How is the net asset value (NAV) per share of an open-end investment company calculated?

Total assets minus total liabilities, divided by the number of shares outstanding

Total assets divided by the number of shares outstanding

The market price of the fund's shares at the close of trading on the exchange

Total assets minus total liabilities, divided by the number of shareholders of record

An investor plans to place $15,000 in a fund but expects to need the money in about two to three years. Which share class is generally most suitable?

Class C shares, because there is little or no front-end charge and only a short contingent deferred charge

Class A shares, because the front-end load is smallest over short periods

Class B shares, because the deferred charge is waived after one year

No mutual fund is suitable for any holding period shorter than five years

Which of the following exchanges does NOT qualify for tax-free treatment under Section 1035?

An annuity contract exchanged for a life insurance policy

A life insurance policy exchanged for an annuity contract

A life insurance policy exchanged for another life insurance policy

An annuity contract exchanged for another annuity contract

Which statement about control of a 529 plan account is accurate?

The account owner retains control, may change the beneficiary to another qualified family member, and may take a non-qualified withdrawal

The beneficiary gains full control of the account at the age of majority

The state sponsoring the plan controls how the assets are invested

Control passes to the beneficiary's parents once the beneficiary enrolls in college

The Securities Exchange Act of 1934 is best known for:

Creating the SEC and regulating the secondary market, broker-dealers, and exchanges

Requiring a prospectus for every new issue of securities

Defining the three classes of investment companies

Establishing IRA contribution limits

Which of the following would most likely be viewed as a prohibited practice by a registered representative?

Depositing a customer's check into the representative's own bank account overnight before forwarding it

Recommending a Class A purchase at a breakpoint the customer qualifies for

Sending a customer a copy of the fund's current prospectus

Documenting a customer's risk tolerance before a recommendation

A firm's customer identification program must, at a minimum, collect which information from a new individual customer?

Name, date of birth, physical address, and taxpayer identification number

Employer name, annual income, net worth, and investment experience

Credit score, marital status, and number of dependents

Passport number and two professional references

Which statement about Roth IRA distributions is accurate?

Earnings are tax free if the account has been open five years and the owner is at least 59 1/2, disabled, or deceased, or is buying a first home within limits

All distributions are tax free from the day the account is opened

Earnings are always taxable but contributions are not

Distributions are taxed the same as Traditional IRA distributions

Which statement about the new account form for a retail cash account is correct?

The customer's signature is not required, but the form must be approved by a principal of the firm

The customer must sign the form before any trade may be entered

Only the customer's signature is required, not a principal's

The form must be filed with FINRA before the first trade

A shareholder of a municipal bond fund receives $900 of income distributions and a $500 capital gains distribution. The federal tax treatment is:

The income distribution is generally exempt from federal income tax, while the capital gains distribution is taxable

Both amounts are exempt from federal income tax

Both amounts are fully taxable as ordinary income

The income is taxable and the capital gain is exempt

CSLB General Building (B) Trade Exam — Free Practice Test

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样题与解析

以下是本题库中的部分真题与完整解析。完整题库请用上方的刷题工具。

1. Products
How is the net asset value (NAV) per share of an open-end investment company calculated?
- a.Total assets divided by the number of shares outstanding
- b.Total assets minus total liabilities, divided by the number of shares outstanding
- c.The market price of the fund's shares at the close of trading on the exchange
- d.Total assets minus total liabilities, divided by the number of shareholders of record
答案: b
解析: NAV per share is the fund's net worth (assets less liabilities) spread over the shares outstanding, computed at least once each business day. Ignoring liabilities overstates value, so the first choice is wrong. Open-end fund shares do not trade on an exchange at a market price, and dividing by shareholders rather than shares produces a meaningless figure.
依据: Investment Company Act of 1940
2. Products
An investor plans to place $15,000 in a fund but expects to need the money in about two to three years. Which share class is generally most suitable?
- a.Class A shares, because the front-end load is smallest over short periods
- b.Class B shares, because the deferred charge is waived after one year
- c.No mutual fund is suitable for any holding period shorter than five years
- d.Class C shares, because there is little or no front-end charge and only a short contingent deferred charge
答案: d
解析: Class C shares impose a level annual asset-based fee with at most a small CDSC that usually lapses after 12 months, which keeps costs low over a short holding period. A front-end load on Class A shares is paid up front and cannot be recovered in two or three years at this dollar amount. Class B deferred charges typically run several years, and it is not accurate to say no fund fits a short horizon.
3. Products
Which of the following exchanges does NOT qualify for tax-free treatment under Section 1035?
- a.An annuity contract exchanged for a life insurance policy
- b.A life insurance policy exchanged for an annuity contract
- c.A life insurance policy exchanged for another life insurance policy
- d.An annuity contract exchanged for another annuity contract
答案: a
解析: Section 1035 permits life-to-life, life-to-annuity, and annuity-to-annuity exchanges, but not annuity-to-life, because that would move funds from a contract whose gains are always taxable into one whose death benefit can pass income tax free. The other three combinations are expressly allowed. Representatives must confirm the direction of the exchange before recommending it.
依据: Internal Revenue Code Section 1035
4. Products
Which statement about control of a 529 plan account is accurate?
- a.The beneficiary gains full control of the account at the age of majority
- b.The state sponsoring the plan controls how the assets are invested
- c.The account owner retains control, may change the beneficiary to another qualified family member, and may take a non-qualified withdrawal
- d.Control passes to the beneficiary's parents once the beneficiary enrolls in college
答案: c
解析: Unlike a custodial account, a 529 plan leaves ownership and control with the person who opened it, including the right to redirect the funds to a different eligible family member. The beneficiary has no ownership right and never takes control by reaching a certain age. The state establishes the plan and its investment menu, but the owner chooses among the offered options.
依据: Internal Revenue Code Section 529
5. Regulations
The Securities Exchange Act of 1934 is best known for:
- a.Requiring a prospectus for every new issue of securities
- b.Creating the SEC and regulating the secondary market, broker-dealers, and exchanges
- c.Defining the three classes of investment companies
- d.Establishing IRA contribution limits
答案: b
解析: The 1934 Act created the SEC and gave it authority over trading markets, broker-dealer registration, reporting by public companies, and market manipulation. New-issue prospectus requirements belong to the 1933 Act, investment company classifications to the 1940 Act, and IRA rules to the Internal Revenue Code.
依据: Securities Exchange Act of 1934
6. Regulations
Which of the following would most likely be viewed as a prohibited practice by a registered representative?
- a.Depositing a customer's check into the representative's own bank account overnight before forwarding it
- b.Recommending a Class A purchase at a breakpoint the customer qualifies for
- c.Sending a customer a copy of the fund's current prospectus
- d.Documenting a customer's risk tolerance before a recommendation
答案: a
解析: Commingling customer funds with a representative's personal funds, even briefly, is a serious violation and can constitute conversion. Recommending a breakpoint-qualified purchase, delivering a prospectus, and documenting risk tolerance are all required or encouraged practices. Customer checks must be forwarded promptly to the firm.
依据: FINRA Rules
7. Regulations
A firm's customer identification program must, at a minimum, collect which information from a new individual customer?
- a.Employer name, annual income, net worth, and investment experience
- b.Credit score, marital status, and number of dependents
- c.Name, date of birth, physical address, and taxpayer identification number
- d.Passport number and two professional references
答案: c
解析: The customer identification program requires name, date of birth, a street address, and a government identification number so the firm can form a reasonable belief that it knows the customer's identity. Financial profile items such as income and net worth are gathered for suitability purposes, not identity verification. Credit scores and references are not CIP elements.
依据: USA PATRIOT Act
8. Customer Accounts
Which statement about Roth IRA distributions is accurate?
- a.All distributions are tax free from the day the account is opened
- b.Earnings are always taxable but contributions are not
- c.Distributions are taxed the same as Traditional IRA distributions
- d.Earnings are tax free if the account has been open five years and the owner is at least 59 1/2, disabled, or deceased, or is buying a first home within limits
答案: d
解析: A qualified Roth distribution requires both the five-year holding period and a qualifying event, and it comes out entirely free of federal income tax. Contributions, having already been taxed, may be withdrawn at any time without tax or penalty, so it is wrong to say nothing is available early. Traditional IRA distributions of deductible contributions and earnings are fully taxable, which is the key difference.
依据: Internal Revenue Code
9. Customer Accounts
Which statement about the new account form for a retail cash account is correct?
- a.The customer must sign the form before any trade may be entered
- b.The customer's signature is not required, but the form must be approved by a principal of the firm
- c.Only the customer's signature is required, not a principal's
- d.The form must be filed with FINRA before the first trade
答案: b
解析: For a standard cash account, the registered representative completes the form and a principal accepts the account; the customer's signature is not a regulatory requirement, although firms often collect one. Customer signatures are required for margin agreements, discretionary authority, and options accounts. New account forms are maintained at the firm, not filed with FINRA.
依据: FINRA Rules
10. Tax & Evaluation
A shareholder of a municipal bond fund receives $900 of income distributions and a $500 capital gains distribution. The federal tax treatment is:
- a.Both amounts are exempt from federal income tax
- b.Both amounts are fully taxable as ordinary income
- c.The income is taxable and the capital gain is exempt
- d.The income distribution is generally exempt from federal income tax, while the capital gains distribution is taxable
答案: d
解析: Interest passed through from municipal bonds keeps its federal tax-exempt character, but gains the fund realizes from selling bonds are taxable capital gains. Investors often assume a municipal fund is entirely tax free, which is why this distinction matters. Certain private activity bond income may also be subject to the alternative minimum tax.
依据: Internal Revenue Code

CSLB General Building (B) Trade Practice Test

常见问题

样题与解析