Free PDF Quiz 2026 FINRA High Hit-Rate SIE: New Securities Industry Essentials Exam (SIE) Test Practice

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FINRA SIE Exam Syllabus Topics:

Topic	Details
Topic 1	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.
Topic 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.
Topic 3	Overview of the Regulatory Framework: This section of the exam measures the skills of Compliance Officers and evaluates knowledge of self-regulatory organization (SRO) requirements, including registration and continuing education for associated persons. Candidates must understand the distinction between registered and non-registered individuals and the requirements for maintaining industry qualifications.

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q153-Q158):

NEW QUESTION # 153
Which of the following responses describes treasury stock?

A. Stock subsequently reacquired by the issuer
B. Restricted stock owned by officers
C. U.S. government securities held by a corporation
D. Authorized but unissued stock

Answer: A

Explanation:
Treasury stock refers to shares that were issued by a company and subsequently repurchased by the company.
These shares are held in the company's treasury and are not considered outstanding.
* C is correctbecause treasury stock is stock reacquired by the issuer.
* Ais incorrect because authorized but unissued stock has never been issued.
* Bis incorrect because restricted stock refers to shares issued with restrictions on transferability, not reacquired stock.
* Dis incorrect because it incorrectly refers to government securities, not corporate stock.

NEW QUESTION # 154
Which of the following responses accurately describes a secondary market transaction?

A. Buying securities on a registered securities exchange
B. Buying open-end mutual fund shares
C. Buying securities directly from the issuing company
D. Buying securities in a private placement from a broker-dealer

Answer: A

Explanation:
A secondary market transaction occurs when securities are bought and sold between investors, typically on an exchange.
* C is correct because securities purchased on a registered exchange are secondary market transactions.
* A is incorrect as open-end mutual fund shares are purchased directly from the issuer.
* B refers to the primary market.
* D is also incorrect as private placements occur in the primary market.
Reference: SIE Study Guide, Chapter 1: Market Structure

NEW QUESTION # 155
Which of the following statements is true regarding customers who own bond funds?

A. When interest rates rise, customers may experience an increase in net asset value.
B. When interest rates rise, customers who decide to sell may not receive their full investment.
C. Customers who own bond funds will have a net asset value that remains stable in both a rising and falling interest rate environment.
D. Customers of long-term bond funds are less exposed to interest rate risk than short-term bond fund holders.

Answer: B

Explanation:
Bond fund net asset values generally decline when interest rates rise because the prices of existing bonds in the portfolio tend to fall. If a customer sells bond fund shares after rates have risen and the fund's NAV has declined, the customer may receive less than the original investment. Choice B is correct. Choice A reverses the typical price-rate relationship. Choice C is incorrect because long-term bond funds are generally more exposed to interest rate risk than short-term bond funds. Longer maturities and longer durations produce greater price sensitivity to rate changes. Choice D is incorrect because bond fund NAVs fluctuate with the market value of portfolio holdings; they are not guaranteed to remain stable. The SIE outline requires knowledge of debt instruments, bond prices, yields, maturities, interest-rate risk, and the relationship between price and interest rates. It also includes open-end funds and net asset value under packaged products. This question integrates bond pricing mechanics with mutual fund NAV behavior. Reference: Understanding Products and Their Risks; Debt Instruments; Packaged Products; Investment Risks.

NEW QUESTION # 156
The cash value of a variable life insurance policy is affected by which of the following factors?

A. Changes in the death benefit
B. Changes in the beneficiary
C. Fluctuating market conditions
D. Contingent deferred sales charges

Answer: C

Explanation:
Step by Step Explanation:
* Variable Life Insurance: The cash value depends on the performance of the underlying investment options.
* Fluctuating Market Conditions: Since the cash value is linked to market performance, fluctuations directly impact its value.
* Beneficiary/Death Benefit Changes: These do not directly impact the cash value unless they involve additional costs or changes to premiums.
SEC Bulletin on Variable Life Insurance: SEC Variable Insurance.

NEW QUESTION # 157
Which of the following statements best describes the permissibility of a borrowing arrangement between a registered representative (RR) and a customer who is also the RR's grandfather?

A. It is permissible provided that the loan was made in accordance with the firm's policies.
B. It is permissible subject to FINRA approval.
C. It is permissible if the grandfather agrees in writing.
D. It is permissible if the loan was made on commercially reasonable terms.

Answer: A

Explanation:
Step by Step Explanation:
* FINRA Rule 3240: Permits borrowing or lending arrangements between RRs and customers under specific conditions, including familial relationships, provided the arrangement complies with the firm's policies.
* Incorrect Options:
* A: FINRA approval is not required; firm approval is.
* B: A written agreement alone is insufficient without firm approval.
* C: Commercially reasonable terms are not the sole criterion for permissibility.
References:
* FINRA Rule 3240 (Borrowing from or Lending to Customers): FINRA Rule 3240.

NEW QUESTION # 158
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