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. 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

   答案: a

   解析: 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.

   依据: Securities Exchange Act of 1934

2. 2. Regulations & Conduct

   'Churning' refers to:

   • a.Reinvesting dividends automatically
   • b.Excessive trading in a customer's account primarily to generate commissions
   • c.Diversifying a client's portfolio broadly across many different market sectors and assets
   • d.Rebalancing once per year

   答案: b

   解析: Churning is excessive trading in a customer's account that is driven by the representative's interest in generating commissions rather than the customer's investment objectives. It violates suitability and Reg BI obligations and is a prohibited practice regardless of whether the account gains or loses value.

3. 3. Accounts & Customers

   A customer buys $24,000 of marginable stock in a margin account. Under Regulation T at 50%, how much must the customer deposit?

   • a.$6,000
   • b.$24,000
   • c.$12,000
   • d.$2,000

   答案: c

   解析: Regulation T (Federal Reserve, under the Securities Exchange Act of 1934) requires a 50% initial deposit on marginable equities: 50% x $24,000 = $12,000. The broker-dealer may lend the remaining $12,000, which becomes the debit balance.

4. 4. Accounts & Customers

   A customer's account is approved for options trading on March 3. Under FINRA Rule 2360, by when must the signed options agreement be returned?

   • a.Within 15 days after approval
   • b.Before the first opening trade
   • c.Within 5 business days after approval
   • d.Within 30 days after approval

   答案: a

   解析: Rule 2360 gives the customer 15 days after account approval to return the signed options agreement, so trading may begin before the signature is in hand. It is not a precondition to the first trade, and the 30-day and five-business-day periods are not the rule's deadline.

   依据: FINRA Rule 2360

5. 5. Trading & Markets

   What triggers the alternative uptick rule for a single stock?

   • a.A price drop of at least 20% from the prior day's open
   • b.A price drop of at least 5% from the prior day's closing price
   • c.A price drop of at least 10% from the prior day's close
   • d.A price drop of at least 15% from the prior close

   答案: c

   解析: Rule 201 applies when a stock trades down 10% or more from the prior close, and then short sales are limited to prices above the national best bid for the rest of that day and the next. The other percentages are not the trigger.

   依据: Regulation SHO Rule 201

6. 6. Regulations & Conduct

   A customer delivers $6,500 in currency to a broker-dealer in the morning and $4,500 in currency in the afternoon of the same business day. What must the firm do?

   • a.File a CTR within 30 days, after the second delivery is processed and the books close
   • b.File a CTR within 15 days, because the two deliveries are aggregated and total over $10,000
   • c.File only a Suspicious Activity Report, because the customer split the delivery into two parts
   • d.File nothing, because neither transaction alone exceeds the $10,000 currency reporting threshold

   答案: b

   解析: Currency transactions by or for one person in a single business day are aggregated, and a CTR is required when the total exceeds $10,000. Here it is $11,000, and the report is due within 15 days. Each delivery below the threshold individually does not matter, 30 days is the SAR deadline, and a SAR does not replace a required CTR.

   依据: 31 CFR 1010.311

7. 7. Products & Risks

   A customer sells short 100 shares of DNVR at 48 and sells 1 DNVR 45 put at 2.20. Ignoring commissions, what is the breakeven price?

   • a.45.80
   • b.47.20
   • c.42.80
   • d.50.20

   答案: d

   解析: The short stock loses money as DNVR rises, and the 2.20 premium cushions that loss, so the breakeven is the short-sale price plus the premium: 48 + 2.20 = 50.20. Subtracting the premium from 48 (45.80) is the covered call formula. Subtracting it from the strike (42.80) is the short put formula, and adding it to the strike (47.20) matches neither position. The covered put has unlimited risk above its breakeven.

8. 8. Products & Risks

   A resident of a state with an income tax receives $3,000 of interest from Treasury notes and $3,000 from a corporate bond. How is the interest taxed?

   • a.Both are subject to federal and state income tax
   • b.Both are exempt from state tax, but only the Treasury interest is federally taxed
   • c.Both are subject to federal income tax, and only the corporate interest is taxed by the state
   • d.Only the corporate interest is subject to federal tax, while the Treasury interest is fully exempt

   答案: c

   解析: Treasury interest is fully taxable for federal purposes but exempt from state and local income taxes, while corporate bond interest is taxed at every level. Treasury interest does not escape federal tax, which is the feature of municipal bonds. Corporate interest is not exempt from state tax.

   依据: 31 U.S.C. 3124 (Treasury interest exempt from state and local tax)

9. 9. Accounts & Customers

   A customer's account is serviced by an introducing firm and a carrying firm. The account statement must advise the customer to report any inaccuracy or discrepancy to which firm or firms?

   • a.The carrying firm, which holds the assets and prepares the statement
   • b.Both the introducing firm and the carrying firm that service the account
   • c.SIPC, which would restore any assets found to be missing from the account
   • d.The introducing firm, which handles the relationship with the customer

   答案: b

   解析: Rule 2231(a) requires the statement to advise the customer to report any inaccuracy or discrepancy promptly to the brokerage firm and, when two firms service the account, to make the report to both. Naming only the carrying firm or only the introducing firm leaves one firm without notice of the problem. SIPC is not where discrepancies are reported, and it protects against firm failure rather than correcting statements.

   依据: FINRA Rule 2231(a)

10. 10. Products & Risks

    An investor buys one XYZ 45 call for $3.50. At expiration, what stock price is the break-even point?

    • a.$48.50
    • b.$41.50
    • c.$52.00
    • d.$45.00

    答案: a

    解析: A call buyer recovers the premium only after the stock has risen above the strike by the amount paid, so the break-even is 45 + 3.50 = 48.50. Subtracting the premium gives the break-even for a put, and the strike alone is where the option merely turns in the money, not profitable.

    依据: FINRA Rule 2360(a)(2), (a)(28)