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| Certification Vendor: | FINRA |
|---|---|
| Exam Name: | Securities Industry Essentials (SIE) Exam |
| Exam Number: | SIE |
| Exam Format: | Multiple-choice, Computer-based exam |
| Available Languages: | English |
| Real Exam Qty: | 75 scored multiple-choice questions |
| Passing Score: | 70% |
| Certificate Validity Period: | 4 years |
| Related Certifications: | FINRA Series 7 FINRA Series 6 FINRA Series 79 |
| Exam Duration: | 105 minutes |
| Exam Price: | $80 USD |
| Recommended Training: | FINRA SIE Exam Content Outline FINRA Securities Industry Essentials Exam Overview |
| Exam Registration: | FINRA Exam Registration Overview FINRA SIE Exam Official Page |
| Sample Questions: | FINRA SIE Sample Questions |
| Exam Way: | Computer-based exam delivered at authorized testing centers (Prometric). |
| Pre Condition: | No formal prerequisites required. Recommended for individuals entering the U.S. securities industry. |
| Official Syllabus URL: | https://www.finra.org/registration-exams-ce/qualification-exams/securities-industry-essentials-exam |
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NEW QUESTION # 287
A registered representative wants to open an account for himself at a different financial institution. Under FINRA rules, which of the following accounts requires prior written consent from his employing broker- dealer?
Answer: B
Explanation:
Step by Step Explanation:
* FINRA Rule 3210: Requires registered representatives to obtain written consent from their employing broker-dealer before opening accounts at other financial institutions if securities transactions will occur.
* Incorrect Options:
* A, B, and C: These accounts are exempt because they do not involve direct securities transactions requiring monitoring.
:
FINRA Rule 3210 (Accounts at Other Institutions): FINRA Rule 3210.
NEW QUESTION # 288
Which of the following actions typically changes the cost basis of a mutual fund position that a customer holds?
Answer: B
Explanation:
A mutual fund investor's cost basis is generally the total amount invested in the position, adjusted for actions that add to or reduce the investor's investment in the fund. Reinvested dividends change cost basis because the dividends are used to purchase additional shares, which increases the investor's total invested amount.
Even if the dividends are paid from the fund and immediately reinvested, the IRS treats them as distributed to the shareholder and then used to buy shares. As a result, reinvestment increases the number of shares owned and increases total basis by the amount reinvested. Therefore, D is correct.
Choice A is incorrect because transferring a position via ACATS does not change the investor's economic investment; it is simply moving the account/position between firms. The cost basis should transfer as part of the record (subject to cost basis reporting rules), but the act of transfer itself does not change basis. Choice B is incorrect because NAV movement changes market value, not what the investor paid; unrealized appreciation does not change cost basis. Choice C is incorrect because a new portfolio manager may affect future performance, but it does not alter the historical amounts the investor contributed or reinvested; thus it does not change basis.
For SIE purposes, the key relationship is: cost basis changes when the investor adds money (new purchases, dividend/cap gains reinvestments) or when basis is adjusted due to specific corporate/fund actions (like return of capital distributions in some contexts). Reinvested dividends are a standard, frequently tested basis- changing event because they affect taxable reporting and future gain/loss calculations upon redemption.
NEW QUESTION # 289
A registered representative who is terminated from a broker-dealer must notify FINRA of a residential address change for what period of time after termination?
Answer: D
Explanation:
Step by Step Explanation:
* FINRA Rule 1122: Requires that registered representatives update their residential address with FINRA for two years post-termination.
* Purpose: This ensures accurate records for potential regulatory inquiries during the statutory two-year period when a terminated individual remains subject to FINRA's jurisdiction.
References:
* FINRA Rule 1122 (Filing False or Misleading Information): FINRA Rule 1122.
NEW QUESTION # 290
A partnership has had poor results, and a limited partner is concerned about the extent of her potential losses.
Which of the following statements regarding her exposure is true?
Answer: A
Explanation:
A limited partner's liability is generally limited to the amount of capital invested in the partnership. This limited liability is a defining feature of limited partnership interests and direct participation programs. Choice A is correct. The general partner manages the partnership and typically has unlimited liability for partnership obligations, while limited partners are passive investors who do not participate in management. If a limited partner exercises control over the business, the limited liability protection may be compromised, but that is not stated in the question. Choice B incorrectly imposes unlimited loss exposure on the limited partner.
Choice C is too broad because legal liability is not shared equally or proportionately in the same way between general and limited partners. Choice D invents a loss-sharing rule that does not describe limited partnership liability. The SIE outline includes direct participation programs, limited partnerships, pass-through tax treatment, illiquidity, and unlisted characteristics. It also includes investment risks and product structure. This question tests the distinction between economic loss of invested capital and legal liability beyond the investment. Reference: Section 2.1.6 Direct Participation Programs.
NEW QUESTION # 291
Which of the following types of stock refers to the maximum number of shares a corporation is legally permitted to issue, as specified in its articles of incorporation?
Answer: A
Explanation:
Authorized stock is the maximum number of shares a corporation is legally permitted to issue under its corporate charter (articles of incorporation). That is why choice D is correct. The authorized share count is established when the company is formed and can typically be changed later only through proper corporate procedures (often requiring board approval and shareholder approval, depending on jurisdiction and governing documents). The purpose is to define the company's legal capacity to issue shares for capital raising, compensation plans, acquisitions, and other corporate needs.
Choice A, issued stock, refers to shares that have actually been sold/issued by the corporation to shareholders.
Issued shares are always less than or equal to authorized shares. Choice B, treasury stock, refers to shares that were previously issued and outstanding but have been repurchased by the corporation and are held in the company's treasury; treasury shares are not outstanding and typically have no voting rights or dividend rights while held by the issuer. Choice C, restricted stock, refers to shares subject to resale restrictions (often associated with Rule 144 or insider/control stock concepts), not the legal maximum number of shares.
This question is a straightforward corporate equity definition commonly tested on the SIE because it links to shareholder rights, corporate actions, and capitalization structure. Candidates should clearly distinguish:
Authorized = legal limit the company may issue
Issued = shares the company has sold/issued
Outstanding = issued minus treasury (shares held by public)
Treasury = repurchased shares held by the issuer
Understanding these terms helps when analyzing corporate filings, dilution, and equity financing decisions.
NEW QUESTION # 292
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