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New SIE PDF Cram Exam | Professional FINRA SIE: Securities Industry Essentials Exam (SIE) 100% Pass

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FINRA SIE Exam Syllabus Topics:

Topic
Details

Topic 1

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 2

Overview of the Regulatory Framework: This section of the exam measures the skills of Compliance Officers and evaluates knowledge of self-regulatory organization (SRO) requirements, including registration and continuing education for associated persons. Candidates must understand the distinction between registered and non-registered individuals and the requirements for maintaining industry qualifications.

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

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.

Topic 5

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.

FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q96-Q101):

NEW QUESTION # 96
An investor buys 100 shares of a stock at $50.00 per share. The company declares a 10% stock dividend.
What will the investor's cost basis per share be following the payment of the dividend?

A. $45.45
B. $50.00
C. $50.50
D. $45.00

Answer: A

Explanation:
A stock dividend increases the number of shares owned without affecting the total cost basis. The new cost basis per share is calculated by dividing the original total investment by the new number of shares:
* Original total investment = 100 shares × $50.00 = $5,000
* After a 10% stock dividend, the investor owns 110 shares.
* New cost basis = $5,000 ÷ 110 shares =$45.45per share.
* B is correctbecause it reflects the adjusted cost basis per share.

NEW QUESTION # 97
Which of the following entities settles broker-to-broker equity, listed corporate and municipal bond, and unit investment trust (UIT) transactions in the U.S. equities markets?

A. FINRA
B. SEC
C. Federal Reserve
D. National Securities Clearing Corporation (NSCC)

Answer: D

Explanation:
Step by Step Explanation:
* National Securities Clearing Corporation (NSCC): A subsidiary of the Depository Trust & Clearing Corporation (DTCC), the NSCC handles the clearance and settlement of broker-to-broker equity, corporate bond, municipal bond, and UIT transactions.
* Incorrect Options:
* A: The SEC oversees regulatory compliance but does not settle trades.
* B: FINRA is a self-regulatory organization, not a clearing entity.
* C: The Federal Reserve manages monetary policy and banking but is not involved in securities settlement.
References:
* DTCC Overview of NSCC: DTCC NSCC.

NEW QUESTION # 98
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 # 99
A customer has a stock position that has increased in value since the time he purchased it. Which of the following terms describes his current situation?

A. Unrealized gain
B. Out of the money
C. Operating profit
D. Interest income

Answer: A

Explanation:
An unrealized gain occurs when the value of an asset increases but has not yet been sold. If the customer sells the stock, the unrealized gain becomes a realized gain.
* B is correctbecause the increase in value without selling the stock is an unrealized gain.
* Ais incorrect because interest income refers to earnings from fixed-income securities.
* Cis incorrect because operating profit relates to a company's earnings, not an investor's portfolio.
* Dis incorrect because "out of the money" is a term used for options, not stocks.

NEW QUESTION # 100
Which of the following entities issues certificates of deposit (CDs)?

A. Banks
B. FDIC
C. Broker-dealers
D. Federal Reserve

Answer: A

Explanation:
Certificates of Deposit (CDs) are time deposit accounts issued by banks, offering fixed interest rates for a specified term. CDs are insured by the FDIC up to $250,000 per depositor, but the issuing entity is the bank itself.
* B is correctbecause banks issue CDs.
* Ais incorrect because the FDIC insures CDs but does not issue them.
* Cis incorrect because broker-dealers may facilitate the purchase of CDs but do not issue them.
* Dis incorrect because the Federal Reserve does not issue CDs; it manages monetary policy.

NEW QUESTION # 101
......

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