質問 # 92
Which of the following responses accurately describes a secondary market transaction?
- A. Buying securities in a private placement from a broker-dealer
- B. Buying open-end mutual fund shares
- C. Buying securities on a registered securities exchange
- D. Buying securities directly from the issuing company
正解：C
解説：
A secondary market transaction occurs when securities are bought and sold between investors, typically on an exchange.
* C is correctbecause securities purchased on a registered exchange are secondary market transactions.
* Ais incorrect as open-end mutual fund shares are purchased directly from the issuer.
* Brefers to the primary market.
* Dis also incorrect as private placements occur in the primary market.
質問 # 93
Which of the following responses describes a warrant?
- A. The right to purchase a specified amount of shares
- B. A fixed-income security issued by a state or municipality
- C. An interest-paying security
- D. Redemption rights for a debt instrument
正解：A
解説：
Step by Step Explanation:
* Warrants: These are long-term options issued by a company that give the holder the right to buy shares at a specific price before expiration. They are typically attached to bond or stock offerings to make them more attractive.
* Incorrect Options:
* A: Warrants do not pay interest.
* B: Refers to callable bonds, not warrants.
* D: Describes municipal bonds, not warrants.
References:
* SEC Guide to Warrants and Options: SEC Warrants Information.
質問 # 94
A registered representative (RR) at a member firm is the subject of a statutory disqualification. Which of the following statements is true?
- A. The RR is prohibited from any association or employment with a member firm unless he obtains a waiver.
- B. A statutory disqualification, although reportable to CRD, does not affect employment in the securities industry.
- C. The RR is prohibited from soliciting business but is permitted to accept unsolicited orders.
- D. The RR is prohibited from employment by a member firm in any registered capacity but is permitted to be employed in an unregistered capacity.
正解：A
解説：
A statutory disqualification occurs if an RR has been convicted of certain crimes, violated securities laws, or been barred by a regulatory authority. Under FINRA rules, the RR cannot associate with a member firm in any capacity unless they obtain a waiver from FINRA.
* B is correctbecause the disqualified person must obtain a waiver to continue employment.
* AandCare incorrect because the RR is not allowed to associate with the firm in any capacity without a waiver.
* Dis incorrect because statutory disqualification directly affects the RR's employment status.
質問 # 95
Before an affiliate of an issuer is permitted to sell 10,000 shares of restricted securities, which of the following conditions must be met?
- A. The issuer must notify FINRA of the proposed sale by submitting a Form 144.
- B. The company must be traded on a listed stock exchange.
- C. The affiliate must have a holding period of six months.
- D. The shares to be sold must be less than 10% of the average daily trading volume (ADTV) of the security.
正解：C
解説：
Step by Step Explanation:
* Rule 144 Holding Period: Restricted securities held by affiliates require a six-month holding period before sale, provided the issuer is subject to SEC reporting requirements.
* Other Options:
* Notification to FINRA (C) is incorrect; Form 144 is submitted to the SEC, not FINRA.
* The 10% ADTV limitation (D) applies to the volume of shares sold, not the conditions for sale.
References:
* SEC Rule 144 (Selling Restricted Securities): SEC Rule 144.
質問 # 96
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 must be accepted as an "as/of" trade for today's price.
- B. It is not permitted to be accepted as it was received after the market close.
- C. It must be executed at the next day's opening price.
- D. It must be executed at the next closing price.
正解：D
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 # 97
A customer purchased $80,000 of Fund XYZ two years ago. He now wants to buy $50,000 of Fund LMN offered within the same fund family, which offers a $100,000 breakpoint under right of accumulation. Which of the following statements is true?
- A. Each fund requires contributions of $100,000 to qualify for a breakpoint.
- B. The customer must sign a new letter of intent to receive the $100,000 breakpoint on the additional purchase.
- C. The customer will receive a sales charge discount on his next purchase after the account balance of the fund reaches $100,000.
- D. The additional investment qualifies for a $100,000 breakpoint.
正解：D
解説：
Step by Step Explanation:
* Right of Accumulation: Allows an investor to combine the value of existing investments within the same fund family to qualify for a breakpoint (reduced sales charge) on new purchases.
* Current Holdings: $80,000
* New Purchase: $50,000
* Total: $130,000, qualifying for the $100,000 breakpoint.
* Incorrect Options:
* B: Contributions from all funds within the same family can be aggregated.
* C: A new letter of intent is unnecessary; right of accumulation applies automatically.
* D: Discounts apply immediately, not retroactively.
References:
* FINRA Guidance on Breakpoints: FINRA Breakpoints.
質問 # 98
In a rising interest rate environment, which of the following statements is true regarding the price of fixed-rate corporate bonds?
- A. Their price will depreciate in value.
- B. Their price will remain constant.
- C. Their price will revert to par value.
- D. Their price will appreciate in value.
正解：A
解説：
When interest rates rise, the price of fixed-rate corporate bonds falls because the bond's coupon payments become less attractive compared to new bonds issued at higher rates.
* D is correctas bond prices move inversely to interest rates.
* Ais incorrect because bond prices fluctuate with interest rate changes.
* Bis incorrect because bond prices revert to par only at maturity.
* Cis incorrect because prices do not appreciate when rates rise.
質問 # 99
Which of the following risks are associated with Treasury securities?
- A. Interest rate risk
- B. Prepayment risk
- C. Credit risk
- D. Liquidity risk
正解：A
解説：
Step by Step Explanation:
* Interest Rate Risk: Treasury securities are sensitive to changes in interest rates. When rates rise, Treasury prices fall, exposing investors to price risk.
* Incorrect Options:
* Credit Risk: Virtually nonexistent for Treasuries, as they are backed by the U.S. government.
* Liquidity Risk: Treasuries are highly liquid.
* Prepayment Risk: Applies to mortgage-backed securities, not Treasuries.
References:
* SEC Bond Risk Disclosures: SEC Treasury Risks.
質問 # 100
An investor wants to purchase mutual fund shares, but she is concerned about the tax efficiency of the fund.
Which of the following disclosures required under industry regulations will help the investor make an informed decision?
- A. Projections of future dividend and capital gains distributions
- B. Sales charges and breakpoint discount opportunities
- C. The fund's turnover ratio
- D. The commissions that the fund pays on each transaction
正解：C
解説：
Step by Step Explanation:
* Turnover Ratio: Indicates how frequently the fund manager buys and sells securities. A high turnover ratio may result in higher capital gains distributions, impacting tax efficiency.
* Incorrect Options:
* B: Sales charges affect cost but not tax efficiency.
* C: Commission details are unrelated to the fund's tax efficiency.
* D: Projections of distributions are speculative and not disclosed under regulations.
References:
* SEC Mutual Fund Guide: SEC Mutual Funds.
質問 # 101
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