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. Laws & Regulations

   Under the Uniform Securities Act, what is the correct order of registration for a security using the coordination method?

   • a.It is registered only at the state level with no federal filing
   • b.It becomes effective the moment the application is filed with the Administrator
   • c.A federal registration statement under the Securities Act of 1933 is filed simultaneously with the state, and state effectiveness is coordinated with the SEC
   • d.The Administrator must personally approve the merits of the offering before it can be sold

   Đáp án: c

   Giải thích: Registration by coordination is used when a security is registered federally under the Securities Act of 1933 at the same time as the state filing. State effectiveness is timed to coincide with SEC effectiveness. The Administrator never passes on the merits of an offering.

   Nguồn: Uniform Securities Act

2. 2. Laws & Regulations

   Under NASAA model rules on custody, an investment adviser that has custody of client funds or securities generally must:

   • a.Maintain the assets with a qualified custodian and arrange for account statements to be sent to clients
   • b.Commingle client cash with the adviser's operating account for efficiency
   • c.Avoid any surprise examination by an independent accountant
   • d.Hold client securities in the adviser's personal safe deposit box

   Đáp án: a

   Giải thích: NASAA custody rules require use of a qualified custodian and delivery of account statements to clients, often supplemented by a surprise examination. Commingling client and firm assets is prohibited. These safeguards protect clients against misappropriation.

   Nguồn: NASAA Model Rule

3. 3. Laws & Regulations

   The Administrator may issue a cease and desist order:

   • a.Only after a criminal conviction
   • b.Only with the consent of the SEC
   • c.With or without a prior hearing to prevent a violation of the Act
   • d.Only against federal covered advisers

   Đáp án: c

   Giải thích: The Administrator has authority to issue cease and desist orders, and may do so with or without a prior hearing when necessary to prevent an ongoing or imminent violation. This is a preventive administrative power. It does not require a criminal conviction first.

   Nguồn: Uniform Securities Act

4. 4. Laws & Regulations

   The definition of 'sale' or 'offer to sell' under the Uniform Securities Act generally includes:

   • a.A gift of assessable stock
   • b.A bona fide pledge of securities as loan collateral
   • c.A stock dividend where no consideration is given
   • d.A bona fide gift of nonassessable stock

   Đáp án: a

   Giải thích: The Act treats a gift of assessable stock as a sale because the recipient may owe future assessments, constituting value. Bona fide gifts of nonassessable stock, stock dividends, and collateral pledges are generally not sales. These definitional nuances affect when the Act applies.

   Nguồn: Uniform Securities Act

5. 5. Recommendations & Strategies

   A 30-year-old client with stable income, a long time horizon, and high risk tolerance wants aggressive growth. Which asset allocation is MOST suitable?

   • a.90% money market, 10% Treasury bills
   • b.70% investment-grade bonds, 30% cash
   • c.80% diversified equities, 20% bonds
   • d.100% short-term CDs

   Đáp án: c

   Giải thích: A young investor with a long horizon and high risk tolerance seeking growth is best served by an equity-heavy allocation that can compound over time and weather volatility. Cash-heavy or bond-heavy portfolios would not meet the aggressive growth objective. Suitability aligns the portfolio with the client's profile.

6. 6. Recommendations & Strategies

   Dollar-cost averaging involves:

   • a.Investing a lump sum all at once at the market peak
   • b.Investing a fixed dollar amount at regular intervals regardless of price
   • c.Timing purchases to buy only at market bottoms
   • d.Selling fixed amounts each month

   Đáp án: b

   Giải thích: Dollar-cost averaging invests a constant dollar amount at regular intervals, buying more shares when prices are low and fewer when high, lowering the average cost per share over time. It reduces the risk of a poorly timed lump-sum entry. It is a systematic, discipline-based approach.

7. 7. Recommendations & Strategies

   The alpha of a portfolio measures:

   • a.The portfolio's total risk
   • b.The correlation to the benchmark
   • c.The dividend yield
   • d.The excess return relative to what its beta would predict

   Đáp án: d

   Giải thích: Alpha represents the return earned above or below what the portfolio's market risk, or beta, would predict under a model such as CAPM. Positive alpha suggests value added by the manager. It is a common measure of active management skill.

8. 8. Recommendations & Strategies

   A client nearing retirement wants to gradually reduce portfolio risk. A glide-path approach would:

   • a.Increase equity exposure each year
   • b.Shift the allocation progressively toward more conservative assets as the target date approaches
   • c.Keep the allocation permanently fixed
   • d.Move fully into a single stock

   Đáp án: b

   Giải thích: A glide path gradually reduces equity exposure and increases conservative holdings as a target date, such as retirement, nears. This aligns risk with a shortening time horizon and rising need for capital preservation. Target-date funds commonly use this method.

9. 9. Investment Vehicles

   A closed-end fund's shares:

   • a.Are always redeemed at net asset value
   • b.Are sold only by the issuer
   • c.Trade on an exchange and may sell at a premium or discount to NAV
   • d.Cannot be bought after the IPO

   Đáp án: c

   Giải thích: Closed-end funds issue a fixed number of shares in an IPO that then trade on an exchange, where market forces can push the price above or below net asset value. Unlike open-end funds, they do not redeem shares at NAV. Investors buy and sell them like stocks.

10. 10. Investment Vehicles

    A unit investment trust (UIT):

    • a.Is actively managed with frequent trading
    • b.Continuously issues new shares like an open-end fund
    • c.Has no defined termination date
    • d.Holds a fixed portfolio of securities and has a set termination date

    Đáp án: d

    Giải thích: A unit investment trust holds a fixed, largely unmanaged portfolio and has a predetermined termination date when it dissolves and returns principal. It does not actively trade or continuously issue shares like an open-end fund. Investors buy redeemable units representing an interest in the fixed portfolio.