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NEW QUESTION # 106
An investor writes a call option with a strike price of $35.00 on underlying XYZ stock with an expiration date of March 15. On March 15, XYZ is priced at $36.50. The call option:
Answer: D
NEW QUESTION # 107
A municipal securities dealer makes a political contribution of $990 to a local mayoral candidate. At the end of the quarter, to whom, if anyone, must the dealer report the contribution?
Answer: D
Explanation:
Step by Step Explanation:
* MSRB Rule G-37: Requires municipal securities dealers to report contributions to the MSRB, even if the amount is below the $1,000 threshold that would trigger a two-year prohibition on municipal business.
* Incorrect Options:
* SEC and FINRA: Not involved in reporting political contributions for municipal securities.
References:
* MSRB Rule G-37 (Political Contributions): MSRB Rule G-37.
NEW QUESTION # 108
An investor writes a call option with a strike price of $35.00 on underlying XYZ stock with an expiration date of March 15. On March 15, XYZ is priced at $36.50. The call option:
Answer: D
Explanation:
The correct answer is C, is in the money by $1.50. A call option is in the money (ITM) when the market price of the underlying stock is above the strike price.
Step-by-step, the intrinsic value of a call option is calculated as:
Market Price # Strike Price
In this case:
$36.50 # $35.00 = $1.50
This means the call option has $1.50 of intrinsic value at expiration. Since the option is in the money, it will not expire worthless-instead, it will be exercised (or automatically exercised), allowing the holder to buy the stock at $35 and potentially sell it at the market price of $36.50.
Choice A is incorrect because "at the money" would mean the stock price equals the strike price. Choice B is incorrect because only out-of-the-money options expire worthless. Choice D is incorrect because the option is not out of the money-it is above the strike price.
It is also important to note that the investor wrote (sold) the call, meaning they face an obligation to deliver the stock at $35 if exercised, resulting in potential loss.
Thus, the call option is in the money by $1.50, making Answer C correct.
NEW QUESTION # 109
Which of the following security types is frequently offered to the public as part of a package or unit that also includes a fixed income obligation?
Answer: B
Explanation:
Step by Step Explanation:
* Warrants: Are often issued alongside fixed-income securities, such as bonds, to enhance their appeal to investors. Warrants give the holder the right to purchase company stock at a specific price in the future.
* Incorrect Options:
* Options: Not typically bundled with fixed-income securities.
* Common and Preferred Stock: Usually issued separately, not as part of a package with bonds.
References:
* SEC Guide on Warrants: SEC Warrants Information.
NEW QUESTION # 110
A customer instructs his registered representative (RR) to purchase $35,000 Class A shares of Growth Fund ABC. As the RR enters the order, she overhears her customer speaking to his wife about purchasing $100,000 of Emerging Markets Fund ABC once he gets his year-end bonus. Which of the following statements is true about receiving a breakpoint discount for the current purchase?
Answer: D
Explanation:
The correct answer is B, It is available if the customer signs a letter of intent (LOI). Breakpoint discounts for Class A mutual fund shares reduce the sales charge when larger investment thresholds are met.
Step-by-step, the customer is currently investing $35,000, which is below the typical first breakpoint (often
$50,000). However, the RR overhears the customer planning to invest an additional $100,000 in the same fund family in the near future. This is key.
A Letter of Intent (LOI) allows the investor to commit to investing a larger total amount (e.g., $135,000) over a specified period (usually 13 months). By signing an LOI, the investor can immediately receive the reduced sales charge based on the total intended investment, even though the full amount has not yet been invested.
Choice A is incorrect because rights of accumulation apply only to existing holdings, not future intended purchases. Choice C is incorrect because breakpoints can still be achieved through LOI. Choice D is incorrect because the future purchase does not need to be completed yet-only committed via LOI.
Thus, by signing a Letter of Intent, the investor qualifies for the breakpoint discount now, making Answer B correct.
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NEW QUESTION # 111
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