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FINRA General Securities Representative Examination (GS) - Series7 Exam Practice Test

Page: 1 / 27
Total 400 questions

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Question 1

Bubba owns a subordinated debenture in a company that is liquidating. When will he get paid?

A. after the bills are paid and the bank is paid, but before the preferred shareholders B. before the holders of secured debt C. after the shareholders of preferred stock D. after the company pays its outstanding bills, but before paying bank loans

Correct Answer: A

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Question 2

FINRA advertising standards permit a dealer to state that a CMO has an implied AAA rating if the
securities are issued:

A. in amounts less than $1,000,000 B. by a US government agency C. by a private issuer who has not yet received an expected AAA rating D. with an average life no longer than ten years

Correct Answer: B

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Question 3

Bubba opens a new account with a broker/dealer and asks for a copy of the firm's financial statement. If
the firm has not been subject to a formal audit by an independent public accountant for quite some time,
what should it do in response to the request?

A. give Bubba its latest available statement B. refuse to provide a financial statement C. delay sending a statement until Bubba has had an account with the firm for at least six months D. wait until after the next audit is completed before providing a statement to Bubba

Correct Answer: A

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Question 4

Which of the following is an acceptable deposit to answer an NYSE maintenance call?

A. SMA B. US savings bond C. US treasury notes D. all of the above

Correct Answer: C

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Question 5

The expiration date of a listed option is:

A. the Saturday following the third Friday of the expiration month B. the last day of the expiration month C. the third Saturday of the expiration month D. the third Friday of the expiration month

Correct Answer: A

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Question 6

Bubba owns 200 shares of XYZ at $90, and wishes to hedge the position while generating income. What
is the best recommendation?

A. sell puts B. buy puts C. sell calls D. buy calls

Correct Answer: C

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Question 7

Partnership democracy is:

A. the sharing of management by all partners B. a synonym for silent partner C. permission granted to the general partner to act outside the partnership agreement D. a prohibition against control by a single partner

Correct Answer: C

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Question 8

Which of the following is associated with an income oil and gas partnership?

A. cash flow and depletion allowance B. high intangible drilling costs C. capital appreciation D. the risk of dry holes

Correct Answer: A

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Question 9

Which of the following clients could not open a margin account?

A. a corporation B. a custodian under UGMA C. a husband and wife in a joint account D. an uncovered option writer

Correct Answer: B

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Question 10

Which securities do not receive dividends?

A. ADRs B. preferred stock C. warrants D. common stock

Correct Answer: C

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Question 11

Which of the following would not normally be a function of an investment banker?

A. underwriting new issues of securities B. providing short-term capital needs to client companies C. assisting in large secondary offerings of securities D. providing long-term capital needs to client companies

Correct Answer: B

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Question 12

Bubba's order to purchase investment company shares must be executed at a price based upon the net
asset value of the shares:

A. next computed after receipt of the order by the dealer B. last computed before receipt of the order by the dealer C. computed the previous day at the close of the NYSE D. computed the same day the order is received by the dealer

Correct Answer: A

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Question 13

A public offering by an investment banker in which any securities not sold are returned to the issuer is
known as:

A. a firm commitment B. a best efforts offering C. an all or none offering D. a contingency offering

Correct Answer: B

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Question 14

What does the bond buyer placement ratio represent?

A. the par value amount of municipal bonds offered in the Blue List as a percentage of the 30-day visible
supply for competitive and negotiated issues B. the amount of municipal bonds distributed weekly as a percentage of each week's new issue accounts
of more than $1 million C. the amount of municipal bonds offered in the daily Blue List as a percentage of the day's new issue
amounts of more than $1 million D. the amount of municipal bonds held by banks and insurance companies as a percentage of municipal
bonds outstanding

Correct Answer: B

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Question 15

An investment company incapable of issuing a long-term debt instrument is:

A. a face-amount certificate company B. a closed-end investment company C. an open-end investment company D. a unit investment trust

Correct Answer: C

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Page: 1 / 27
Total 400 questions

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