Câu hỏi luyện tập mẫu

Một vài câu hỏi thực tế từ ngân hàng miễn phí này, kèm giải thích đầy đủ. Dùng công cụ luyện tập ở trên cho toàn bộ.

1. 1. Products

   How is the net asset value (NAV) per share of an open-end investment company calculated?

   • a.Total assets minus total liabilities, divided by the number of shares outstanding
   • b.The market price of the fund's shares at the close of trading on the exchange
   • c.Total assets divided by the number of shares outstanding
   • d.Total assets minus total liabilities, divided by the number of shareholders of record

   Đáp án: a

   Giải thích: NAV per share is the fund's net worth (assets less liabilities) spread over the shares outstanding, computed at least once each business day. Ignoring liabilities overstates value, so the first choice is wrong. Open-end fund shares do not trade on an exchange at a market price, and dividing by shareholders rather than shares produces a meaningless figure.

   Nguồn: Investment Company Act of 1940

2. 2. Tax & Evaluation

   A customer in a high federal tax bracket wants current income in a taxable account and is comfortable with moderate interest rate risk. Which recommendation best fits?

   • a.A municipal bond fund, whose income is generally exempt from federal income tax
   • b.A money market fund
   • c.A growth fund that pays no dividends
   • d.A high-yield corporate bond fund inside an IRA

   Đáp án: a

   Giải thích: Tax-exempt interest is worth the most to investors in high brackets, so a municipal bond fund can deliver a better after-tax yield than a comparable taxable fund. A growth fund does not provide current income, and a money market fund provides income but with minimal yield and no tax advantage. Placing a taxable high-yield fund in an IRA does not address a customer who wants income in a taxable account now.

   Nguồn: Internal Revenue Code

3. 3. Regulations

   A fund's investment advisory contract must be:

   • a.Approved by the investment adviser itself
   • b.Approved once and then continue automatically for the life of the fund, with no further shareholder or board involvement required once it is first put in place
   • c.Filed with and approved by the Federal Reserve
   • d.Approved initially by shareholders and the board, then renewed at least annually by the board, including a majority of the independent directors

   Đáp án: d

   Giải thích: The Investment Company Act of 1940 ties adviser compensation to review: initial shareholder and board approval, then annual renewal by the board including a majority of non-interested directors. It does not renew automatically.

4. 4. Products

   Under Rule 2a-7, a money market fund's dollar-weighted average maturity may not exceed:

   • a.90 days, and no single security may have more than 397 days remaining
   • b.120 days, and no security may have more than 2 years remaining
   • c.60 days, and no single security may have more than 397 days remaining
   • d.60 days, and no single security may have more than 270 days remaining

   Đáp án: c

   Giải thích: Rule 2a-7 caps a money market fund's weighted average maturity at 60 days and the remaining maturity of any security at 397 days. The 120-day figure is the separate weighted average life limit, not the maturity cap.

   Nguồn: Rule 2a-7 under the Investment Company Act of 1940

5. 5. Products

   A registered index-linked annuity differs from a fixed indexed annuity in which way?

   • a.It is a registered security with downside beyond a buffer
   • b.It credits a fixed rate that is set once a year
   • c.It is regulated only by state insurance departments
   • d.It guarantees principal against all index losses

   Đáp án: a

   Giải thích: A RILA is a registered security, sold with a prospectus and subject to FINRA rules, with downside protection limited to a buffer or floor, so owners can lose money. A fixed indexed annuity typically guarantees principal. State-only regulation describes the fixed indexed annuity. A rate reset once a year describes a fixed annuity, not a RILA.

6. 6. Regulations

   A customer closes an account on June 1, 2026. At minimum, how long must the firm keep the account record information required by Rule 17a-3(a)(17)?

   • a.Five years after the date the account was opened
   • b.Three years after the account closes
   • c.Six years after the account closes or the information is replaced
   • d.Until the customer's next birthday after closing

   Đáp án: c

   Giải thích: The account record must be kept for at least six years after the earlier of the account closing or the information being replaced or updated. Three years is the general retention period for communications. Measuring from the opening date would let records be destroyed while the account is still active. Birthdays have nothing to do with retention.

   Nguồn: 17 CFR 240.17a-4(e)(5)

7. 7. Regulations

   A city sells general obligation bonds that are exempt from registration under Section 3(a)(2). A salesperson tells buyers the city faces no litigation that could affect debt service, a statement she knows is false. Which provision of the 1933 Act reaches her statement?

   • a.None, because securities exempt under Section 3(a)(2) fall wholly outside the 1933 Act
   • b.Section 11, because the false statement was made while selling a security that the city issued
   • c.Section 17(a), because the Section 3 exemptions do not apply to the antifraud provisions
   • d.Section 12(a)(2), which gives every purchaser a right of rescission for a misstatement made in an oral sale

   Đáp án: c

   Giải thích: Section 17(c) says the Section 3 exemptions do not apply to Section 17, so the antifraud prohibitions of Section 17(a) reach the sale of exempt securities such as municipal bonds. Exemption from registration is not exemption from fraud liability. Section 12(a)(2) excludes securities exempt under Section 3(a)(2), so it gives the buyers no rescission claim here. Section 11 applies only to misstatements in a registration statement, and none was filed for these bonds.

   Nguồn: Securities Act Sections 3(a)(2), 12(a)(2) and 17(a), (c)

8. 8. Regulations

   A customer opens a brokerage account by mail with the identifying information the CIP requires. When must the broker-dealer verify the customer's identity?

   • a.Within 90 days after opening, the outer limit the rule sets for completing verification
   • b.Before the account is opened in every case, since no activity is allowed until verification is complete
   • c.Within 5 business days after the first deposit clears, using only a copy of a government photo identification
   • d.Within a reasonable time before or after opening, using documents, non-documentary methods or both

   Đáp án: d

   Giải thích: 31 CFR 1023.220(a)(2)(ii) requires the CIP to verify identity within a reasonable time before or after the customer's account is opened, and the procedures must say when the firm uses documents, non-documentary methods or a combination. The rule does not require verification before opening in every case, and it sets no five-business-day or 90-day deadline. It also does not limit verification to a photo identification copy.

   Nguồn: 31 CFR 1023.220(a)(2)(ii)

9. 9. Regulations

   In March 2026 a member updates the home address on a retail customer's account, which remains open. How long must the member preserve the record of the prior address under Rule 4512?

   • a.Only until the new address is entered, because superseded data need not be kept
   • b.At least six years after the account closes, the period that applies to the current address
   • c.At least six years after the date the address was updated, even while the account stays open
   • d.At least three years after the update, the period for order memoranda under Rule 17a-4(b)

   Đáp án: c

   Giải thích: Supplementary Material .01 to Rule 4512 requires a member to preserve a record of customer account information that is later updated for at least six years after the date of the update. Only the last update, or the original information if it was never changed, is kept for six years after the account closes, so that period fits the current address rather than the superseded one. Three years is the order-memoranda period under Rule 17a-4(b), a different record. Superseded information is not discarded when the new entry is made.

   Nguồn: FINRA Rule 4512, Supplementary Material .01

10. 10. Customer Accounts

    A customer bought 100 fund shares on January 5, 2025. A distribution reinvested on December 15, 2025 bought 5 more shares. On March 10, 2026 she sells all 105 shares at a gain. How is the gain treated?

    • a.Long-term on the 100 original shares and short-term on the 5 shares bought by reinvestment
    • b.Short-term on all 105 shares, since the last purchase was under a year before the sale
    • c.Long-term on all 105 shares, since reinvested shares take the original holding period
    • d.Short-term on the 100 originals and long-term on the 5, since the distribution was taxed in 2025

    Đáp án: a

    Giải thích: The holding period of each reinvested share begins the day after it is purchased. The original 100 shares were held more than one year on March 10, 2026, so their gain is long-term. The 5 reinvested shares were bought December 15, 2025 and held under one year, so their gain is short-term. Reinvested shares do not inherit the original holding period, and the most recent purchase does not reset the clock on earlier shares. The fact that the distribution was taxable in 2025 affects basis, not the holding period.

    Nguồn: IRS Pub. 550, Reinvested distributions (holding period)