CSLB General Building (B) Trade Practice Test

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. Economics & Analysis

   During the contraction phase of the business cycle, which of the following typically occurs?

   • a.Gross domestic product rises for at least two consecutive quarters
   • b.Unemployment rises while business inventories tend to increase
   • c.Consumer spending accelerates and corporate profits expand
   • d.The central bank aggressively raises short-term interest rates

   Đáp án: b

   Giải thích: A contraction is marked by falling output, rising unemployment, and weakening demand, which often leaves unsold goods and swelling inventories. Two consecutive quarters of rising GDP describe an expansion, not a contraction. Central banks generally cut rates during downturns to stimulate activity.

2. 2. Economics & Analysis

   The Consumer Price Index (CPI) is primarily used to measure which of the following?

   • a.The total output of the economy
   • b.The unemployment level
   • c.Corporate earnings growth
   • d.Changes in the price level of a basket of consumer goods and services

   Đáp án: d

   Giải thích: The CPI tracks the average change over time in prices paid by consumers for a representative basket of goods and services, serving as a common inflation gauge. Total output is measured by GDP. Unemployment and corporate earnings are separate economic statistics.

3. 3. Investment Vehicles

   Which statement about exchange-traded funds (ETFs) is accurate?

   • a.ETFs are redeemed only once per day at net asset value
   • b.ETFs trade throughout the day on an exchange at market prices
   • c.ETFs are prohibited from tracking an index
   • d.ETFs cannot be bought on margin or sold short

   Đáp án: b

   Giải thích: ETFs trade intraday on exchanges at market-determined prices, unlike open-end mutual funds that transact at end-of-day NAV. Many ETFs are designed to track an index. Because they trade like stocks, ETFs can generally be bought on margin and sold short.

4. 4. Investment Vehicles

   Commercial paper is best described as which of the following?

   • a.A long-term corporate bond secured by real estate
   • b.A government-guaranteed savings instrument
   • c.Short-term, unsecured corporate debt used for near-term financing
   • d.A perpetual security with no maturity date

   Đáp án: c

   Giải thích: Commercial paper is short-term unsecured corporate debt, typically maturing in 270 days or less, used to fund short-term needs like payroll and inventory. It is a money-market instrument issued at a discount. It is not government guaranteed and carries the issuer's credit risk.

5. 5. Recommendations & Strategies

   Diversification within a portfolio is primarily intended to reduce which type of risk?

   • a.Unsystematic (company-specific) risk
   • b.Systematic (market) risk
   • c.Interest rate risk on all bonds
   • d.Purchasing power risk

   Đáp án: a

   Giải thích: Diversification spreads investments across many securities and sectors to reduce unsystematic risk, which is specific to individual companies or industries. Systematic or market risk affects the entire market and cannot be diversified away. This distinction is fundamental to portfolio construction.

6. 6. Recommendations & Strategies

   The Capital Asset Pricing Model (CAPM) expresses the expected return of a security as a function of which of the following?

   • a.Only the security's dividend yield
   • b.The company's book value alone
   • c.The risk-free rate plus beta times the market risk premium
   • d.The security's standard deviation only

   Đáp án: c

   Giải thích: CAPM states that a security's expected return equals the risk-free rate plus its beta multiplied by the market risk premium (the market return minus the risk-free rate). It links expected return to systematic risk as measured by beta. Total risk measured by standard deviation is not the CAPM input.

7. 7. Recommendations & Strategies

   A required minimum distribution (RMD) generally applies to which type of account?

   • a.A Roth IRA during the original owner's lifetime
   • b.A traditional IRA once the owner reaches the applicable age
   • c.A taxable brokerage account
   • d.A 529 education savings plan

   Đáp án: b

   Giải thích: Traditional IRAs and similar pre-tax retirement accounts require minimum distributions beginning at the age set by law, ensuring the deferred amounts are eventually taxed. Roth IRAs are not subject to RMDs during the original owner's lifetime. Taxable brokerage and 529 accounts have no RMD requirement.

8. 8. Laws & Regulations

   Which of the following best distinguishes the fiduciary standard from a suitability standard?

   • a.Suitability requires eliminating all conflicts of interest
   • b.A fiduciary must act in the client's best interest and disclose or avoid conflicts, not merely recommend an acceptable product
   • c.The fiduciary standard applies only to broker-dealers
   • d.Suitability requires putting the client's interest first at all times

   Đáp án: b

   Giải thích: A fiduciary must place the client's interests first, manage or disclose conflicts of interest, and provide advice in the client's best interest. A suitability standard only requires that a recommendation be appropriate given the client's profile, without the same loyalty and conflict-management duties. This distinction is heavily tested for investment advisers.

   Nguồn: Investment Advisers Act of 1940

9. 9. Laws & Regulations

   An adviser wishing to enter into an agency cross transaction (acting as broker for both sides) must generally do which of the following?

   • a.Obtain prior written client consent and disclose the conflict
   • b.Never disclose the arrangement to clients
   • c.Guarantee the client a profit
   • d.Charge a performance fee

   Đáp án: a

   Giải thích: An adviser engaging in an agency cross transaction, acting as broker for both the advisory client and the other party, must obtain the client's prior written consent, disclose the conflict of interest, and comply with related requirements. This protects clients from undisclosed conflicts. Such transactions may not be recommended to both sides of the trade.

   Nguồn: Investment Advisers Act of 1940

10. 10. Laws & Regulations

    A federal covered adviser doing business in a state is generally subject to which state requirement?

    • a.Full state registration and examination by the Administrator
    • b.No state involvement of any kind
    • c.State approval of its advisory contracts before use
    • d.A notice filing and payment of applicable fees, plus state antifraud jurisdiction

    Đáp án: d

    Giải thích: A federal covered adviser, registered with the SEC, is not subject to duplicative state registration, but a state may require a notice filing and fees and still enforce its antifraud provisions. This preserves federal-state coordination under the National Securities Markets Improvement Act framework. States cannot impose full registration on federal covered advisers.

    Nguồn: Uniform Securities Act