FINRA Investment Company and Variable Contracts Products Representative Examination (IR)

문제1
Phil Anthropy wrote his cousin a $15,000 check to pay for medical bills the cousin had accumulated. He
also distributed $5,000 checks to three nephews who were in college, and gave his mother a check for
$ 12,000. Have Phil's actions triggered any gift taxes?

A. Yes, $19,000 of his total distributions is subject to the gift tax.

B. Yes, $2,000 of his total distributions is subject to the gift tax.

C. No. None of Phil's distributions is subject to the gift tax.

D. Yes, $7,000 in distributions is subject to the gift tax.

정답: B

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문제2
Sam's neighbor has just inherited some bonds from his uncle. The neighbor, knowing that Sam is a
registered representative with a brokerage firm, asks Sam if he would like to handle the sale of these
securities. Sam agrees to do so and calls his existing clients with an offer to sell the bonds at a price that
he researches to be the average "ask" price of dealers in the same bonds. In this situation:

A. Sam has engaged in no illegal practices since he is licensed to sell bonds and is doing so at an
established "ask" price. Sam is a good neighbor.

B. Sam has engaged in the illegal practice of "front running."

C. Sam has engaged in the illegal practice of "selling away."

D. Sam has engaged in no illegal practices as long as he markets the bonds only to existing clients. This
is referred to as a private placement.

정답: C

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문제3
Which of the following relationships regarding shares of common stock are necessarily true?
I. shares outstanding > issued shares
II. authorized shares >= issued shares
III. issued shares = treasury shares
IV. issued shares >= shares outstanding

A. II, III, and IV only

B. I, II, and III only

C. II and IV only

D. I and II only

정답: C

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문제4
A FINRA member who is a principal underwriter under the definition provided in the Investment Company
Act of 1940 is permitted to sell variable contracts through another broker-dealer only if:
I. the broker-dealer is also a FINRA member.
II. there is a sales agreement in effect between the underwriter and the broker-dealer.
III. the broker-dealer is also a principal underwriter as defined by the Investment Company Act of 1940.

A. any one of the three statements-I, II, or III-are true.

B. either I or II is true.

C. all three statements-I, II, and III-are true.

D. both I and II are true.

정답: D

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문제5
Tex Payor bought shares of the Stocks4U Mutual Fund on February 26th.During the year, the fund sold
some of the stocks in which it was invested, generating long-term capital gain income for the fund. Tex
received a distribution of some of these gains at the end of the year, based on his proportionate
ownership of the fund. Which of the following statements is true regarding the tax consequences of this
distribution to Tex?

A. There are no tax consequences to Tex. Mutual fund investors are taxed only on dividend distributions
and on capital gains realized when they sell shares of a fund that they own. Capital gains earned by the
fund when securities are bought and sold by the fund's manager are taxed to the fund.

B. Tex will have to pay tax on the distribution at the tax rate for long-term capital gains, which are currently
taxed preferentially.

C. Tex will have to pay tax on the distribution at his marginal tax rate. Since Tex had not been invested in
the fund for over 12 months when the distribution occurred, it is considered to be short-term capital gain
income for him, which is taxed as ordinary income.

D. Tex will have to pay tax on the distribution unless he opts to reinvest the distribution in the fund, in
which case the income will not be taxable.

정답: B

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문제6
Which of the following established the requirement that insiders report their trading activities to the SEC?

A. the Securities Act of 1933

B. the Securities Exchange Act of 1934

C. Regulation I-N

D. Regulation D

정답: B

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문제7
Which of the following stock funds would you expect to be the least risky?

A. income

B. balanced

C. growth

D. value

정답: B

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문제8
Connie Serve placed an order to purchase five, $1,000 Treasury bonds in the secondary market on
Tuesday, October 12th.Connie will be required to pay for this purchase on which day?

A. Thursday, October 14th.

B. Tuesday, October 12th.

C. Wednesday, October 13th.

D. Friday, October 15th.

정답: C

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문제9
Clem Shyster is a registered representative with a family of mutual funds. A married couple in their 50s
sought his advice about how they should best invest an $80,000 profit that they had received when they
sold a rental property they owned for a number of years. Their investment profile indicated to Clem that
their main investment objective was capital appreciation and that they were willing to accept moderate
levels of risk. Clem advised them to invest $10,000 in eight different growth funds, each of which had a
7 % front-end load. Has Clem violated any securities laws with his recommendation?

A. Yes. Although growth funds provide some amount of capital appreciation, Clem should have
recommended that they spread their money among eight different aggressive growth funds instead, to
achieve even greater capital appreciation.

B. Yes. There is a lot of overlap of the individual stocks in which growth funds invest, so recommending
that they spread their funds among eight different growth funds has not provided them with significantly
more diversification, and it has cost them more to do so, which will benefit Clem.

C. Yes. Clem should have advised them to invest in funds that had a deferred sales charge instead of a
front-end load.

D. No. Growth funds invest in stocks that are selected to provide the capital appreciation that Clem's
clients need, and an investment in eight such funds will provide them with maximum risk diversification.

정답: B

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문제10
Which of the following is true about a hedge fund?

A. It is closed to all but sophisticated, wealthy investors.

B. It is designed to help investors hedge their risk and, as such, is a low risk alternative to a mutual fund.

C. It is more liquid than almost any investment other than a money market mutual fund.

D. It has very low management fees since it is passively managed.

정답: A

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문제11
Which of the following is not one of the purposes of FINRA as stated in its articles of incorporation?

A. maintain a fair and orderly securities market

B. encourage members to uphold high ethical standards

C. police members and assist with dispute settlements

D. develop lines of communication between the securities industry and governmental agencies

정답: A

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문제12
Giant Investments is introducing a new fund to its family of funds that it plans to name the Asian Fund.
Giant may do so only if:

A. the fund has a policy to invest at least 80% of its assets in investments that are economically tied to
Asian countries.

B. the fund's prospectus provides the specific criteria that will be used by the fund to select its
investments.

C. Giant may do so only if both B and C are true.

D. no other family of mutual funds has a fund with this name.

정답: C

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