FINRA SIE — Securities Industry Essentials 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. Sản phẩm & Rủi ro

   Which statement best describes a key difference between common stock and preferred stock?

   • a.Common stockholders normally have voting rights, while most preferred stockholders do not
   • b.Common stock pays a dividend fixed in its charter, while preferred dividends vary
   • c.Common stock has a stated maturity date, while preferred stock is perpetual
   • d.Preferred stock gives holders the right to vote for the board, while common stock does not

   Đáp án: a

   Giải thích: Common shareholders typically vote on corporate matters such as electing directors, while preferred shares generally carry no vote in exchange for a fixed, priority dividend. Preferred dividends are fixed, not common ones, so the first choice is reversed. Neither security has a maturity date, so the last choice is wrong.

2. 2. Sản phẩm & Rủi ro

   An investor holds long-term bonds and worries that rising market interest rates will reduce their price. This concern describes:

   • a.Market liquidity risk
   • b.Reinvestment risk
   • c.Issuer credit risk
   • d.Interest-rate risk

   Đáp án: d

   Giải thích: Interest-rate risk is the danger that rising market rates will lower the price of existing fixed-rate bonds, and it is greatest for long-term bonds. Credit risk relates to default, liquidity risk to selling quickly, and reinvestment risk to reinvesting cash flows at lower rates.

3. 3. Sản phẩm & Rủi ro

   What is the maximum gain for the writer of a put option?

   • a.The difference between strike and zero
   • b.The premium received
   • c.The strike price times 100
   • d.Unlimited

   Đáp án: b

   Giải thích: A put writer's maximum gain is the premium received, realized when the put expires out-of-the-money (the stock stays at or above the strike). The writer's risk, however, is substantial: if the stock falls to zero, the loss equals the strike price minus the premium, times the contract size.

4. 4. Sản phẩm & Rủi ro

   Unsystematic risk refers to risk that is:

   • a.Caused only by rising interest rates across the bond and money markets
   • b.Impossible to reduce by diversification, hedging, or any other technique
   • c.Common to all securities in the market and driven by recessions and rate shifts
   • d.Specific to a single company or industry and can be reduced through diversification

   Đáp án: d

   Giải thích: Unsystematic risk (also called specific or diversifiable risk) is unique to a particular company or industry, such as a product recall, a lawsuit, or a labor strike. Because these events are not correlated across all firms, holding a diversified mix of securities reduces or nearly eliminates unsystematic risk. What remains after full diversification is systematic (market) risk.

5. 5. Giao dịch, Tài khoản & Hành vi cấm

   An investor owns 100 shares of a stock trading at $80 when the company declares a 2-for-1 forward stock split. After the split, what does the investor own?

   • a.200 shares worth $80 each
   • b.100 shares worth $40 each
   • c.200 shares worth $40 each
   • d.50 shares worth $160 each

   Đáp án: c

   Giải thích: In a 2-for-1 forward split, share count doubles and price halves, leaving total market value unchanged. The investor now holds 200 shares at about $40 each, for the same $8,000 total value.

6. 6. Giao dịch, Tài khoản & Hành vi cấm

   Why does it matter to a customer whether a firm executed a trade as an agent or as a principal?

   • a.Only principal trades are reported to the tape and to regulators, so an agency trade leaves no audit trail at all
   • b.Principal trades are exempt from SEC Rule 10b-10, so no trade confirmation must be sent to the customer
   • c.Agency trades cost less because FINRA Rule 2121 caps commissions at 5% while markups are uncapped
   • d.It determines whether the customer pays a commission or a markup/markdown, both of which must be disclosed

   Đáp án: d

   Giải thích: The firm's capacity determines the form of its compensation: a commission for agency trades or a markup/markdown for principal trades. Under SEC Rule 10b-10, the capacity and related charges must be disclosed on the trade confirmation so the customer understands the cost.

   Nguồn: Securities Exchange Act of 1934

7. 7. Giao dịch, Tài khoản & Hành vi cấm

   A customer asks to open an account identified only by a number to keep the account owner's identity secret from the firm. Is this permissible?

   • a.Yes, a numbered account is permitted whenever the customer pays for every purchase entirely in cash
   • b.No; the firm may use a number for confidentiality, but must still know and document the true account owner's identity
   • c.Yes, a numbered account is designed to conceal the owner's identity from the firm itself as well
   • d.No; FINRA requires every account to be titled with the owner's full legal name on statements

   Đáp án: b

   Giải thích: A firm may use account numbers or symbols for confidentiality, but it must still obtain a signed statement of the customer's ownership and know the true identity of the account owner. Hiding the owner's identity from the firm would violate CIP and recordkeeping rules.

8. 8. Thị trường vốn

   Which of the following is a tool of the Federal Reserve's monetary policy?

   • a.Approving the federal government's annual spending and appropriations bills
   • b.Buying and selling government securities through open market operations
   • c.Setting federal income tax rates and brackets for individual taxpayers
   • d.Registering new securities offerings before they are sold to the public

   Đáp án: b

   Giải thích: Open market operations, the buying and selling of U.S. government securities, are the Fed's primary monetary policy tool for adjusting the money supply and influencing short-term rates. Setting tax rates and government spending are fiscal policy tools controlled by Congress and the President, not the Fed.

9. 9. Khung pháp lý

   A customer and a member firm have a monetary dispute arising from the customer's account. The customer signed an account agreement containing a predispute arbitration clause. The dispute will most likely be resolved through:

   • a.FINRA arbitration under the Code of Arbitration Procedure
   • b.An SEC administrative proceeding before an ALJ panel
   • c.Mediation that is automatically binding on both parties
   • d.A jury trial in federal district court in the customer's state

   Đáp án: a

   Giải thích: Most customer-firm disputes are resolved through FINRA's Dispute Resolution forum under the Code of Arbitration Procedure, especially when a predispute arbitration agreement exists. Arbitration decisions are generally final and binding with very limited grounds for appeal. Mediation is voluntary and non-binding unless a settlement is reached.

   Nguồn: FINRA Rules

10. 10. Sản phẩm & Rủi ro

    A variable annuity is considered a security because:

    • a.The insurer guarantees a fixed minimum annual rate of return
    • b.The owner bears the investment risk of the subaccounts
    • c.It is insured by the FDIC for up to $250,000 per depositor
    • d.Its account value is floored at the sum of the premiums paid

    Đáp án: b

    Giải thích: A variable annuity is a security because the owner bears the investment risk of the subaccounts. A fixed annuity (insurer bears the risk) is not a security; annuities are not FDIC-insured and can lose value.