Under the Uniform Securities Act, what is the correct order of registration for a security using the coordination method?

A federal registration statement under the Securities Act of 1933 is filed simultaneously with the state, and state effectiveness is coordinated with the SEC

It is registered only at the state level with no federal filing

It becomes effective the moment the application is filed with the Administrator

The Administrator must personally approve the merits of the offering before it can be sold

Under NASAA model rules on custody, an investment adviser that has custody of client funds or securities generally must:

Maintain the assets with a qualified custodian and arrange for account statements to be sent to clients

Commingle client cash with the adviser's operating account for efficiency

Avoid any surprise examination by an independent accountant

Hold client securities in the adviser's personal safe deposit box

The Administrator may issue a cease and desist order:

With or without a prior hearing to prevent a violation of the Act

Only after a criminal conviction

Only with the consent of the SEC

Only against federal covered advisers

The definition of 'sale' or 'offer to sell' under the Uniform Securities Act generally includes:

A bona fide pledge of securities as loan collateral

A stock dividend where no consideration is given

A bona fide gift of nonassessable stock

A 30-year-old client with stable income, a long time horizon, and high risk tolerance wants aggressive growth. Which asset allocation is MOST suitable?

80% diversified equities, 20% bonds

90% money market, 10% Treasury bills

70% investment-grade bonds, 30% cash

Dollar-cost averaging involves:

Investing a fixed dollar amount at regular intervals regardless of price

Investing a lump sum all at once at the market peak

Timing purchases to buy only at market bottoms

Selling fixed amounts each month

The alpha of a portfolio measures:

The excess return relative to what its beta would predict

The correlation to the benchmark

A client nearing retirement wants to gradually reduce portfolio risk. A glide-path approach would:

Shift the allocation progressively toward more conservative assets as the target date approaches

Increase equity exposure each year

Keep the allocation permanently fixed

A closed-end fund's shares:

Trade on an exchange and may sell at a premium or discount to NAV

Are always redeemed at net asset value

A unit investment trust (UIT):

Holds a fixed portfolio of securities and has a set termination date

Is actively managed with frequent trading

Continuously issues new shares like an open-end fund

Has no defined termination date

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

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样题与解析

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1. Laws & Regulations
Under the Uniform Securities Act, what is the correct order of registration for a security using the coordination method?
- a.It is registered only at the state level with no federal filing
- b.It becomes effective the moment the application is filed with the Administrator
- c.A federal registration statement under the Securities Act of 1933 is filed simultaneously with the state, and state effectiveness is coordinated with the SEC
- d.The Administrator must personally approve the merits of the offering before it can be sold
答案: c
解析: Registration by coordination is used when a security is registered federally under the Securities Act of 1933 at the same time as the state filing. State effectiveness is timed to coincide with SEC effectiveness. The Administrator never passes on the merits of an offering.
依据: Uniform Securities Act
2. Laws & Regulations
Under NASAA model rules on custody, an investment adviser that has custody of client funds or securities generally must:
- a.Maintain the assets with a qualified custodian and arrange for account statements to be sent to clients
- b.Commingle client cash with the adviser's operating account for efficiency
- c.Avoid any surprise examination by an independent accountant
- d.Hold client securities in the adviser's personal safe deposit box
答案: a
解析: NASAA custody rules require use of a qualified custodian and delivery of account statements to clients, often supplemented by a surprise examination. Commingling client and firm assets is prohibited. These safeguards protect clients against misappropriation.
依据: NASAA Model Rule
3. Laws & Regulations
The Administrator may issue a cease and desist order:
- a.Only after a criminal conviction
- b.Only with the consent of the SEC
- c.With or without a prior hearing to prevent a violation of the Act
- d.Only against federal covered advisers
答案: c
解析: The Administrator has authority to issue cease and desist orders, and may do so with or without a prior hearing when necessary to prevent an ongoing or imminent violation. This is a preventive administrative power. It does not require a criminal conviction first.
依据: Uniform Securities Act
4. Laws & Regulations
The definition of 'sale' or 'offer to sell' under the Uniform Securities Act generally includes:
- a.A gift of assessable stock
- b.A bona fide pledge of securities as loan collateral
- c.A stock dividend where no consideration is given
- d.A bona fide gift of nonassessable stock
答案: a
解析: The Act treats a gift of assessable stock as a sale because the recipient may owe future assessments, constituting value. Bona fide gifts of nonassessable stock, stock dividends, and collateral pledges are generally not sales. These definitional nuances affect when the Act applies.
依据: Uniform Securities Act
5. Recommendations & Strategies
A 30-year-old client with stable income, a long time horizon, and high risk tolerance wants aggressive growth. Which asset allocation is MOST suitable?
- a.90% money market, 10% Treasury bills
- b.70% investment-grade bonds, 30% cash
- c.80% diversified equities, 20% bonds
- d.100% short-term CDs
答案: c
解析: A young investor with a long horizon and high risk tolerance seeking growth is best served by an equity-heavy allocation that can compound over time and weather volatility. Cash-heavy or bond-heavy portfolios would not meet the aggressive growth objective. Suitability aligns the portfolio with the client's profile.
6. Recommendations & Strategies
Dollar-cost averaging involves:
- a.Investing a lump sum all at once at the market peak
- b.Investing a fixed dollar amount at regular intervals regardless of price
- c.Timing purchases to buy only at market bottoms
- d.Selling fixed amounts each month
答案: b
解析: Dollar-cost averaging invests a constant dollar amount at regular intervals, buying more shares when prices are low and fewer when high, lowering the average cost per share over time. It reduces the risk of a poorly timed lump-sum entry. It is a systematic, discipline-based approach.
7. Recommendations & Strategies
The alpha of a portfolio measures:
- a.The portfolio's total risk
- b.The correlation to the benchmark
- c.The dividend yield
- d.The excess return relative to what its beta would predict
答案: d
解析: Alpha represents the return earned above or below what the portfolio's market risk, or beta, would predict under a model such as CAPM. Positive alpha suggests value added by the manager. It is a common measure of active management skill.
8. Recommendations & Strategies
A client nearing retirement wants to gradually reduce portfolio risk. A glide-path approach would:
- a.Increase equity exposure each year
- b.Shift the allocation progressively toward more conservative assets as the target date approaches
- c.Keep the allocation permanently fixed
- d.Move fully into a single stock
答案: b
解析: A glide path gradually reduces equity exposure and increases conservative holdings as a target date, such as retirement, nears. This aligns risk with a shortening time horizon and rising need for capital preservation. Target-date funds commonly use this method.
9. Investment Vehicles
A closed-end fund's shares:
- a.Are always redeemed at net asset value
- b.Are sold only by the issuer
- c.Trade on an exchange and may sell at a premium or discount to NAV
- d.Cannot be bought after the IPO
答案: c
解析: Closed-end funds issue a fixed number of shares in an IPO that then trade on an exchange, where market forces can push the price above or below net asset value. Unlike open-end funds, they do not redeem shares at NAV. Investors buy and sell them like stocks.
10. Investment Vehicles
A unit investment trust (UIT):
- a.Is actively managed with frequent trading
- b.Continuously issues new shares like an open-end fund
- c.Has no defined termination date
- d.Holds a fixed portfolio of securities and has a set termination date
答案: d
解析: A unit investment trust holds a fixed, largely unmanaged portfolio and has a predetermined termination date when it dissolves and returns principal. It does not actively trade or continuously issue shares like an open-end fund. Investors buy redeemable units representing an interest in the fixed portfolio.

CSLB General Building (B) Trade Practice Test

常见问题

样题与解析