SIE EXAM QUESTIONS IN PDF FORMAT

SIE Exam Questions in PDF Format

SIE Exam Questions in PDF Format

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FINRA SIE Exam Syllabus Topics:

TopicDetails
Topic 1
  • Employee Conduct and Reportable Events: This section of the exam measures the skills of Financial Compliance Specialists and covers regulatory expectations regarding employee conduct and disclosure requirements. Candidates must be familiar with Form U4 and Form U5, as well as reporting obligations for outside business activities and political contributions.
Topic 2
  • Understanding Trading, Customer Accounts, and Prohibited Activities: This section of the exam measures the skills of Securities Traders and focuses on different trading strategies, settlement processes, and corporate actions. Candidates must demonstrate knowledge of order types, including market, limit, stop, and good-til-canceled orders, as well as bid-ask spreads and discretionary versus non-discretionary trading.
Topic 3
  • Regulatory Entities, Agencies, and Market Participants: This section of the exam measures the skills of Financial Regulatory Analysts and covers the structure, authority, and jurisdiction of key regulatory bodies overseeing financial markets. The SEC's role in enforcing securities regulations is assessed, along with the authority of self-regulatory organizations such as FINRA and MSRB. Candidates must also understand the functions of other financial regulators, including the Department of the Treasury and state regulatory agencies. One key skill evaluated is identifying the jurisdictional scope of different financial regulators.
Topic 4
  • Understanding Products and Their Risks: This section of the exam measures the skills of Investment Analysts and examines different financial products and associated risks. Candidates must understand equity securities, including common stock, as well as debt instruments such as Treasury securities and mortgage-backed securities.
Topic 5
  • Market Structure: This section of the exam measures the skills of Equity Market Specialists and covers the classification of financial markets, including the primary, secondary, third, and fourth markets. Candidates must demonstrate knowledge of electronic trading, over-the-counter (OTC) markets, and physical exchanges. One specific skill tested is differentiating between various market types and their operational mechanisms.

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q71-Q76):

NEW QUESTION # 71
An investor owns 100 shares of a company's stock and is very interested in electing a particular individual to the board of directors of the corporation. There are 20 individuals running to fill 10 board seats. If the corporation uses the cumulative voting method, what is the maximum number of votes the investor is permitted to cast for this particular director?

  • A. 50 votes
  • B. 100 votes
  • C. 2,000 votes
  • D. 1,000 votes

Answer: D

Explanation:
In cumulative voting, shareholders can allocate all their votes to a single candidate. The total number of votes is calculated by multiplying the number of shares owned by the number of seats available:
* Total votes = 100 shares × 10 seats =1,000 votes.
* The investor can allocate all votes to one candidate.
* C is correctbecause cumulative voting allows all votes to be concentrated.


NEW QUESTION # 72
Under SEC Regulation A, which of the following market participants, if deemed to be a bad actor, will disqualify the offering from reliance on this registration exemption?

  • A. Clearing corporation
  • B. Transfer agent
  • C. Underwriter
  • D. Custodian

Answer: C

Explanation:
SEC Regulation A provides a registration exemption for smaller public offerings but includes a "bad actor" disqualification. If certain key parties, such as the issuer, underwriter, or affiliates, have been involved in securities violations, the exemption is forfeited.
* B is correctbecause underwriters are considered essential participants, and their status as bad actors disqualifies the offering.
* A,C, andDare incorrect because custodians, transfer agents, and clearing corporations are not included in the "bad actor" provisions of Regulation A.


NEW QUESTION # 73
An investor wants to purchase mutual fund shares, but she is concerned about the tax efficiency of the fund.
Which of the following disclosures required under industry regulations will help the investor make an informed decision?

  • A. The fund's turnover ratio
  • B. Sales charges and breakpoint discount opportunities
  • C. Projections of future dividend and capital gains distributions
  • D. The commissions that the fund pays on each transaction

Answer: A

Explanation:
Step by Step Explanation:
* Turnover Ratio: Indicates how frequently the fund manager buys and sells securities. A high turnover ratio may result in higher capital gains distributions, impacting tax efficiency.
* Incorrect Options:
* B: Sales charges affect cost but not tax efficiency.
* C: Commission details are unrelated to the fund's tax efficiency.
* D: Projections of distributions are speculative and not disclosed under regulations.
References:
* SEC Mutual Fund Guide: SEC Mutual Funds.


NEW QUESTION # 74
The primary market is regulated by the SEC under which of the following acts?

  • A. The Investment Company Act of 1940
  • B. The Securities Act of 1933
  • C. The Investment Advisers Act of 1940
  • D. The Securities Exchange Act of 1934

Answer: B

Explanation:
The primary market deals with the issuance of new securities, which is regulated under the Securities Act of
1933. This act requires issuers to provide full disclosure of material information to investors to ensure transparency and fairness in new offerings.
* A is correctbecause the Securities Act of 1933 governs initial offerings.
* Bis incorrect because the Securities Exchange Act of 1934 regulates secondary market trading.
* Cis incorrect because the Investment Advisers Act of 1940 pertains to investment advisers.
* Dis incorrect because the Investment Company Act of 1940 governs mutual funds and other investment companies.


NEW QUESTION # 75
A customer receives a confirmation that discloses the firm has acted in a principal capacity. Which of the following statements is the best explanation for this disclosure?

  • A. The firm is acting as an intermediary between the customer and another customer.
  • B. The firm is selling to the customer from its inventory.
  • C. The firm is acting as an intermediary between the customer and an unrelated firm.
  • D. The firm matched the customer's purchase with a sell order listed on an electronic communication network (ECN).

Answer: B

Explanation:
When a firm acts in a principal capacity, it trades securities for its own account, buying or selling directly to or from its inventory. The firm's role differs from an agency capacity, where it acts as an intermediary.
* A is correctbecause principal capacity involves selling directly from the firm's inventory.
* B,C, andDare incorrect because these scenarios describe agency transactions, where the firm facilitates trades between two parties.


NEW QUESTION # 76
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