FINRA SIE復習過去問、SIEテスト問題集

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FINRA SIE 認定試験の出題範囲：

トピック	出題範囲
トピック 1	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.
トピック 2	Market Structure: This section of the exam measures the skills of Equity Market Specialists and covers the classification of financial markets, including the primary, secondary, third, and fourth markets. Candidates must demonstrate knowledge of electronic trading, over-the-counter (OTC) markets, and physical exchanges. One specific skill tested is differentiating between various market types and their operational mechanisms.
トピック 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.
トピック 4	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.

>> FINRA SIE復習過去問 <<

FINRA SIEテスト問題集 & SIE問題例

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FINRA Securities Industry Essentials Exam (SIE) 認定 SIE 試験問題 (Q175-Q180):

質問 # 175
An investor owns $10,000 par value of a municipal bond with the following rates:
* 4.0% coupon rate
* 5.0% current yield
* 4.5% yield to maturity (YTM)
* 6.5% tax-equivalent yield
What amount of interest should the investor expect to receive each year?

A. $500
B. $450
C. $650
D. $400

正解：D

解説：
The annual interest on a bond is calculated based on thecoupon rateand the bond's par value.
* Coupon rate = 4.0%.
* Annual interest = $10,000 (par value) × 4.0% =$400.
* A is correctbecause the coupon rate determines the annual interest.
* B,C, andDare incorrect because they reflect incorrect calculations. The current yield, YTM, and tax- equivalent yield do not affect the bond's fixed coupon payments.

質問 # 176
Which of the following responses is an example of a bullish strategy, action, or position?

A. Halting reinvestment of portfolio income
B. Increasing the cash percentage of an equities portfolio
C. Reinvesting portfolio income into bonds
D. Purchasing stocks on margin

正解：D

解説：
A bullish strategy reflects the expectation that prices-especially equity prices-will rise. Among the choices, purchasing stocks on margin is the most clearly bullish action because it uses borrowed funds to increase buying power and magnify exposure to potential stock price appreciation. If an investor is sufficiently optimistic about a stock or the market, they may choose margin to control a larger position than their cash alone would allow. This is a directional strategy: it increases sensitivity to gains when prices rise, which is the essence of a bullish position.
By contrast, reinvesting portfolio income into bonds (choice B) is not inherently bullish; it signals a preference for fixed-income allocation, typically associated with income, capital preservation, or lower volatility rather than expecting equity price appreciation. Halting reinvestment (choice C) can be a defensive move-choosing to stop adding to risk assets, possibly due to uncertainty. Increasing the cash percentage of an equities portfolio (choice D) is usually a bearish or risk-off action, since it reduces equity exposure and positions the investor more defensively against potential declines or volatility.
On the SIE, you're expected to recognize that "bullish" aligns with actions that increase exposure to risk assets or benefit from rising prices, while "bearish" aligns with reducing exposure, increasing cash, or taking positions that benefit from declining prices. Margin is particularly testable because it also introduces additional risks-interest costs, maintenance requirements, and the possibility of margin calls-yet it is still fundamentally a bullish leverage tool when used to buy equities.

質問 # 177
Which of the following responses describes a FINRA member?

A. A natural person who is employed by a broker-dealer (BD)
B. A BD regulated by a national securities association
C. An associated person of a registered brokerage firm
D. A registered representative with a national securities exchange

正解：B

解説：
A FINRA member is a broker-dealer that is registered with FINRA and regulated by a national securities association. Individuals employed by the member firm (e.g., registered representatives) are associated persons, not members themselves.
* D is correct because FINRA membership applies to broker-dealers, not individuals.
* A, B, and C are incorrect because they refer to individuals or roles within member firms, not the firms themselves.
Reference: FINRA Rule 0140 (Membership)

質問 # 178
A Treasury bill is issued under which of the following terms?

A. At par
B. At a discount
C. At a stated rate of interest
D. At par plus interest

正解：B

解説：
Treasury bills (T-bills) are short-term debt securities issued at a discount to par value. The difference between the purchase price and the par value represents the investor's interest income, which is realized when the T- bill matures.
* C is correct because T-bills are issued at a discount and mature at par.
* A is incorrect because T-bills are not sold at par value.
* B and D are incorrect because T-bills do not pay periodic interest; the return is based on the discount.
Reference: SIE Study Guide, Chapter 3: U.S. Treasury Securities

質問 # 179
Which of the following statements is true regarding the ownership of investment company shares held as tenants in common?

A. Upon the death of a tenant, all shares in the account are taxable in the estate of the deceased.
B. All tenants must sign redemption requests.
C. Any income is distributed evenly among the tenants.
D. Each tenant has a fractional interest in the investment.

正解：D

解説：
Step by Step Explanation:
* Tenants in Common: In this arrangement, each tenant owns a fractional interest in the account's assets, which can be unequal depending on the agreement.
* Income Distribution: Income is distributed based on ownership percentage, not necessarily equally.
* Redemption Requests: Only the owner of the fractional interest has authority to request redemption for their portion.
* Estate Taxation: Upon the death of a tenant, only their fractional interest is taxable in their estate.
References:
* FINRA Guidelines on Joint Accounts: FINRA Joint Accounts.

質問 # 180
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