FINRA Series 7 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.The right to vote on major corporate matters such as the election of the board of directors
   • b.A fixed dividend paid before any distribution to bondholders
   • 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: a

   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

   An investor buys 1 XYZ put with a 40 strike for a premium of 2. What is the breakeven point at expiration?

   • a.$42
   • b.$40
   • c.$44
   • d.$38

   Đáp án: d

   Giải thích: For a long put, breakeven equals the strike price minus the premium paid: 40 - 2 = $38. The stock must fall below $38 for the put buyer to earn a net profit after recovering the premium.

3. 3. Accounts & Customers

   In a short margin account, the customer profits when:

   • a.The price of the borrowed and sold security declines
   • b.Prevailing market interest rates decline broadly across all maturities
   • c.The price of the shorted security rises steadily above the original sale price
   • d.The company raises the cash dividend paid on the shorted common stock

   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.

4. 4. Trading & Markets

   When a company pays a cash dividend, on the ex-dividend date the opening stock price is typically:

   • a.Unchanged
   • b.Reduced by the amount of the dividend
   • c.Increased by the amount of the dividend
   • d.Doubled

   Đáp án: b

   Giải thích: On the ex-dividend date the stock's opening price is generally reduced by the dividend amount because new buyers will not receive that dividend. This adjustment keeps the market value consistent for buyers before and after the dividend right is removed.

5. 5. Regulations & Conduct

   A firm's written supervisory procedures and designation of principals are intended to:

   • a.Eliminate the need for compliance
   • b.Replace customer suitability obligations
   • c.Ensure the firm supervises its associated persons and business for compliance with securities laws and rules
   • d.Increase commissions

   Đáp án: c

   Giải thích: FINRA rules require firms to establish and maintain a supervisory system, including written supervisory procedures and qualified principals, reasonably designed to achieve compliance with applicable securities laws and rules. Effective supervision helps detect and prevent violations such as unsuitable recommendations, unauthorized trading, and churning.

6. 6. Products & Risks

   A mutual fund has total assets of $100 million, total liabilities of $2 million, and 4 million shares outstanding. Its net asset value (NAV) per share is:

   • a.$25.00
   • b.$24.00
   • c.$24.50
   • d.$25.50

   Đáp án: c

   Giải thích: NAV per share = (total assets - total liabilities) / shares outstanding = ($100M - $2M) / 4M = $98M / 4M = $24.50. Trap: $25.00 (choice a) forgets to subtract the $2M in liabilities. NAV is calculated at least once daily and mutual fund orders are priced forward at the next computed NAV.

   Nguồn: Investment Company Act of 1940

7. 7. Products & Risks

   An NOP 25 put trades at a premium of 4 while the stock is at 22. The option's intrinsic value and time value are:

   • a.Intrinsic value $0, time value $4
   • b.Intrinsic value $1, time value $3
   • c.Intrinsic value $4, time value $0
   • d.Intrinsic value $3, time value $1

   Đáp án: d

   Giải thích: A put's intrinsic value = strike - stock price when in the money = 25 - 22 = 3. Time value = premium - intrinsic value = 4 - 3 = 1. The put is in the money by 3 points, with $1 of remaining time value.

8. 8. Products & Risks

   A letter of intent (LOI) on a front-end load mutual fund is:

   • a.A statement letting an investor obtain a breakpoint discount by committing to invest a set amount within 13 months, and it may be backdated up to 90 days
   • b.A promise never to redeem shares
   • c.A binding legal guarantee from the fund's sponsor that the shares will achieve a stated minimum annual rate of return over the coming thirteen-month holding period
   • d.A required minimum distribution schedule

   Đáp án: a

   Giải thích: An LOI lets an investor qualify for a reduced sales charge (breakpoint) by pledging to invest a stated amount over 13 months; it can be backdated up to 90 days. If the amount is not met, the fund retains additional shares to cover the higher load owed.

9. 9. Accounts & Customers

   To open a corporate cash account, a firm generally must obtain:

   • a.The personal income tax return of the chief executive officer along with a signed statement of that officer's personal net worth
   • b.Nothing beyond a verbal approval from an officer
   • c.A corporate resolution or authorization identifying who is empowered to trade for the corporation
   • d.A margin agreement in every case

   Đáp án: c

   Giải thích: A corporate account requires documentation, typically a corporate resolution or account authorization, naming the individuals authorized to act on the corporation's behalf. Margin trading by a corporation additionally requires that the charter or bylaws permit it.

10. 10. Trading & Markets

    A Nasdaq Level II quote display:

    • a.Reports municipal bond trades
    • b.Shows only the single most recent last-sale print and the total cumulative share volume for the trading day
    • c.Is available only to the issuing company
    • d.Displays the quotes of individual market makers, revealing the depth of the market

    Đáp án: d

    Giải thích: Level II shows the bids and offers of each market maker in a Nasdaq security, letting a viewer see market depth and which dealers are quoting at each price. Level I shows only the inside (best) bid and offer.