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SIE Reliable Test Answers - SIE Guide

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FINRA SIE Exam Syllabus Topics:

Topic
Details

Topic 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.

Topic 2

Regulatory Entities, Agencies, and Market Participants: This section of the exam measures the skills of Financial Regulatory Analysts and covers the structure, authority, and jurisdiction of key regulatory bodies overseeing financial markets. The SEC's role in enforcing securities regulations is assessed, along with the authority of self-regulatory organizations such as FINRA and MSRB. Candidates must also understand the functions of other financial regulators, including the Department of the Treasury and state regulatory agencies. One key skill evaluated is identifying the jurisdictional scope of different financial regulators.

Topic 3

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.

Topic 4

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.

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FINRA SIE Guide - SIE Practice Guide

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q142-Q147):

NEW QUESTION # 142
Which of the following listed securities carries voting rights?

A. Corporate bond
B. Common stock
C. Preferred stock
D. Convertible bond

Answer: B

Explanation:
Step by Step Explanation:
* Common Stock: Holders of common stock typically have voting rights, which allow them to participate in decisions like electing the board of directors or approving major corporate actions.
* Other Securities:
* Preferred Stock: Usually does not carry voting rights.
* Corporate and Convertible Bonds: Debt instruments, so they do not confer voting rights.
References:
* SEC Guide on Stock Voting Rights: SEC Voting Rights.

NEW QUESTION # 143
Which of the following account registration types is subject to probate upon the death of the account owner?

A. Joint tenants with right of survivorship (JTWROS)
B. Irrevocable trust
C. Individual
D. Transfer-on-death (TOD)

Answer: C

Explanation:
Accounts held individually are subject to probate, which is the legal process of administering the decedent's estate. Probate determines the distribution of assets according to the deceased's will or state intestacy laws.
* A is correctbecause individual accounts require probate to transfer assets.
* Bis incorrect because irrevocable trusts bypass probate.
* Cis incorrect because TOD accounts allow direct transfer of assets to named beneficiarieswithout probate.
* Dis incorrect because JTWROS accounts transfer ownership to the surviving account holder automatically.

NEW QUESTION # 144
A customer wants to open an account to trade covered calls and puts. Which of the followingcommunications must be provided to the customer prior to approving the account for trading?

A. Options disclosure document (ODD)
B. Margin disclosure statement
C. MSRB Investor Brochure
D. Prospectus

Answer: A

Explanation:
FINRA Rule 2360 requires that customers receive theOptions Disclosure Document (ODD), published by the Options Clearing Corporation (OCC), before they are approved to trade options. The ODD explains the risks and characteristics of options trading.
* D is correctbecause the ODD is mandatory for options account approval.
* Ais incorrect because a prospectus is not specific to options trading.
* Bis incorrect because the MSRB Investor Brochure applies to municipal securities.
* Cis incorrect because a margin disclosure statement is required only for margin accounts.

NEW QUESTION # 145
Which of the following terms describes an offer to purchase some or all shareholders' shares in a corporation, usually at a premium to the market price?

A. Stock split
B. Tender
C. Class action
D. Redemption

Answer: B

Explanation:
Step by Step Explanation:
* Tender Offer Definition: A tender offer is an offer to purchase a certain number of shares from shareholders, typically at a price above the current market value. This is often part of mergers, acquisitions, or corporate takeovers.
* Stock Split: A stock split increases the number of shares but decreases the price per share without affecting the total value of an investor's holdings.
* Redemption: Redemption refers to the repayment of a bond or preferred stock at maturity or at a predetermined date.
* Class Action: A class action is a lawsuit filed by a group of people with similar grievances.
References:
* SEC Rule 14e on tender offers: SEC Tender Offers.

NEW QUESTION # 146
A customer will be out of the country for the next two months on business and asks his firm to hold his mail until he returns. Which of the following statements is true regarding this request?

A. The firm is prohibited from holding the customer's mail under FINRA rules due to the personal information contained.
B. At the discretion of the RR, the firm is permitted to hold the customer's mail provided it takes reasonable actions to ensure no tampering occurs with this mail.
C. The firm must receive written instructions from the customer that include the time period for the requested mail hold.
D. The firm is permitted to hold the mail as long as the registered representative (RR) complies with the customer's oral instructions.

Answer: C

Explanation:
Step by Step Explanation:
* FINRA Rule 3150: Permits firms to hold customer mail only with written instructions specifying the duration, which cannot exceed three months unless there are exceptional circumstances.
* Incorrect Options:
* A: Holding mail is not prohibited if done in compliance with FINRA rules.
* C & D: Oral instructions or RR discretion are not sufficient; written authorization is mandatory.
References:
* FINRA Rule 3150 (Holding of Customer Mail): FINRA Rule 3150.

NEW QUESTION # 147
......

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