SIE Latest Exam Questions - Printable SIE PDF
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FINRA SIE Exam Syllabus Topics:
Topic
Details
Topic 1
- Understanding Products and Their Risks: This section of the exam measures the skills of Investment Analysts and examines different financial products and associated risks. Candidates must understand equity securities, including common stock, as well as debt instruments such as Treasury securities and mortgage-backed securities.
Topic 2
- Understanding Trading, Customer Accounts, and Prohibited Activities: This section of the exam measures the skills of Securities Traders and focuses on different trading strategies, settlement processes, and corporate actions. Candidates must demonstrate knowledge of order types, including market, limit, stop, and good-til-canceled orders, as well as bid-ask spreads and discretionary versus non-discretionary trading.
Topic 3
- Employee Conduct and Reportable Events: This section of the exam measures the skills of Financial Compliance Specialists and covers regulatory expectations regarding employee conduct and disclosure requirements. Candidates must be familiar with Form U4 and Form U5, as well as reporting obligations for outside business activities and political contributions.
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Free PDF FINRA - Professional SIE Latest Exam Questions
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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q106-Q111):
NEW QUESTION # 106
A grandfather establishes a Uniform Transfers to Minors Act (UTMA) custodial account for his grandson and appoints an attorney as custodian. Which of the following individuals owns the account?
- A. Grandson's parent
- B. Grandfather
- C. Attorney
- D. Grandson
Answer: D
Explanation:
In a UTMA account, the minor is the legal owner of the account. The custodian (in this case, the attorney) manages the account until the minor reaches the age of majority specified by state law.
* C is correctbecause the grandson (the minor) is the account's legal owner.
* Ais incorrect because the attorney is the custodian, not the owner.
* Bis incorrect because the grandfather established the account but does not own it.
* Dis incorrect because the parent does not have ownership unless explicitly named as the custodian.
NEW QUESTION # 107
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.
Answer: D
Explanation:
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.
NEW QUESTION # 108
The cash value of a variable life insurance policy is affected by which of the following factors?
- A. Contingent deferred sales charges
- B. Changes in the beneficiary
- C. Changes in the death benefit
- D. Fluctuating market conditions
Answer: D
Explanation:
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.
NEW QUESTION # 109
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. That the firm did not act as a market maker in the security
- B. The firm's cost basis 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
Answer: D
Explanation:
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.
NEW QUESTION # 110
Beta coefficient is a measure of:
- A. The volatility of an individual stock relative to the broad stock market.
- B. Only the upside participation of an individual stock.
- C. The volatility of the broad stock market.
- D. The liquidity of an individual stock relative to the sector average.
Answer: A
Explanation:
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.
NEW QUESTION # 111
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