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NEW QUESTION # 374
Which of the following securities issued by a corporation allows the owner to vote on matters of the corporation?
Answer: D
Explanation:
Common stock typically provides the owner with voting rights on key corporate matters, making answer B correct. Common shareholders generally vote to elect the board of directors and may vote on significant corporate actions such as mergers, major reorganizations, or other proposals submitted for shareholder approval. Voting rights are a core distinguishing feature of common stock and are frequently tested on the SIE as part of understanding equity ownership and shareholder rights.
A warrant (choice A) is a derivative-like security that gives the holder the right to purchase the issuer's stock at a specified price before expiration. Warrant holders do not have voting rights unless and until they exercise the warrant and become stockholders. Preferred stock (choice C) typically has characteristics closer to a hybrid: it pays a stated dividend and often has priority over common stock in dividends and liquidation, but it usually does not carry voting rights (though preferred may gain voting rights in special situations, such as when dividends are in arrears, depending on the issue terms). A corporate bond (choice D) is debt; bondholders are creditors, not owners, and generally do not vote on corporate governance matters (though bond covenants may provide protections and certain consent rights in specific restructuring situations).
The SIE emphasizes the relationship between security type and investor rights: equity ownership (common stock) comes with participation in corporate governance through voting, while debt instruments provide contractual cash flows and creditor protections but not ownership voting rights.
NEW QUESTION # 375
A customer owns 100 shares of ABC with a current market value of $5.00 per share. The company undergoes a 1-for-2 reverse split of the stock. Which of the following statements is true of the customer's holdings and the price of the stock?
Answer: C
Explanation:
Step by Step Explanation:
* Reverse Split Calculation: A 1-for-2 reverse split reduces the number of shares by half while doubling the price per share.
* Pre-Split Holdings: 100 shares at $5.00 = $500.
* Post-Split Holdings: 50 shares at $10.00 = $500.
* Incorrect Options: The total value remains unchanged; only the number of shares and price per share adjust.
:
FINRA Corporate Actions Guidance: FINRA Reverse Splits.
NEW QUESTION # 376
Which of the following statements is true regarding a member firm's business continuity plan?
Answer: D
Explanation:
A member firm must disclose to customers at account opening how its business continuity plan addresses the possibility of a significant business disruption. The disclosure is designed to inform customers how the firm plans to respond if critical operations are interrupted. It generally addresses matters such as data backup, alternate communications, mission-critical systems, financial and operational assessments, and customer access to funds and securities. Choice D is correct because it accurately states both the timing and purpose of the required disclosure. Choice A is incorrect because the firm is not required to provide the full BCP to FINRA annually in the manner stated. Choice B is incorrect because the rule does not require annual delivery of the full BCP to every customer. Choice C is incorrect because if a firm has a website, disclosure rules may apply to posting, but every firm is not required to maintain a website solely for this purpose. The SIE outline includes business continuity plans as a books and records and customer protection topic and lists FINRA Rule
4370. Reference: Section 3.2.4 Books and Records and Privacy Requirements; FINRA Rule 4370.
NEW QUESTION # 377
Which of the following statements is true about a general obligation (GO) municipal bond?
Answer: C
Explanation:
A general obligation (GO) municipal bond is backed by the full faith and credit of the issuing municipality or governmental unit, which is why choice C is correct. In practical terms, this means the issuer pledges its general taxing power and overall resources to meet debt service-interest and principal payments. GO bonds are typically supported by the issuer's ability to levy taxes (often property taxes, subject to legal limits), making their repayment source broader than that of revenue bonds.
Choice D describes a revenue bond, which is payable only from a specific revenue stream (e.g., tolls from a bridge, fees from a water/sewer system, or revenues from an airport). Revenue bonds do not rely on the issuer' s general taxing power; instead, bondholders depend on the project's or enterprise's revenues. That is a key GO vs. revenue distinction tested heavily on the SIE.
Choice A is incorrect because municipal securities customarily include a legal opinion addressing validity and tax status, especially for tax-exempt issues; the presence of a legal opinion is not something GO bonds uniquely lack. Choice B is incorrect because many municipal bonds, including many GO bonds, are federally tax-exempt on interest (and may also be state/local tax-exempt for in-state residents), though there are exceptions such as taxable munis and AMT considerations in certain cases. The question's best, universally correct feature of a GO bond is the backing by the issuing jurisdiction's full faith and credit.
This question aligns with SIE product knowledge of municipal securities, including repayment sources and how those sources affect credit considerations.
NEW QUESTION # 378
Under FINRA rules, a registered representative is permitted to receive income from which of the following activities without notifying her employing firm?
Answer: D
Explanation:
A registered representative generally must provide prior written notice to the employing firm before engaging in outside business activities for compensation. However, passive investments are not treated as outside business activities requiring notice in the same way because the representative is not actively working, providing services, or being compensated for an external business role. Choice B is correct. Playing in a band for compensation is an outside business activity because the representative is actively performing services for income outside the member firm. Teaching woodworking at a local high school is also an outside compensated activity and would require notice. Appearing as a guest speaker on investments may involve compensation, securities-related content, public communications, and potential conflicts; it would require firm review and notice. The SIE outline expressly includes outside business activities, private securities transactions, employee conduct, and reportable events. FINRA Rule 3270 is specifically listed as the outside business activities rule. The regulatory concern is that outside compensation and business roles can create conflicts, supervision issues, reputational risk, or unauthorized securities activity. Passive investment income does not present the same active outside employment concern. Reference: Section 4.2.2 Reportable Events; FINRA Rule 3270 Outside Business Activities of Registered Persons.
NEW QUESTION # 379
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