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FINRA Series-7 - Series 7 General Securities Representative Qualification Examination (GS)

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Page: 10 / 12
Total 400 questions

Regulation A permits a short form of filing for offerings of new securities provided the total amount of the offering does not exceed:

A.

$1,000,000

B.

$5,000,000

C.

$2,000,000

D.

$2,500,000

Which of the following is available both to owners of stock and owners of limited partnership participations?

A.

deduction of business expenses from income

B.

a share in the profits from earnings

C.

tax credits

D.

deductions for losses in excess of income earned

Which of the following is not good delivery on a sale of 470 shares?

A.

47 10-share certificates

B.

4 100-share certificates and one 70-share certificate

C.

8 50-share certificates, one 40-share certificate, and one 30-share certificate

D.

2 100-share certificates and 3 90-share certificates

Which of the information below does not appear in the official notice of sale?

A.

the type of bond

B.

the amount of required good faith check

C.

the names of underwriting syndicate members

D.

the method and place of settlement

Distribution from an IRA can begin at age 59½ and must begin by age:

A.

70½

B.

65

C.

68

D.

whenever the individual is retired

Bubba buys a bond issued at par with a 5% coupon that is convertible into common stock at $40. The bond increases in value by 20 points.

What is the conversion parity of the stock?

A.

$25

B.

$40

C.

$48

D.

$50

Which of the following is not classified as a money market instrument?

A.

banker’s acceptances

B.

commercial paper

C.

American Depository Receipts

D.

treasury bills

Bubba has several accounts at a brokerage firm. Which of the following is not covered by SIPC?

A.

individual account in Bubba’s name only

B.

commodities account in Bubba’s name only

C.

joint account of Bubba and his wife

D.

joint account of Bubba and his son, Bubba, Jr.

Partnership democracy is:

A.

a prohibition against control by a single partner

B.

the sharing of management by all partners

C.

permission granted to the general partner to act outside the partnership agreement

D.

a synonym for silent partner

A registered bond with “Happy Birthday” scrawled across the face of the certificate is delivered to a broker/dealer in satisfaction of sale by another member firm. Assuming it is accompanied by an authentic assignment, power of substitution form, and tax stamps (if appropriate), this is good delivery only if:

A.

the certificate is validated by the transfer agent

B.

the certificate is validated by the registered owner

C.

the marking did not cover the name of the registered owner or the principal amount of the bond

D.

this is not a good delivery under any circumstances