Series63無料認定試験材料はこちらの251問題
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質問 # 137
In its prospectus, the YourMoney Mutual Fund provides charts and tables of its average annual return
over the past year, three years, five years, and ten years. The fund's return has indeed been phenomenal
over this time period, beating the S&P 500 Index by at least 15%. The prospectus states that this is
because the fund invests in securities that are riskier and that, therefore, an investor can expect the fund
to continue earning a return higher than the S&P 500 Index. Is YourMoney guilty of any security
violations?
- A. No. Regulations require only that the mutual fund provide charts and tables of its average annual
returns, with a statement comparing the fund performance with a relevant market index.YourMoney has
done this and more. - B. Yes. YourMoney is guilty of fraud in claiming that "an investor can expect the fund to continue earning
a return higher than the S&P 500 Index." Past performance is no indication of future performance. - C. No. YourMoney properly revealed to prospective investors the fact that its higher than average returns
are the result of its investment in riskier securities. - D. Yes. There is no way the fund could have beaten the S&P 500 Index by at least 15% over the past ten
years. The fund is obviously misstating its returns.
正解：B
解説：
Yes. YourMoney is guilty of fraud in its claim that "an investor can expect the fund to
continue earning a return higher than the S&P 500 Index." Past performance is no indication of future
performance, and this statement is clearly a misstatement of a material fact. In fact, because the
securities the fund invests in are riskier than average, the fund returns can be expected to fall harder than
the S&P 500 Index in a market downturn.
質問 # 138
Stu Pede is an agent with broker-dealer Cavalier. A customer calls with a request to establish a classic
IRA and asks for Stu's advice regarding where the money in the IRA should be invested. Stu suggests a
municipal bond fund, explaining to his client that the interest income earned on it will be tax-free at the
federal level, and some of it may even be tax-free at the state and local levels. Has Stu engaged in any
prohibited practices?
- A. No. Although Stu has given investment advice, it was solicited by the client, and Stu received no
additional compensation for the advice. - B. No. Although municipal bonds are not suitable investments for a classic IRA, Stu obviously didn't know
this and is merely guilty of stupidity. - C. Yes. Municipal bonds are not suitable investments for a classic IRA, and Stu can have his license
revoked or suspended. - D. Yes. Stu is an agent with a broker-dealer. He is not an investment adviser representative and is not
allowed to make recommendations regarding investments to the firm's clients.
正解：C
解説：
Yes. When Stu recommends an investment in municipal bonds for a classic IRA account, he
has made an unsuitable recommendation, which is a prohibited practice, and he can have his license
revoked or suspended. Municipal bonds are not suitable investments for a classic IRA because municipal
bonds pay interest that is at least free from federal taxation, so they offer a lower yield than fully taxable
bonds of similar risk. The money in a classic IRA grows tax-free anyway, so the client is getting a lower
yield with no benefit.
質問 # 139
Which of the following would not appear on an order ticket?
- A. the agent's commission
- B. the stock symbol
- C. the settlement date
- D. the account number of the client buying or selling the security
正解：A
解説：
Explanation
The agent's commission does not appear on an order ticket. It does appear on the trade confirmation, however, which the client receives.
質問 # 140
Under NASAA Model Rules, it is permissible for the registered representative of a broker-dealer to split
his or her commission with
I. a client.
II. the broker-dealer with which the registered representative is affiliated.
III. another registered representative working for the same broker-dealer.
IV. the administrative assistant who directs calls to the registered representative and provides other
services for the agent.
- A. II, III, and IV only
- B. I, II, and III only
- C. II and III only
- D. I, II, III, and IV
正解：C
解説：
Only Selections II and III are correct. Under NASAA Model Rules, a registered
representative of a broker-dealer is entitled to split his or her commission only with his or her
broker-dealer or with another registered representative of that broker-dealer. He is not permitted to share
commissions with a client or with anyone who works for the broker-dealer, but is not a registered agent.
質問 # 141
The Administrator may require a firm to supply it with any prospectus, pamphlet, advertisement, or other sales literature intended for prospective investors unless the security
I. will be sold only through an investment advisory firm.
II. is a federal covered security.
III. is issued by a state credit union.
- A. I, II and III
- B. II only
- C. II and III only
- D. I only
正解：C
解説：
Explanation
Only Selections II and III are correct. The Administrator may require a firm to supply it with any prospectus, pamphlet, advertisement, or other sales literature intended for prospective investors unless the security is a federal covered security or is issued by a state credit union, both of which are on a longer list of exempted securities. It doesn't matter whether or not the securities will be sold to clients of an investment advisory firm.
質問 # 142
In which of the following cases is an investment adviser allowed to be compensated with a share of the
capital gains of the client's portfolio?
I. The client is a mutual fund.
II. The client is a credit union.
III. The client is a private client whose minimum net worth is $1 million or more.
IV. The client is a private client who has at least $750,000 invested through the investment adviser.
- A. I and II only
- B. I, II, and III only
- C. I, II, and IV only
- D. none of the above. An investment adviser is never allowed to share in the capital gains earned on
正解：C
解説：
Selections I, II, and IV are correct. An investment adviser is permitted to be compensated
with a share of the capital gains of the client's portfolio if the client is a mutual fund, a credit union, or a
private client with at least $750,000 invested through the investment adviser. More generally, the adviser
can charge a fee based on the capital appreciation of the portfolio if the client is an institutional investor, a
private client with a net worth of at least $1.5 million, or a private client with at least $750,000 invested
with the investment adviser.
質問 # 143
Which of the following would be considered an "issuer" transaction?
- A. Maria purchases 500 shares of Dodge and Cox's International Fund, a mutual fund investing in foreign securities.
- B. Jacob calls his broker and places an order to purchase 100 shares of Hasbro, Inc. on the open market.
- C. None of the above is an "issuer" transaction.
- D. Kim sells an AT&T bond she holds that still has three years remaining to maturity.
正解：A
解説：
Explanation
When Maria purchases shares of Dodge and Cox's International Fund, it is an "issuer" transaction. Shares of mutual funds are bought and sold through the fund itself, so the money she pays for the shares is received by Dodge and Cox, the issuer of the shares. Jacob's purchase of Hasbro stock and Kim's sale of her AT&T bond are non-issuer transactions. Neither Hasbro nor AT&T receive the proceeds from these transactions. In Jacob's case, another investor receives the cash; and in Kim's cash, she receives the cash.
質問 # 144
You execute a stock transaction for a client on Thursday, September 23rd. The settlement date on the order ticket will be
- A. Tuesday, September 28th.
- B. Monday, September 27th.
- C. Friday, September 24th.
- D. Thursday, September 23rd.
正解：A
解説：
Explanation
If you execute a stock transaction for a client on Thursday, September 23rd, the settlement date for that trade will be Tuesday, September 28th, which is T + 3, meaning three business days after the trade date.
質問 # 145
Painting the tape refers to
- A. the prohibited practice of excessively trading on a client's account that is used by some broker-dealers
and/or their agents to generate more commissions for themselves. - B. the unethical practice of investment advisers who issue "buy" recommendations for stocks that they
own themselves without disclosing the fact. - C. the practice of buying large amounts of a security to drive its price up artificially.
- D. the illegal activity of a group of investors who buy and sell a security among themselves to create an
artificially high volume of trading in hopes of luring investors to buy the security.
正解：D
解説：
Painting the tape refers to the illegal activity of a group of investors who buy and sell a
security among themselves to create an artificially high volume of trading in hopes of luring investors to
buy the security. This is an attempt to manipulate the market and, as such, is illegal.
質問 # 146
In which of the following scenarios is an investment adviser representative required to disclose the fact
that someone other than the representative performed the research on which his advice to the client is
based?
I. The investment adviser representative recommends the same asset allocation for his client that a buddy
of his did after his buddy had done some research for a client with similar characteristics.
II. The investment adviser representative provides a recommendation for his client based on research
provided by a broker-dealer that provides the investment adviser with its analysts' recommendations in
return for trades that the investment adviser executes using the services of the broker-dealer, as well as a
couple of other research sources he finds on the internet.
III. The investment adviser representative submitted his client's information to a data base that provided a
recommendation for the asset allocation of the client's investment monies that the adviser deemed was
sound and, therefore, recommended it to his client.
- A. I and III only
- B. III only
- C. II only
- D. I only
正解：A
解説：
An investment adviser representative is required to disclose the fact that someone else
performed the research on which advice to the client is based in scenarios described in I and III only. If the
representative provides a recommendation to the client based solely on the recommendations provided
by others to whom he provided the data, he must disclose this. However, if the adviser representative has
based his recommendations on his own assessment of analysts' reports and recommendations, as is
suggested in Selection II, then there is no disclosure requirement.
質問 # 147
BondsRUs is a broker-dealer that (unsurprisingly) specializes in bonds. The firm has found that it is able to sell Treasury bonds that it buys for $90 per $100 of par value for $99 per $100 of par value to some of its more naive clients, who never pay attention to the confirmation statements BondsRUs sends them. BondsRUs is guilty of
- A. both B and C.
- B. fraud.
- C. overcharging its clients by unreasonable markups. A $9 dealer's spread on Treasury bonds is unwarranted.
- D. nothing. It is acting as a dealer in bonds and, as such, can charge its clients whatever the clients are willing to pay.
正解：C
解説：
Explanation
BondsRUs is guilty of overcharging its clients by unreasonable markups. A $9 dealer's spread on a risk-free investment such as a Treasury bond is unwarranted, and this practice is prohibited.
Based on the information provided, BondsRUs is not guilty of fraud since it appears that the firm is revealing the markup in its confirmation statements. The clients just aren't paying attention.
質問 # 148
Finn Nance has recently passed his CFP exam and is now a certified financial planner. He has new
business cards printed that have the words "Certified Financial Planner" printed under his picture. In doing
so,
- A. Finn is not in violation of any laws as long as he has notified the state Administrator of his new
designation and his new logo. - B. Finn has violated a securities law. The Uniform Securities Act prohibits anyone from using the word
"certified" on any advertisement for services. - C. Finn has not violated any laws or engaged in any prohibited practices.
- D. Finn has possibly violated a state securities regulation. The Administrator in many states prohibits the
use of the word "certified" on any advertisement for services.
正解：C
解説：
Finn has not violated any laws or engaged in any prohibited practices in using the words
"Certified Financial Planner" on his business cards. Had he indicated he had been certified or approved
by the state, he would have been in violation, but he is allowed to indicate a certification with a
professional organization in any advertising literature.
質問 # 149
Moe is a registered investment adviser doing business under the name of MoeMoney Investment Advisers, LLC. Larry, Curly, and Mary all hold positions with the firm. Larry is on the board of directors; Mary is a sales representative for the firm; and Curly is an administrative assistant, who performs clerical duties.
Given that Moe is already a registered investment adviser, which of the other three are automatically registered as investment adviser representatives?
- A. Larry, Mary and Curly
- B. Larry only
- C. Larry and Mary only
- D. Mary and Curly only
正解：B
解説：
Explanation
As a director of the firm, Larry would automatically be registered as an investment adviser representative of MoeMoney Investment Advisers. Although directors and officers of the firm are automatically registered as investment adviser representatives, Mary, as a salesrepresentative, would have to apply for her own registration. Curly does not need to be registered since he performs only clerical duties.
質問 # 150
Trevor is currently a registered agent in the state of Connecticut where he has been employed by Connect & Company, a broker-dealer that is registered in Connecticut and has subsidiary operations in Massachusetts, New Jersey, and New York. Trevor has moved to Massachusetts and is now associated with one of Connect's subsidiaries, a broker-dealer registered in the state. Trevor has applied to the Administrator of Massachusetts for registration as an agent.
Can Trevor execute purchases and sales for clients while his registration is still pending?
- A. It depends. Trevor can execute some purchases and sales, but only for clients that he already had who may have recently relocated to Massachusetts and only for sixty days while his registration is pending.
- B. Yes. Trevor can execute trades for new clients he solicits, but only for sixty days while his registration is pending.
- C. Yes. Because Trevor is a registered agent in another state and is affiliated with a broker-dealer that is registered in the state of Massachusetts, he is not restricted from executing trades.
- D. No. Until he is informed by the Administrator of Massachusetts that his application has been accepted, Trevor may not affect any securities transactions in Massachusetts.
正解：A
解説：
Explanation
It depends. Because he is a registered agent in another state and the broker-dealer he is now affiliated with is registered in the state of Massachusetts, Trevor can execute purchases and sales, but only for existing clients while his registration with the Massachusetts Administrator is still pending and only for sixty days. This assumes, of course, Trevor has no violations that would restrict him from registering in Massachusetts.
質問 # 151
uestion No: 124
Jack and Jill are a newly married couple in their mid-20s. They are determined to retire by the time they are 50 and have arranged a meeting with a representative of Professional Investment Advisers to structure a financial plan that will allow them to achieve this goal.
The representative, Mr. Hill, advises them to invest at least 60% of their money in bond funds to minimize the risk of loss on the way to their goal. Mr. Hill has
- A. committed fraud in indicating that bonds are less risky than stocks.
- B. made an unsuitable recommendation for these clients and is subject to license suspension or revocation.
- C. has committed fraud in promoting their delusion that they can possibly expect to retire by the time they turn 50, regardless of their investment strategy.
- D. advised Jack and Jill well with a conservative allocation of their money to preserve principal.
正解：B
解説：
Explanation
Mr. Hill has made an unsuitable recommendation in recommending a 60% investment in bonds to clients in their mid-20s with an investment goal of early retirement, and his license can be suspended or revoked because of this. Bonds do not generate the returns that stocks do, and Jack and Jill are unlikely to be able to retire by the time they are 50 with such a high percentage invested in bonds. Given their investment time horizon, they can invest in growth and aggressive growth stocks, which offer significantly higher returns and will advance them toward their goal, since they can ride the waves of the up and down markets. This, of course, assumes that they are risk-tolerant enough to do so. There has been no fraud since a couple in their mid-20s can retire by the time they turn 50 if they have reasonably well-paying jobs, are frugal, and invest wisely.
質問 # 152
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