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. Products & Risks

   A common stockholder in a corporation is generally entitled to which of the following rights?

   • a.A fixed dividend paid before any distribution to bondholders
   • b.The right to vote on major corporate matters such as the election of the board of directors
   • c.A guaranteed return of principal at a stated maturity date
   • d.A senior claim on assets ahead of secured creditors in a liquidation

   Đáp án: b

   Giải thích: Common stock carries voting rights, typically including election of directors and approval of major corporate actions. Dividends on common stock are never guaranteed, and common holders stand last in the liquidation priority, behind creditors and preferred holders.

   Nguồn: Securities Exchange Act of 1934

2. 2. Products & Risks

   Interest income from U.S. Treasury securities is:

   • a.Taxable at the federal level but exempt from state and local income tax
   • b.Exempt from federal tax but taxable at the state level
   • c.Fully exempt from all income taxes
   • d.Taxable only if the securities are sold before maturity

   Đáp án: a

   Giải thích: Interest on U.S. Treasury securities is subject to federal income tax but is exempt from state and local income taxes. This is the reverse of municipal bonds, whose interest is generally federal-tax-exempt.

3. 3. Products & Risks

   A real estate investment trust (REIT) that qualifies for favorable tax treatment must generally:

   • a.Invest only in residential mortgages
   • b.Distribute at least 90% of its taxable income to shareholders
   • c.Guarantee a fixed dividend to investors
   • d.Be organized as a limited partnership

   Đáp án: b

   Giải thích: To qualify as a REIT and avoid corporate-level taxation on distributed income, the trust must distribute at least 90% of its taxable income to shareholders and meet asset and income tests concentrated in real estate. REIT dividends are then generally taxed to shareholders, and REITs are not flow-through vehicles for passing losses.

4. 4. Products & Risks

   An investor owns 100 shares of XYZ and sells 1 XYZ call against the position. This strategy is known as:

   • a.A protective put
   • b.A covered call
   • c.A long straddle
   • d.A naked call

   Đáp án: b

   Giải thích: Selling a call against stock already owned is a covered call. It generates premium income and provides limited downside cushion, but it caps the upside because the shares may be called away if the stock rises above the strike. Because the writer owns the underlying shares, the call is 'covered' rather than naked.

5. 5. Products & Risks

   An investor sells 1 XYZ 30 put for a premium of 2. What is the maximum gain and the breakeven point?

   • a.Maximum gain unlimited; breakeven $32
   • b.Maximum gain $200; breakeven $32
   • c.Maximum gain $200; breakeven $28
   • d.Maximum gain $2,800; breakeven $28

   Đáp án: c

   Giải thích: A short (written) put's maximum gain is the premium received, $200, kept if the stock stays at or above the 30 strike. Breakeven is the strike minus the premium, 30 - 2 = $28, and the maximum loss occurs if the stock falls toward zero.

6. 6. Accounts & Customers

   In a short margin account, the customer profits when:

   • a.The price of the borrowed and sold security declines
   • b.The price of the security rises
   • c.Interest rates fall
   • d.The company increases its dividend

   Đáp án: a

   Giải thích: A short seller borrows shares, sells them, and hopes to buy them back later at a lower price. The position profits when the security's price declines. Because a stock's price can rise without limit, short positions carry theoretically unlimited loss potential and are subject to margin requirements.

7. 7. Accounts & Customers

   In a margin account, the credit agreement, hypothecation agreement, and (optionally) the loan consent form together permit the firm to:

   • a.Guarantee the account against loss
   • b.Extend credit, take a lien on the customer's securities, and (with consent) lend out those securities
   • c.Make the customer a partner in the firm
   • d.Waive all margin requirements

   Đáp án: b

   Giải thích: The credit (margin) agreement sets the terms of the loan, the hypothecation agreement lets the firm pledge the customer's securities as collateral, and the loan consent agreement (optional) allows the firm to lend the customer's securities to others. These documents are required to establish a margin account.

8. 8. Trading & Markets

   A specialist or designated market maker (DMM) on an exchange is responsible for:

   • a.Setting corporate dividend policy
   • b.Auditing listed companies
   • c.Rating bonds
   • d.Maintaining a fair and orderly market in assigned securities

   Đáp án: d

   Giải thích: A designated market maker (formerly specialist) is charged with maintaining a fair and orderly market in assigned securities, providing liquidity by buying and selling for its own account when needed, and facilitating price discovery at the open and close. It must balance public buy and sell interest.

9. 9. Trading & Markets

   An 'all-or-none' (AON) order instructs that:

   • a.The entire order must be filled, though not necessarily immediately or in one transaction
   • b.The order must be filled immediately or canceled
   • c.Partial fills are always acceptable
   • d.The order executes only at the close

   Đáp án: a

   Giải thích: An all-or-none order requires that the full quantity be executed, but unlike fill-or-kill it does not demand immediate execution and can be worked over time. If the full size cannot ultimately be filled, none of it is executed.

10. 10. Regulations & Conduct

    Under FINRA rules, communications with the public are generally categorized as:

    • a.Only advertisements
    • b.Retail communications, correspondence, and institutional communications
    • c.Only prospectuses
    • d.Solely social media posts

    Đáp án: b

    Giải thích: FINRA classifies public communications as retail communications (distributed to more than 25 retail investors in 30 days), correspondence (to 25 or fewer retail investors in 30 days), and institutional communications. Each category carries different approval, review, and recordkeeping requirements, with retail communications facing the most oversight.