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

   A sector fund that invests almost entirely in technology companies primarily exposes investors to:

   • a.Interest rate risk alone, because technology firms borrow heavily
   • b.Very low volatility and minimal risk, because technology earnings are stable
   • c.Concentration risk, because performance depends heavily on one industry
   • d.No market risk at all, because the fund is diversified across dozens of issuers

   Đáp án: c

   Giải thích: A sector (specialized) fund concentrates its holdings in a single industry, so investors face higher concentration risk: gains and losses hinge on the fortunes of that one sector rather than being spread across the broader market. This can boost returns when the sector thrives but magnifies losses when it declines.

   Nguồn: Investment Company Act of 1940

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

   When handling a customer order, a broker-dealer's obligation to seek the most favorable terms reasonably available under the circumstances is known as its duty of:

   • a.Diversification
   • b.Best execution
   • c.Disclosure
   • d.Suitability

   Đáp án: b

   Giải thích: Best execution requires a firm to use reasonable diligence to obtain the most favorable price and terms for a customer order given current market conditions. Suitability concerns whether a recommendation fits the customer, which is a separate obligation.

   Nguồn: Securities Exchange Act of 1934

4. 4. Thị trường vốn

   In a rights offering, a company gives its existing shareholders the opportunity to:

   • a.Convert their existing common stock into the company's newly issued corporate bonds at par
   • b.Buy additional new shares, usually at a discount, in proportion to their current holdings
   • c.Receive a guaranteed cash dividend on every share they already own, paid quarterly
   • d.Sell their existing shares back to the company at a fixed premium over the market price

   Đáp án: b

   Giải thích: A rights offering grants existing shareholders the preemptive right to purchase additional new shares, typically at a price below the market, in proportion to their current ownership. This lets shareholders maintain their proportional stake and avoid dilution when a company raises new equity.

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

   A very narrow bid-ask spread on a security generally indicates that the security is:

   • a.Highly liquid and heavily traded
   • b.Thinly traded and hard to sell quickly
   • c.About to be delisted by the exchange
   • d.Exempt from SEC registration rules

   Đáp án: a

   Giải thích: A narrow bid-ask spread signals a highly liquid, heavily traded security. Wide spreads indicate thin markets; the spread does not by itself signal delisting or an exemption.

6. 6. Sản phẩm & Rủi ro

   A customer wants to hold a 2x daily leveraged index ETF for six months, expecting twice the index's six-month return. What should the representative explain?

   • a.Because the fund resets daily, compounding can make its six-month return differ widely from 2x the index
   • b.The swap counterparties that supply the leverage guarantee the 2x result over any period
   • c.The fund's six-month return will equal twice the index return, because the fund targets a 2x multiple
   • d.The six-month result will differ from 2x only if the ETF trades at a premium or discount to NAV

   Đáp án: a

   Giải thích: Leveraged and inverse ETFs generally reset daily, so their stated objective applies to a single day; over longer periods compounding can produce results that differ significantly from the stated multiple, and FINRA Regulatory Notice 09-31 says such products are typically unsuitable for retail investors who hold them beyond one trading session. The 2x multiple is not delivered over six months, a premium or discount to NAV is not the cause of the gap, and swap counterparties do not guarantee a multi-period outcome.

   Nguồn: FINRA Regulatory Notice 09-31

7. 7. Sản phẩm & Rủi ro

   A firm approves a customer's account for standardized options trading on March 3. Which statement correctly describes the firm's timing obligations under FINRA Rule 2360?

   • a.The ODD may be sent with the first trade confirmation, and the signed account agreement is due by March 18
   • b.The ODD must be delivered at or before approval on March 3, and the signed agreement is due by March 18
   • c.The ODD must be delivered at or before approval on March 3, and the signed account agreement is due by April 2
   • d.The ODD must be delivered by March 18, and the signed account agreement must be on file at or before approval on March 3

   Đáp án: b

   Giải thích: Rule 2360 has two separate clocks. The options disclosure document (ODD) must be furnished at or before the time the account is approved for trading, so March 3 at the latest. The customer's written account agreement, in which the customer agrees to be bound by the applicable rules, must be obtained within 15 days after approval, which is March 18. Reversing the two deadlines is wrong because the ODD comes first and the agreement can follow. A 30-day agreement window, ending April 2, is longer than the rule allows. Delaying the ODD until the first confirmation is too late, since the customer must see the risks before the account can trade.

   Nguồn: FINRA Rule 2360(b)(11) and (b)(16)(D)

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

   A news report says the VIX jumped from 15 to 30 in one week. What does the rise indicate?

   • a.Trading volume in S&P 500 options doubled during the past week
   • b.Realized volatility of the S&P 500 doubled over the past 30 days
   • c.The S&P 500 Index lost half of its value during the past week
   • d.Option prices imply the market expects more S&P 500 volatility ahead

   Đáp án: d

   Giải thích: The VIX is derived from S&P 500 option prices and measures the volatility the market expects over roughly the next 30 days, which is why it is called a forward-looking fear gauge. A higher reading means greater expected swings, not a particular price decline. Realized (historical) volatility looks backward, and trading volume is a separate statistic that does not set the index level.

9. 9. Thị trường vốn

   What is a designated market maker on the NYSE expected to do in its assigned stock?

   • a.Underwrite each new offering of the stock for the issuer
   • b.Guarantee the issuer a minimum price for the stock each day
   • c.Execute customer orders only as agent, never trading for itself
   • d.Maintain a fair and orderly market, trading as principal when needed

   Đáp án: d

   Giải thích: A DMM has an obligation to maintain a fair and orderly market in its assigned securities, which includes quoting and trading for its own account to narrow spreads and smooth imbalances. It is not limited to agency trades; trading as a dealer is central to the role. No one guarantees a minimum price for a listed stock. Underwriting new offerings is an investment-banking function, not part of a DMM's market-making duty.

10. 10. Sản phẩm & Rủi ro

    A company issues convertible securities whose conversion price floats with the market, so a falling stock price means more shares are issued at conversion. What is the principal risk for existing shareholders?

    • a.Dilution that can deepen as the price falls, sometimes called a death spiral
    • b.Loss of voting rights for all common stockholders as soon as the first conversion takes place
    • c.Mandatory conversion of the existing common stock into debt owed to the new lenders of the company
    • d.A guaranteed increase in earnings per share, because the company has more shares to spread costs over

    Đáp án: a

    Giải thích: With a market-price-based conversion formula, lower prices mean more shares are issued, which dilutes existing holders and can push the stock price down further. Such deals are colloquially called floorless, toxic, death spiral or ratchet convertibles. A fixed conversion price is the conventional structure.

    Nguồn: SEC Investor.gov, Convertible Securities