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FINRA SIE 認定試験の出題範囲：
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質問 # 19
An individual investor has $300,000 in cash and $400,000 in securities held with a financially troubled SIPC member firm for which liquidation has begun. The individual investor's cash is protected for what amount?
- A. $250,000
- B. $150,000
- C. $300,000
- D. $700,000
正解：A
解説：
Step by Step Explanation:
* SIPC Coverage Limits: Protects up to $500,000 per customer, including a maximum of $250,000 for cash.
* In this case, $300,000 in cash exceeds the SIPC limit, so only $250,000 is protected.
* Incorrect Options:
* A: $150,000 understates the SIPC limit for cash.
* C: The full $300,000 in cash is not protected.
* D: Total coverage exceeds SIPC limits.
References:
* SIPC Coverage Details: SIPC Protection.
質問 # 20
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. $2
- C. $7
- D. $5
正解：B
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 # 21
The financial risk that a given security is not readily tradable in the market without impacting the market price is known as:
- A. Credit risk
- B. Market risk
- C. Liquidity risk
- D. Prepayment risk
正解：C
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 # 22
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. A 529 savings plan account established for his grandchild
- B. An investment advisory account in which securities transactions are effected
- C. Mutual fund accounts held directly with the fund company
- D. Variable contracts registered under the Investment Company Act
正解：B
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 # 23
When is it permissible to exercise European-style options contracts?
- A. Only on the day of expiration
- B. Only on the day after expiration
- C. Only on the last business day before expiration
- D. Only on the third Friday of every month
正解：A
解説：
Step by Step Explanation:
* European-Style Options: Can only be exercised on their expiration date, unlike American-style options, which can be exercised any time before expiration.
* Incorrect Options:
* A: Not accurate; the exercise must occur specifically on the expiration date.
* C: Options cannot be exercised after expiration.
* D: The expiration date depends on the option contract, not a specific weekday.
References:
* Options Clearing Corporation (OCC) Guidelines: OCC European Options.
質問 # 24
Which of the following transactions gives a U.S. citizen the most efficient means to invest in the stock of an overseas corporation that trades only on a foreign exchange?
- A. Purchase an option on the stock on a domestic exchange
- B. Purchase an ETF on the foreign exchange
- C. Purchase a U.S.-based mutual fund that invests in foreign stocks
- D. Purchase an American Depositary Receipt (ADR) on a domestic exchange
正解：D
解説：
American Depositary Receipts (ADRs) allow U.S. investors to efficiently invest in foreign corporations without the need to trade on foreign exchanges. ADRs are traded on U.S. exchanges and represent shares of foreign companies.
* D is correctbecause ADRs are designed for this purpose, simplifying currency exchange and reporting requirements for U.S. investors.
* Ais incorrect because directly purchasing an ETF on a foreign exchange requires additional steps, such as foreign account setup.
* Bis incorrect because options are derivative products, not direct investments in the stock.
* Cis less efficient because mutual funds may not provide direct exposure to the specific corporation.
質問 # 25
A customer has a stock position that has increased in value since the time he purchased it. Which of the following terms describes his current situation?
- A. Out of the money
- B. Interest income
- C. Unrealized gain
- D. Operating profit
正解：C
解説：
An unrealized gain occurs when the value of an asset increases but has not yet been sold. If the customer sells the stock, the unrealized gain becomes a realized gain.
* B is correctbecause the increase in value without selling the stock is an unrealized gain.
* Ais incorrect because interest income refers to earnings from fixed-income securities.
* Cis incorrect because operating profit relates to a company's earnings, not an investor's portfolio.
* Dis incorrect because "out of the money" is a term used for options, not stocks.
質問 # 26
Rising economic activity is most likely to increase revenues of which of the following sectors?
- A. Consumer staples
- B. Utilities
- C. Healthcare
- D. Consumer discretionary
正解：D
解説：
Step by Step Explanation:
* Consumer Discretionary Sector: Includes products and services that are not essential, such as luxury items, travel, and entertainment. Revenues increase as disposable income rises during economic expansion.
* Consumer Staples and Utilities: These sectors are defensive and less impacted by economic cycles.
* Healthcare: Also less correlated with economic cycles due to its essential nature.
References:
* SEC and FINRA Guidance on Sectors: Investopedia Sector Overview.
質問 # 27
Which of the following is considered nonpublic information?
- A. Customer's telephone number
- B. Customer's name
- C. Customer's address
- D. Customer's net worth
正解：D
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 # 28
Which of the following types of accounts permits an investor to borrow money from a broker-dealer to help pay for a trade?
- A. Margin
- B. Delivery versus payment (DVP) / receive versus payment (RVP)
- C. An individual retirement account (IRA)
- D. Cash
正解：A
解説：
Step by Step Explanation:
* Margin Accounts: Allow investors to borrow funds to purchase securities, with the securities serving as collateral for the loan.
* Cash Accounts: Require full payment for securities purchased.
* IRAs: Do not permit borrowing due to their tax-advantaged status.
* DVP/RVP: Settlement mechanisms, not account types for borrowing.
References:
* FINRA Rule 4210 (Margin Requirements): FINRA Rule 4210.
質問 # 29
An investor who lives on a fixed income and is concerned about inflation is most exposed to which of the following risks?
- A. Economic risk
- B. Purchasing power risk
- C. Market risk
- D. Interest rate risk
正解：B
解説：
Purchasing power risk, also known as inflation risk, occurs when inflation reduces the real value of a fixed- income stream. Fixed payments (e.g., bond interest or annuity payments) lose buying power as inflation rises.
* D is correctbecause inflation directly affects fixed income by eroding purchasing power.
* Ais incorrect because market risk relates to fluctuations in market prices, not inflation.
* Bis incorrect because economic risk generally refers to broader economic downturns.
* Cis incorrect because interest rate risk involves changes in bond prices due to interest rate movements, not inflation.
質問 # 30
Which of the following statements describes a characteristic of Treasury securities?
- A. They are callable.
- B. They are liquid.
- C. They are FDIC-insured.
- D. They are issued by the U.S. government with a high amount of default risk.
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 # 31
Which of the following is not a pass-through entity for tax purposes?
- A. A real estate investment trust (REIT)
- B. A limited liability company (LLC)
- C. A C corporation
- D. An S corporation
正解：C
解説：
A pass-through entity does not pay corporate income taxes; instead, income is passed to owners, who report it on their individual tax returns.
* A is correctbecause C corporations are not pass-through entities; they pay corporate taxes.
* B,C, andDare all pass-through entities for tax purposes.
質問 # 32
An investor holds 1,000 shares of a stock with a total cost basis of $5,000 in his account when a 1-for-5 reverse stock split is announced. What will be the investor's total cost basis after the payable date of the reverse split?
- A. $25,000
- B. $2,500
- C. $1,000
- D. $5,000
正解：D
解説：
Step by Step Explanation:
* Cost Basis in Reverse Split: The total cost basis remains unchanged in a reverse stock split. Only the number of shares and price per share adjust.
* Pre-Split: 1,000 shares at $5 each = $5,000.
* Post-Split: 200 shares at $25 each = $5,000.
* Incorrect Options:
* A, B, and D: Do not reflect the unchanged total cost basis.
References:
* IRS Guidance on Stock Splits: IRS Stock Split Info.
質問 # 33
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 accepted as an "as/of" trade for today's 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 # 34
The cash value of a variable life insurance policy is affected by which of the following factors?
- A. Changes in the beneficiary
- B. Changes in the death benefit
- C. Fluctuating market conditions
- D. Contingent deferred sales charges
正解：C
解説：
Step by Step Explanation:
* Variable Life Insurance: The cash value depends on the performance of the underlying investment options.
* Fluctuating Market Conditions: Since the cash value is linked to market performance, fluctuations directly impact its value.
* Beneficiary/Death Benefit Changes: These do not directly impact the cash value unless they involve additional costs or changes to premiums.
References:
* SEC Bulletin on Variable Life Insurance: SEC Variable Insurance.
質問 # 35
Under the Investment Company Act of 1940, which of the following products are considered redeemable securities?
- A. Short-term paper
- B. Master limited partnerships
- C. Shares issued by a closed-end investment company
- D. Shares of unit investment trusts (UITs) purchased through a public offering
正解：D
解説：
Redeemable securities are those that can be sold back to the issuer.
* D is correctbecause unit investment trusts (UITs) issue redeemable securities.
* Cis incorrect because closed-end fund shares are traded on secondary markets, not redeemable.
* AandBdo not meet the definition of redeemable securities.
質問 # 36
According to FINRA rules, under which of the following circumstances, if any, is a member firm permitted to send gifts to a registered representative of another member firm?
- A. When no single gift exceeds $100 and there is no limit on the number of gifts
- B. Under no circumstances
- C. When no single gift exceeds $100 in value and the maximum value of all gifts per year equals $250
- D. When the value of all gifts during a period of one year does not exceed $100
正解：D
解説：
Step by Step Explanation:
* FINRA Rule 3220: This rule limits gifts to $100 per person annually to prevent conflicts of interest.
* Aggregate Limit: There is no provision for exceeding the $100 annual limit, regardless of the number of gifts.
* Purpose: The rule ensures that gifts do not influence decisions or create unethical relationships.
References:
* FINRA Rule 3220 (Influencing or Rewarding Employees of Others): FINRA Rule 3220.
質問 # 37
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. The RR is prohibited from soliciting business but is permitted to accept unsolicited orders.
- C. A statutory disqualification, although reportable to CRD, does not affect employment in the securities industry.
- 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 # 38
Which of the following entities issues certificates of deposit (CDs)?
- A. Federal Reserve
- B. FDIC
- C. Banks
- D. Broker-dealers
正解：C
解説：
Certificates of Deposit (CDs) are time deposit accounts issued by banks, offering fixed interest rates for a specified term. CDs are insured by the FDIC up to $250,000 per depositor, but the issuing entity is the bank itself.
* B is correctbecause banks issue CDs.
* Ais incorrect because the FDIC insures CDs but does not issue them.
* Cis incorrect because broker-dealers may facilitate the purchase of CDs but do not issue them.
* Dis incorrect because the Federal Reserve does not issue CDs; it manages monetary policy.
質問 # 39
When exercised, an option written on which of the following items must be settled in cash?
- A. Preferred stock
- B. Exchange-traded funds (ETFs)
- C. Master limited partnership
- D. Equity index
正解：D
解説：
Step by Step Explanation:
* Equity Index Options: These are cash-settled because the underlying asset is not a physical security but a theoretical value representing the index.
* Incorrect Options:
* Preferred Stock, Master Limited Partnerships, and ETFs: These involve physical delivery of the underlying asset upon exercise.
References:
* Options Clearing Corporation (OCC) Guidelines: OCC Cash-Settled Options.
質問 # 40
Pursuant to FINRA rules, which of the following content is inappropriate to link to from a business-related social media site?
- A. A link to the firm's website discussing its products and services
- B. A link to a company's filing on EDGAR that contains information on a press release about the company
- C. A link to information on a mutual fund that discusses previous performance over the last five years
- D. A link to an investment's website stating the investment's performance over the next five years
正解：D
解説：
Under FINRA Rule 2210, firms must avoid making predictions or projections of future investment performance.
* B is correctbecause it involves prohibited predictive statements.
* A,C, andDare acceptable under FINRA guidelines, as they do not involve prohibited content.
質問 # 41
A customer owns 100 shares of ABC with a current market value of $5.00 per share. The company undergoes a 1-for-2 reverse split of the stock. Which of the following statements is true of the customer's holdings and the price of the stock?
- A. The customer will have 1,000 shares at $0.50 per share.
- B. The customer will have 200 shares at $2.50 per share.
- C. The customer will have 50 shares at $10.00 per share.
- D. The customer will have 100 shares at $5.00 per share.
正解：C
解説：
Step by Step Explanation:
* Reverse Split Calculation: A 1-for-2 reverse split reduces the number of shares by half while doubling the price per share.
* Pre-Split Holdings: 100 shares at $5.00 = $500.
* Post-Split Holdings: 50 shares at $10.00 = $500.
* Incorrect Options: The total value remains unchanged; only the number of shares and price per share adjust.
References:
* FINRA Corporate Actions Guidance: FINRA Reverse Splits.
質問 # 42
If a company with a single outstanding bond issue chooses to extinguish this debt through refunding, which of the following actions will occur?
- A. The company will buy back the bonds, at a discount, from the bondholders.
- B. The company will establish a sinking fund for use in making regular open-market purchases of the bonds.
- C. The company will retire one debt with the proceeds from another issue.
- D. The company will issue stock to replace the bonds.
正解：C
解説：
Refunding involves replacing existing debt with new debt, usually to take advantage of lower interest rates.
* B is correctbecause the company issues new bonds to pay off the existing debt.
* Ais incorrect as refunding involves issuing debt, not equity.
* Cis incorrect because the company is not obligated to buy back bonds at a discount.
* Dis incorrect because a sinking fund is used for gradual repayment, not refunding.
質問 # 43
Which of the following statements describes a characteristic of exchange-traded funds (ETFs)?
- A. ETFs are offered with front-end or back-end loads.
- B. ETF expense ratios are generally lower than those of mutual funds.
- C. ETFs are not permitted to be purchased on margin.
- D. ETFs are purchased and sold daily at net asset value (NAV).
正解：B
解説：
Step by Step Explanation:
* ETF Expense Ratios: ETFs generally have lower expense ratios compared to mutual funds due to their passive management style.
* Incorrect Options:
* A: ETFs do not have sales loads; they are traded like stocks.
* B: ETFs can be purchased on margin, like other equities.
* C: ETFs are traded throughout the day at market prices, not NAV.
References:
* SEC ETF Fact Sheet: SEC ETF Info.
質問 # 44
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