[2025年03月29日] SIE PDFで最近更新された問題です集試験点数を伸ばそう
SIE完全版問題集には無料PDF問題で合格させる
質問 # 25
A customer buys 100 ABC at $50 and at the same time sells an ABC April 50 call at $8. At expiration, ABC must be at what market price for the customer to break even?
- A. $42
- B. $50
- C. $44
- D. $58
正解：A
解説：
Step by Step Explanation:
* Breakeven Calculation: For covered call writing, breakeven is the stock purchase price minus the premium received.
* Purchase Price = $50
* Premium Received = $8
* Breakeven = $50 - $8 = $42.
* Other Options:
* B, C, and D: Incorrect because they do not reflect the proper calculation of stock price minus the premium.
References:
* Options Clearing Corporation (OCC) Education: OCC Options Guidance.
質問 # 26
An investor sells shares of a closed-end fund at the market. Which of the following responses best describes the net proceeds to be received?
- A. Public offering price (POP) less any redemption fee
- B. Net asset value (NAV)
- C. Bid price less any commission
- D. NAV less any redemption fee
正解：C
解説：
Step by Step Explanation:
* Closed-End Funds: Trade on exchanges like stocks, and the investor receives the bid price (market price) minus any applicable commissions.
* Incorrect Options:
* A & B: NAV applies to open-end mutual funds, not closed-end funds.
* D: POP applies to initial sales of mutual fund shares.
References:
* SEC Guidance on Closed-End Funds: SEC Closed-End Funds.
質問 # 27
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. The customer will receive a sales charge discount on his next purchase after the account balance of the fund reaches $100,000.
- B. The customer must sign a new letter of intent to receive the $100,000 breakpoint on the additional purchase.
- C. Each fund requires contributions of $100,000 to qualify for a breakpoint.
- 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 # 28
Which of the following terms describes an offer to purchase some or all shareholders' shares in a corporation, usually at a premium to the market price?
- A. Stock split
- B. Redemption
- C. Tender
- D. Class action
正解：C
解説：
Step by Step Explanation:
* Tender Offer Definition: A tender offer is an offer to purchase a certain number of shares from shareholders, typically at a price above the current market value. This is often part of mergers, acquisitions, or corporate takeovers.
* Stock Split: A stock split increases the number of shares but decreases the price per share without affecting the total value of an investor's holdings.
* Redemption: Redemption refers to the repayment of a bond or preferred stock at maturity or at a predetermined date.
* Class Action: A class action is a lawsuit filed by a group of people with similar grievances.
References:
* SEC Rule 14e on tender offers: SEC Tender Offers.
質問 # 29
SEC regulations permit a company to issue securities exempted from registration requirements of the Securities Act of 1933 under which of the following conditions?
- A. Offerings sold inside of the U.S. to non-U.S. persons
- B. Offerings with no more than 35 non-accredited investors and an unlimited number of accredited investors
- C. Offerings sold with an aggregate price exceeding $5 million
- D. Offerings sold with no more than 40 accredited investors
正解：B
解説：
Step by Step Explanation:
* Regulation D (Rule 506(b)): Allows offerings to an unlimited number of accredited investors and up to
35 non-accredited investors, provided certain disclosure requirements are met.
* Incorrect Options:
* A: Refers to Regulation S, which governs offshore offerings, not domestic exemptions.
* B: There is no 40-investor limit in Regulation D.
* C: The $5 million limit applies to Rule 504, not Rule 506(b).
References:
* SEC Regulation D: SEC Regulation D.
質問 # 30
Offering 403(b) tax-sheltered annuity accounts to which of the following groups is permissible?
- A. Volunteer workers
- B. Employees of a nonprofit hospital
- C. Small business owners
- D. Active duty military personnel
正解：B
解説：
Step by Step Explanation:
* 403(b) Accounts: These tax-advantaged retirement plans are specifically for employees of public schools, tax-exempt organizations, and certain other nonprofit employers, such as hospitals.
* Incorrect Options:
* Volunteer Workers: Ineligible unless they are also employees.
* Small Business Owners and Military Personnel: These groups typically qualify for other retirement plans, not 403(b).
References:
* IRS Publication 571 (403(b) Plans): IRS 403(b) Guidance.
質問 # 31
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 the value of all gifts during a period of one year does not exceed $100
- B. Under no circumstances
- C. When no single gift exceeds $100 and there is no limit on the number of gifts
- D. When no single gift exceeds $100 in value and the maximum value of all gifts per year equals $250
正解：A
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 # 32
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 # 33
A summary prospectus for a mutual fund must contain which of the following information?
- A. Fund's portfolio holdings
- B. Projected return
- C. Investment objectives
- D. Control persons and principal owners of the fund
正解：C
解説：
Step by Step Explanation:
* Summary Prospectus Content: Must include key information such as the fund's investment objectives, risks, fees, and past performance. This helps investors make informed decisions.
* Incorrect Options:
* A: Projected returns are speculative and not included in the prospectus.
* C & D: Detailed portfolio holdings and control persons are included in the full prospectus, not the summary.
References:
* SEC Rule 498 (Summary Prospectuses): SEC Prospectus Requirements.
質問 # 34
A customer is unhappy about a $5,000 loss in a stock that the registered representative (RR) recommended and threatens to call FINRA's Securities Helpline for Seniors about the matter. What is the most appropriate next step for the RR to take?
- A. The RR should notify their supervisor about the customer's dissatisfaction.
- B. The RR should call FINRA's Securities Helpline for Seniors before the customer does and explain their side of the story.
- C. The RR is permitted to reimburse the customer for the loss to resolve the customer's complaint.
- D. The RR should alert their compliance department to update their Form U4 with the complaint details.
正解：A
解説：
Step by Step Explanation:
* Escalation Requirement: The RR must promptly notify their supervisor or compliance department about the customer's complaint as required by FINRA rules. Supervisors handle customer complaints according to firm procedures.
* Incorrect Options:
* B: Reimbursing the customer is not permissible without firm approval and may create compliance issues.
* C: Complaints requiring Form U4 updates involve specific allegations such as fraud, not general dissatisfaction.
* D: The RR should not contact FINRA directly; the firm will handle communications.
References:
* FINRA Rule 4530 (Reporting Requirements): FINRA Rule 4530.
質問 # 35
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. $5,000
- D. $1,000
正解：C
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 # 36
Which of the following terms describes failure to honor a firm quote?
- A. Interpositioning
- B. Market manipulation
- C. Backing away
- D. Freeriding
正解：C
解説：
Step by Step Explanation:
* Backing Away: Refers to the failure of a market maker to honor a firm quote when a customer attempts to trade at that price. It is a violation of market rules.
* Incorrect Options:
* Freeriding: Involves selling securities before paying for them in a cash account.
* Interpositioning: Involves unnecessary intermediaries in trades, which can harm customers.
* Market Manipulation: Covers a range of deceptive practices, such as wash trading or spoofing, not specific to honoring quotes.
References:
* FINRA Rule 5220 (Firm Quote Rule): FINRA Rule 5220.
質問 # 37
Which of the following risks are associated with Treasury securities?
- A. Credit risk
- B. Prepayment risk
- C. Liquidity risk
- D. Interest rate risk
正解：D
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 # 38
A customer will be out of the country for the next two months on business and asks his firm to hold his mail until he returns. Which of the following statements is true regarding this request?
- A. At the discretion of the RR, the firm is permitted to hold the customer's mail provided it takes reasonable actions to ensure no tampering occurs with this mail.
- B. The firm is permitted to hold the mail as long as the registered representative (RR) complies with the customer's oral instructions.
- C. The firm is prohibited from holding the customer's mail under FINRA rules due to the personal information contained.
- D. The firm must receive written instructions from the customer that include the time period for the requested mail hold.
正解：D
解説：
Step by Step Explanation:
* FINRA Rule 3150: Permits firms to hold customer mail only with written instructions specifying the duration, which cannot exceed three months unless there are exceptional circumstances.
* Incorrect Options:
* A: Holding mail is not prohibited if done in compliance with FINRA rules.
* C & D: Oral instructions or RR discretion are not sufficient; written authorization is mandatory.
References:
* FINRA Rule 3150 (Holding of Customer Mail): FINRA Rule 3150.
質問 # 39
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. $700,000
- C. $150,000
- D. $300,000
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 # 40
When exercised, an option written on which of the following items must be settled in cash?
- A. Equity index
- B. Master limited partnership
- C. Exchange-traded funds (ETFs)
- D. Preferred stock
正解：A
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 # 41
A registered representative who is terminated from a broker-dealer must notify FINRA of a residential address change for what period of time after termination?
- A. One year
- B. Two years
- C. Three years
- D. Six years
正解：B
解説：
Step by Step Explanation:
* FINRA Rule 1122: Requires that registered representatives update their residential address with FINRA for two years post-termination.
* Purpose: This ensures accurate records for potential regulatory inquiries during the statutory two-year period when a terminated individual remains subject to FINRA's jurisdiction.
References:
* FINRA Rule 1122 (Filing False or Misleading Information): FINRA Rule 1122.
質問 # 42
The provision that allows a bond issuer to purchase bonds from customers prior to the maturity date on the bond is known as a:
- A. Defeasement
- B. Conversion
- C. Call
- D. Put
正解：C
解説：
Step by Step Explanation:
* Call Provision: This allows the issuer to redeem bonds before their maturity date, usually at a premium to the par value, which benefits the issuer in a declining interest rate environment.
* Put Provision: Allows bondholders, not issuers, to sell the bond back to the issuer.
* Conversion: Relates to convertible bonds that can be converted into equity.
* Defeasement: Refers to the removal of a bond issuer's obligation by setting aside cash or securities to cover the debt.
References:
* SEC Guide on Callable Bonds: SEC Callable Bonds.
質問 # 43
Which of the following statements is true with regard to SIPC and FDIC?
- A. SIPC coverage is only for securities, and FDIC coverage is only for cash.
- 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 protects brokerage accounts, and FDIC protects bank deposits.
正解：D
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 # 44
A confirmation indicates a 100-share purchase of Company ABC at $11. According to SEC rules, which of the following information is required to be stated on the confirmation?
- A. The firm's cost basis in the security
- B. That the firm did not act as a market maker in the security
- C. The firm's inventory level at the time of trade execution
- D. The capacity in which the firm acted when executing the trade
正解：D
解説：
Step by Step Explanation:
* SEC Rule 10b-10: Requires trade confirmations to disclose the capacity in which the firm acted (e.g., as agent or principal) and details like trade price, quantity, and commissions.
* Incorrect Options:
* A: Cost basis is not disclosed on trade confirmations.
* B: Inventory levels are not part of the required disclosures.
* C: Market maker status is not explicitly required in the confirmation.
References:
* SEC Rule 10b-10 (Confirmation Requirements): SEC Rule 10b-10.
質問 # 45
Under which of the following circumstances, if any, is it permissible for an individual without a Power of Attorney (POA) to sign a customer's name on their behalf?
- A. When accounts are fully discretionary
- B. Never permissible to sign a customer's name on their behalf
- C. Upon approval by a firm principal
- D. Upon receipt of verbal authorization provided that written authorization is subsequently provided
正解：B
解説：
Step by Step Explanation:
* Prohibition on Signing Customer Names: It is never permissible to sign a customer's name without written authorization (POA) due to legal and ethical concerns. Unauthorized signing constitutes forgery and violates FINRA rules.
* Incorrect Options:
* A: Firm principal approval does not override this prohibition.
* B: Verbal authorization is insufficient.
* C: Discretionary authority does not allow unauthorized signing.
References:
* FINRA Rule 4512 (Customer Account Information): FINRA Rule 4512.
質問 # 46
......
100%更新されたのはFINRA SIE限定版PDF問題集：https://jp.fast2test.com/SIE-premium-file.html
無料General Securities Representative SIE公式認定ガイドPDFダウンロード：https://drive.google.com/open?id=1gPE9W5NIQ32Oyfis9pIFnP5Eaxw34-bF