最適な練習法にはSIE問題集で素晴らしいSIE試験問題PDF [Q27-Q51]

最適な練習法にはSIE問題集で素晴らしいSIE試験問題PDF

更新された検証済みの合格させるSIE試験リアル問題と解答があります

質問 # 27
Which of the following risks are associated with Treasury securities?

• A. Prepayment risk
• B. Liquidity risk
• C. Credit risk
• D. Interest rate risk

正解：D

解説：
Step by Step Explanation:
* Interest Rate Risk: Treasury securities are sensitive to changes in interest rates. When rates rise, Treasury prices fall, exposing investors to price risk.
* Incorrect Options:
* Credit Risk: Virtually nonexistent for Treasuries, as they are backed by the U.S. government.
* Liquidity Risk: Treasuries are highly liquid.
* Prepayment Risk: Applies to mortgage-backed securities, not Treasuries.
References:
* SEC Bond Risk Disclosures: SEC Treasury Risks.

質問 # 28
Corporate bonds unsecured by any pledge of property are called:

• A. Debentures
• B. General obligation (GO) bonds
• C. Collateral trust bonds
• D. Trust certificates

正解：A

解説：
Step by Step Explanation:
* Debentures: Corporate bonds not backed by physical assets or collateral. They rely on the issuer's creditworthiness.
* Incorrect Options:
* B: Trust certificates are a legacy term for bonds backed by a trust.
* C: Collateral trust bonds are secured by financial assets.
* D: GO bonds are issued by municipalities, not corporations.
References:
* SEC Guide on Corporate Bonds: SEC Corporate Bonds.

質問 # 29
Which of the following strategies is best for mitigating the risk of a concentrated position?

• A. Dividend reinvestment
• B. Use of leverage
• C. Diversification
• D. Dollar-cost averaging

正解：C

解説：
Step by Step Explanation:
* Diversification: Spreads investments across multiple securities, industries, or asset classes to reduce exposure to a single security or sector.
* Other Options:
* Use of Leverage: Increases, not decreases, portfolio risk.
* Dollar-Cost Averaging: Reduces timing risk but does not address concentration.
* Dividend Reinvestment: Enhances returns but does not mitigate concentration risk.
References:
* SEC Guidance on Diversification: SEC Diversification.

質問 # 30
Which of the following terms describes failure to honor a firm quote?

• A. Backing away
• B. Freeriding
• C. Interpositioning
• D. Market manipulation

正解：A

解説：
Step by Step Explanation:
* Backing Away: Refers to the failure of a market maker to honor a firm quote when a customer attempts to trade at that price. It is a violation of market rules.
* Incorrect Options:
* Freeriding: Involves selling securities before paying for them in a cash account.
* Interpositioning: Involves unnecessary intermediaries in trades, which can harm customers.
* Market Manipulation: Covers a range of deceptive practices, such as wash trading or spoofing, not specific to honoring quotes.
References:
* FINRA Rule 5220 (Firm Quote Rule): FINRA Rule 5220.

質問 # 31
A registered representative who is terminated from a broker-dealer must notify FINRA of a residential address change for what period of time after termination?

• A. Two years
• B. Three years
• C. Six years
• D. One year

正解：A

解説：
Step by Step Explanation:
* FINRA Rule 1122: Requires that registered representatives update their residential address with FINRA for two years post-termination.
* Purpose: This ensures accurate records for potential regulatory inquiries during the statutory two-year period when a terminated individual remains subject to FINRA's jurisdiction.
References:
* FINRA Rule 1122 (Filing False or Misleading Information): FINRA Rule 1122.

質問 # 32
Company ABC stock currently trades on an exchange. An ABC insider wants to sell a large number of shares of her privately held ABC stock. ABC files the necessary paperwork to register the shares, but the insider decides to wait and sell the stock at a later date. Which of the following terms best describes the type of offering that is occurring in this situation?

• A. A secondary offering
• B. An exempt offering
• C. A private offering
• D. A rights offering

正解：A

解説：
Step by Step Explanation:
* Secondary Offering: Involves the sale of shares by an existing shareholder, such as an insider, rather than the company itself issuing new shares.
* Incorrect Options:
* A: Rights offerings involve giving existing shareholders the opportunity to buy additional shares.
* B: Private offerings are not registered with the SEC and involve limited investors.
* C: An exempt offering refers to securities exempt from SEC registration, such as Regulation D offerings.
References:
* SEC Guide on Secondary Offerings: SEC Secondary Offerings.

質問 # 33
A city has appointed Broker-dealer XYZ to act as lead underwriter for its upcoming issuance of municipal bonds. This is an example of which of the following types of offering?

• A. A follow-on offering
• B. A competitive offering
• C. A best-efforts offering
• D. A negotiated offering

正解：D

解説：
Step by Step Explanation:
* Negotiated Offering: Occurs when the issuer directly selects an underwriter and negotiates terms.
Common in municipal bond issuances.
* Incorrect Options:
* A: Follow-on offerings apply to subsequent issuances of equity securities.
* C: Competitive offerings involve multiple underwriters submitting bids.
* D: Best-efforts offerings do not guarantee the sale of all securities.
References:
* MSRB Overview of Municipal Offerings: MSRB Offerings.

質問 # 34
Offering 403(b) tax-sheltered annuity accounts to which of the following groups is permissible?

• A. Volunteer workers
• B. Small business owners
• C. Employees of a nonprofit hospital
• D. Active duty military personnel

正解：C

質問 # 35
An investor holds 1,000 shares of a stock with a total cost basis of $5,000 in his account when a 1-for-5 reverse stock split is announced. What will be the investor's total cost basis after the payable date of the reverse split?

• A. $2,500
• B. $1,000
• C. $5,000
• D. $25,000

正解：C

解説：
Step by Step Explanation:
* Cost Basis in Reverse Split: The total cost basis remains unchanged in a reverse stock split. Only the number of shares and price per share adjust.
* Pre-Split: 1,000 shares at $5 each = $5,000.
* Post-Split: 200 shares at $25 each = $5,000.
* Incorrect Options:
* A, B, and D: Do not reflect the unchanged total cost basis.
References:
* IRS Guidance on Stock Splits: IRS Stock Split Info.

質問 # 36
A registered representative (RR) owns 500 shares of a thinly traded security. A customer of the firm calls the RR to place a sell order for 10,000 shares of the same security. The RR sells his shares before entering the customer's order to sell. Which of the following activities has the RR just engaged in?

• A. Selling away
• B. Front running
• C. Insider trading
• D. Market manipulation

正解：B

解説：
Step by Step Explanation:
* Front Running Definition: Occurs when a broker executes a personal trade ahead of a customer's order to profit from the anticipated market movement.
* Thinly Traded Security: Front running is particularly impactful in low-liquidity securities.
* Other Options:
* Selling Away: Involves unapproved securities transactions outside the employing firm.
* Insider Trading: Involves trading on material non-public information.
* Market Manipulation: Encompasses activities like wash trading or spoofing, not specific to this scenario.
References:
* FINRA Rule 5270 (Front Running of Block Transactions): FINRA Rule 5270.

質問 # 37
SEC regulations permit a company to issue securities exempted from registration requirements of the Securities Act of 1933 under which of the following conditions?

• A. Offerings sold inside of the U.S. to non-U.S. persons
• B. Offerings sold with no more than 40 accredited investors
• C. Offerings with no more than 35 non-accredited investors and an unlimited number of accredited investors
• D. Offerings sold with an aggregate price exceeding $5 million

正解：C

解説：
Step by Step Explanation:
* Regulation D (Rule 506(b)): Allows offerings to an unlimited number of accredited investors and up to
35 non-accredited investors, provided certain disclosure requirements are met.
* Incorrect Options:
* A: Refers to Regulation S, which governs offshore offerings, not domestic exemptions.
* B: There is no 40-investor limit in Regulation D.
* C: The $5 million limit applies to Rule 504, not Rule 506(b).
References:
* SEC Regulation D: SEC Regulation D.

質問 # 38
A customer is unhappy about a $5,000 loss in a stock that the registered representative (RR) recommended and threatens to call FINRA's Securities Helpline for Seniors about the matter. What is the most appropriate next step for the RR to take?

• A. The RR is permitted to reimburse the customer for the loss to resolve the customer's complaint.
• B. The RR should notify their supervisor about the customer's dissatisfaction.
• C. The RR should alert their compliance department to update their Form U4 with the complaint details.
• D. The RR should call FINRA's Securities Helpline for Seniors before the customer does and explain their side of the story.

正解：B

解説：
Step by Step Explanation:
* Escalation Requirement: The RR must promptly notify their supervisor or compliance department about the customer's complaint as required by FINRA rules. Supervisors handle customer complaints according to firm procedures.
* Incorrect Options:
* B: Reimbursing the customer is not permissible without firm approval and may create compliance issues.
* C: Complaints requiring Form U4 updates involve specific allegations such as fraud, not general dissatisfaction.
* D: The RR should not contact FINRA directly; the firm will handle communications.
References:
* FINRA Rule 4530 (Reporting Requirements): FINRA Rule 4530.

質問 # 39
Which of the following statements describes a characteristic of exchange-traded funds (ETFs)?

• A. ETF expense ratios are generally lower than those of mutual funds.
• B. ETFs are offered with front-end or back-end loads.
• C. ETFs are purchased and sold daily at net asset value (NAV).
• D. ETFs are not permitted to be purchased on margin.

正解：A

解説：
Step by Step Explanation:
* ETF Expense Ratios: ETFs generally have lower expense ratios compared to mutual funds due to their passive management style.
* Incorrect Options:
* A: ETFs do not have sales loads; they are traded like stocks.
* B: ETFs can be purchased on margin, like other equities.
* C: ETFs are traded throughout the day at market prices, not NAV.
References:
* SEC ETF Fact Sheet: SEC ETF Info.

質問 # 40
A customer purchased $80,000 of Fund XYZ two years ago. He now wants to buy $50,000 of Fund LMN offered within the same fund family, which offers a $100,000 breakpoint under right of accumulation. Which of the following statements is true?

• A. The customer must sign a new letter of intent to receive the $100,000 breakpoint on the additional purchase.
• B. The additional investment qualifies for a $100,000 breakpoint.
• C. The customer will receive a sales charge discount on his next purchase after the account balance of the fund reaches $100,000.
• D. Each fund requires contributions of $100,000 to qualify for a breakpoint.

正解：B

解説：
Step by Step Explanation:
* Right of Accumulation: Allows an investor to combine the value of existing investments within the same fund family to qualify for a breakpoint (reduced sales charge) on new purchases.
* Current Holdings: $80,000
* New Purchase: $50,000
* Total: $130,000, qualifying for the $100,000 breakpoint.
* Incorrect Options:
* B: Contributions from all funds within the same family can be aggregated.
* C: A new letter of intent is unnecessary; right of accumulation applies automatically.
* D: Discounts apply immediately, not retroactively.
References:
* FINRA Guidance on Breakpoints: FINRA Breakpoints.

質問 # 41
An investor sells shares of a closed-end fund at the market. Which of the following responses best describes the net proceeds to be received?

• A. Public offering price (POP) less any redemption fee
• B. Bid price less any commission
• C. Net asset value (NAV)
• D. NAV less any redemption fee

正解：B

解説：
Step by Step Explanation:
* Closed-End Funds: Trade on exchanges like stocks, and the investor receives the bid price (market price) minus any applicable commissions.
* Incorrect Options:
* A & B: NAV applies to open-end mutual funds, not closed-end funds.
* D: POP applies to initial sales of mutual fund shares.
References:
* SEC Guidance on Closed-End Funds: SEC Closed-End Funds.

質問 # 42
An individual investor has $300,000 in cash and $400,000 in securities held with a financially troubled SIPC member firm for which liquidation has begun. The individual investor's cash is protected for what amount?

• A. $250,000
• B. $700,000
• C. $300,000
• D. $150,000

正解：A

解説：
Step by Step Explanation:
* SIPC Coverage Limits: Protects up to $500,000 per customer, including a maximum of $250,000 for cash.
* In this case, $300,000 in cash exceeds the SIPC limit, so only $250,000 is protected.
* Incorrect Options:
* A: $150,000 understates the SIPC limit for cash.
* C: The full $300,000 in cash is not protected.
* D: Total coverage exceeds SIPC limits.
References:
* SIPC Coverage Details: SIPC Protection.

質問 # 43
At a prospecting event, a registered representative (RR) provides cards for attendees to write down their contact information if they want to have a follow-up meeting with her. Which of the following actions should the RR take in this situation to comply with telemarketing rules?

• A. Obtain the broker-dealer's approval before making a call
• B. Limit contact with prospects to between 9 a.m. and 9 p.m.
• C. Contact the prospects at will since they provided express written consent
• D. Prior to contacting the prospects, check all of the names on the cards to make sure they are not on the National Do Not Call Registry

正解：D

解説：
Step by Step Explanation:
* Telemarketing Rules (FINRA Rule 3230): Require firms to check the National Do Not Call Registry before contacting individuals, even if those individuals provide their contact information voluntarily.
* Incorrect Options:
* A: Approval isn't required for individual follow-ups; compliance with the registry is.
* B: While calls must be limited to appropriate hours, the registry check is still mandatory.
* C: Written consent does not override the registry requirement.
References:
* FINRA Rule 3230 (Telemarketing): FINRA Rule 3230.

質問 # 44
Offering 403(b) tax-sheltered annuity accounts to which of the following groups is permissible?

• A. Volunteer workers
• B. Small business owners
• C. Employees of a nonprofit hospital
• D. Active duty military personnel

正解：C

解説：
Step by Step Explanation:
* 403(b) Accounts: These tax-advantaged retirement plans are specifically for employees of public schools, tax-exempt organizations, and certain other nonprofit employers, such as hospitals.
* Incorrect Options:
* Volunteer Workers: Ineligible unless they are also employees.
* Small Business Owners and Military Personnel: These groups typically qualify for other retirement plans, not 403(b).
References:
* IRS Publication 571 (403(b) Plans): IRS 403(b) Guidance.

質問 # 45
The financial risk that a given security is not readily tradable in the market without impacting the market price is known as:

• A. Prepayment risk
• B. Liquidity risk
• C. Credit risk
• D. Market risk

正解：B

解説：
Step by Step Explanation:
* Liquidity Risk: Refers to the difficulty of selling a security quickly without significantly affecting its price. This is common in thinly traded securities or complex instruments.
* Other Risks:
* Credit Risk: Relates to the possibility of default by the issuer.
* Market Risk: Pertains to overall price changes due to market conditions.
* Prepayment Risk: Associated with mortgage-backed securities and early repayment of loans.
References:
* SEC Investor Bulletin on Risks: SEC Risk Guidance.

質問 # 46
Which of the following statements is true of the writer of a listed equity call option?

• A. They have the right to buy stock at a fixed strike price.
• B. They have the obligation to buy stock at a fixed strike price.
• C. They have the obligation to sell stock at a fixed strike price.
• D. They have the right to sell stock at a fixed strike price.

正解：C

解説：
Step by Step Explanation:
* Call Option Writer: When writing (selling) a call option, the writer has the obligation to sell the underlying stock at the strike price if the buyer exercises the option.
* Incorrect Options:
* A & B: Only the option buyer has rights, not the writer.
* D: Obligations to buy stock apply to put option writers, not call option writers.
References:
* Options Clearing Corporation (OCC) Options Education: OCC Options Education.

質問 # 47
A customer owns 100 shares of ABC with a current market value of $5.00 per share. The company undergoes a 1-for-2 reverse split of the stock. Which of the following statements is true of the customer's holdings and the price of the stock?

• A. The customer will have 200 shares at $2.50 per share.
• B. The customer will have 100 shares at $5.00 per share.
• C. The customer will have 50 shares at $10.00 per share.
• D. The customer will have 1,000 shares at $0.50 per share.

正解：C

解説：
Step by Step Explanation:
* Reverse Split Calculation: A 1-for-2 reverse split reduces the number of shares by half while doubling the price per share.
* Pre-Split Holdings: 100 shares at $5.00 = $500.
* Post-Split Holdings: 50 shares at $10.00 = $500.
* Incorrect Options: The total value remains unchanged; only the number of shares and price per share adjust.
References:
* FINRA Corporate Actions Guidance: FINRA Reverse Splits.

質問 # 48
Which of the following responses describes a warrant?

• A. A fixed-income security issued by a state or municipality
• B. An interest-paying security
• C. Redemption rights for a debt instrument
• D. The right to purchase a specified amount of shares

正解：D

解説：
Step by Step Explanation:
* Warrants: These are long-term options issued by a company that give the holder the right to buy shares at a specific price before expiration. They are typically attached to bond or stock offerings to make them more attractive.
* Incorrect Options:
* A: Warrants do not pay interest.
* B: Refers to callable bonds, not warrants.
* D: Describes municipal bonds, not warrants.
References:
* SEC Guide to Warrants and Options: SEC Warrants Information.

質問 # 49
A registered representative (RR) opens a new account for a customer whose investment objectives are growth and income. She makes an initial deposit of $5,500 using a series of money orders drawn from different sources, and she makes no investments for the first 30 days the account is open. At the end of that time, the customer asks to have the funds wired to an account at a different firm as her needs have changed. The RR's first course of action should be to:

• A. Freeze the account.
• B. Deny the request.
• C. Report internally as a suspicious activity.
• D. Accept the instructions and wire the funds.

正解：C

解説：
Step by Step Explanation:
* Suspicious Activity: The use of multiple money orders, lack of investment activity, and request to wire funds to another firm raise red flags for potential money laundering.
* FINRA Rules: The RR should escalate the issue by reporting internally and potentially filing a Suspicious Activity Report (SAR).
* Incorrect Options:
* A: Denying the request without investigation may violate customer instructions.
* B: Freezing the account requires a valid legal or regulatory basis.
* D: Processing the request without investigation could facilitate illegal activity.
References:
* FINRA Anti-Money Laundering (AML) Guidance: FINRA AML Rules.

質問 # 50
Which of the following statements characterizes the typical relationship between the market value of a municipal bond portfolio and interest rates?

• A. As interest rates increase, the market value goes up.
• B. As interest rates decrease, the market value goes up.
• C. As the market value goes up, interest rates stay constant.
• D. As the market value goes down, interest rates decrease.

正解：B

解説：
Step by Step Explanation:
* Inverse Relationship: Bond prices and interest rates have an inverse relationship. When interest rates fall, existing bonds with higher coupon rates become more valuable, leading to an increase in market value.
* Incorrect Options:
* A: Market value decreases as interest rates increase.
* C: Interest rates and bond values move inversely, not in the same direction.
* D: Interest rates are not constant; they fluctuate over time.
References:
* SEC Municipal Bonds Overview: SEC Municipal Bonds.

質問 # 51
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