FINRA Series-7 Exam Dumps

FINRA Series-7 Exam Dumps

General Securities Representative Qualification Examination (GS)

400 Questions & Answers with Explanation
Update Date : May 20, 2024
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FINRA Series-7 Sample Questions

Question # 1

Bubba’s margin account has $1,000 of SMA. If he buys $20,000 of listed secu rities, how much fully paid margin stock must he deposit to respond to a Reg T requirement of 50%?

A. $20,000 
B. $9,000 
C. 10,000 
D. $18,000 

Question # 2

If a customer dies, the registered representative is required to:

A. cancel all open (good ‘til cancelled) orders 
B. await instructions and necessary papers from the executor of the estate 
C. sell out the account 
D. both A and B 

Question # 3

A tax-free rollover of assets between qualified retirement plans for the benefit of a specific individual is permitted so long as it is accomplished within:

A. 30 days 
B. 60 days 
C. 90 days 
D. one year 

Question # 4

Which of the following organizations usually has a prominent role in guiding investment policies of mutual funds?

A. the plan company 
B. the management group 
C. the custodian bank 
D. the underwriter 

Question # 5

Common stocks for which of the following industries are most likely to decline in valuewhen interest rates rise?

A. automobile manufacturers 
B. airlines 
C. stock brokers 
D. public utility companies 

Question # 6

Bubba buys a $4 convertible preferred with a $50 par value that is exchangeable for common stock at 47.50. If the preferred stock is trading at 52 and the common stock at 51,Bubba determines that the preferred stock is:

A. overpriced and will quickly decline 
B. selling at a 4% premium over conversion value 
C. underpriced and should rise quickly 
D. going to be called when the common stock price is $52 

Question # 7

In a monthly review of customer statements, Bubba notices that one of his firm’s clients has paid for seven purchases five days late. What does he do?

A. decides this situation is acceptable provided payment was received before any securities were sold 
B. ascertains whether the client had a sufficient bank balance on settlement date 
C. nothing because this is not a violation provided the securities were not listed on the NYSE 
D. ascertains that extensions had been obtained under Reg T 

Question # 8

Assuming all of the following bonds from the same issuer are callable now, which one would most likely get called first?

A. 8% maturing 1-15-2016 
B. 8% maturing 1-15-2007 
C. 4% maturing 1-15-2012 
D. 4% maturing 1-15-2007 

Question # 9

Under what conditions may an FINRA member firm sell an IPO to an employee of another broker/dealer?

A. if the amount of the purchase is small and the transaction accords with the employee’s normal investment practice 
B. if the member firm notifies the other broker/dealer of the transaction 
C. if the employing broker/dealer guarantees that resale of the securities acquired by its employee will be restricted for two years 
D. under no circumstances 

Question # 10

A group net order is one that benefits municipal syndicate members:

A. equally 
B. according to their percentage participation in the account 
C. according to the number of designated orders they’ve received 
D. according to the number of presale orders they’ve received 

Question # 11

The general purpose of the Securities Act of 1933 is to:

A. regulate the activities of investment advisers 
B. regulate the sale of securities on national exchanges 
C. provide for disclosure of information about new securities offerings 
D. provide for disclosure of the financial condition of underwriters 

Question # 12

A mutual fund with an 8% load and a 1% redemption fee carries a current quote of $6.25 - $6.79. If an investor has tendered his shares for redemption on that basis, the per shareprice he will receive is approximately:

A. $6.79 
B. $6.72 
C. $6.25 
D. $6.19 

Question # 13

How much currency is one mil worth?

A. one-tenth of one cent 
B. one-tenth of $1 
C. one-tenth of $100 
D. one-tenth of $1,000 

Question # 14

In the sale of open-end investment company shares, the amount at which the sales charge is reduced on quantity transactions is referred to as the:

A. margin 
B. breakpoint 
C. split 
D. spread 

Question # 15

At the time it underlying stock is trading at 48, Bubba buys a listed call option with a $50 strike price for $300. At what minimum price must that stock trade for Bubba to recover hisinvestment (ignoring commission and taxes)?

A. $45 
B. $48 
C. $51 
D. $53 

Question # 16

Bubba Corporation has 3,500,000 shares of common stock outstanding and its trading volume in the few weeks has been as follows: Week 1 - 43,000 Week 2 - 30,900 Week 3 - 37,500Week 4 - 42,600 Week 5 - 33,000 (the most recent week)If an affiliated person wanted to liquidate some of his holding of 100,000 shares pursuant to SEC Rule 144, how many shares could he sell?

A. 35,000 
B. 36,000 
C. 37,400 
D. 38,500 

Question # 17

Bubba holds 200 shares of common stock in a utility company and receives rights to subscribe to an additional 100 shares at $20. The utility company is raising $40 million of new capital. How many rights does Bubba receive?

A. 20 
B. 50 
C. 100 
D. 200 

Question # 18

Call loans made by banks to broker/dealers are generally for the purpose of which of the following?

A. expansion of office facilities 
B. meeting operating expenses 
C. carrying margin accounts 
D. financing securities held in inventory 

Question # 19

A stock with a current P/E of 17 is selling at $74.50 per share. What are the company’s earnings in the trailing 12 months?

A. about $4.28 
B. $6.20 
C. $1.70 
D. impossible to calculate from this information 

Question # 20

To accommodate a customer’s order to buy an over-the-counter stock, a broker/dealer is permitted to:

A. sell him shares from the firm’s inventory 
B. sell these shares short to the customer 
C. act as agent on this transaction 
D. all of the above 

Question # 21

The expiration date of a listed option is:

A. the last day of the expiration month 
B. the third Saturday of the expiration month 
C. the Saturday following the third Friday of the expiration month 
D. the third Friday of the expiration month 

Question # 22

Which of the following securities is traded only in the over-the-counter market?

A. corporate bonds 
B. preferred stocks 
C. open-end investment companies 
D. closed-end investment companies 

Question # 23

For a self-employed individual’s retirement plan, ERISA permits an investment in which of the following?

A. a unit investment trust 
B. a variable annuity 
C. a US Treasury bond 
D. all of the above 

Question # 24

An offering price of 102 plus accrued interest applies to which of the following securities?

A. treasury bills 
B. certificates of deposit 
C. commercial paper 
D. banker’s acceptances 

Question # 25

In a firm commitment offering, any shares that are not sold are:

A. returned to the issuing corporation 
B. listed in the over-the-counter market 
C. transferred to treasury stock 
D. owned by the members of the syndicate 

Question # 26

In which of the following situations may exemption from compliance with Regulation T be granted?

A. a broker/dealer who does not offer margin accounts 
B. a broker/dealer conducts business only in registered securities 
C. a broker/dealer transacting less than 10% of its business through a member of a securities exchange 
D. none of the above 

Question # 27

What type of mutual fund would invest in equities and bonds?

A. dual purpose 
B. balanced 
C. technology 
D. growth 

Question # 28

Bubba owns stock with cumulative voting rights. There are five vacancies on a board and he owns 100 shares of stock. Bubba is entitled to cast the following votes:

A. a total of 100 votes 
B. a total of 100 votes per 
C. a total of 500 votes 
D. you are not allowed to vote 

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