FINRA Series-7 Questions Answers

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Your Journey to Passing the Series 7 General Securities Representative Qualification Examination (GS) Series-7 Exam

Whether this is your first step toward earning the Series 7 General Securities Representative Qualification Examination (GS) Series-7 certification, or you're returning for another round, we’re here to help you succeed. We hope this exam challenges you, educates you, and equips you with the knowledge to pass with confidence. If this is your first study guide, take a deep breath—this could be the beginning of a rewarding career with great opportunities. If you’re already experienced, consider taking a moment to share your insights with newcomers. After all, it's the strength of our community that enhances our learning and makes this journey even more valuable.

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FINRA Series-7 Sample Questions

Question # 1

Bubba’s margin account has $1,000 of SMA. If he buys $20,000 of listed secu rities, how much fully paid margin stock must he deposit to respond to a Reg T requirement of 50%?

A. $20,000 
B. $9,000 
C. 10,000 
D. $18,000 

Show Answer

Question # 2

If a customer dies, the registered representative is required to:

A. cancel all open (good ‘til cancelled) orders 
B. await instructions and necessary papers from the executor of the estate 
C. sell out the account 
D. both A and B 

Show Answer

Question # 3

A tax-free rollover of assets between qualified retirement plans for the benefit of a specific individual is permitted so long as it is accomplished within:

A. 30 days 
B. 60 days 
C. 90 days 
D. one year 

Show Answer

Question # 4

Which of the following organizations usually has a prominent role in guiding investment policies of mutual funds?

A. the plan company 
B. the management group 
C. the custodian bank 
D. the underwriter 

Show Answer

Question # 5

Common stocks for which of the following industries are most likely to decline in valuewhen interest rates rise?

A. automobile manufacturers 
B. airlines 
C. stock brokers 
D. public utility companies 

Show Answer

Question # 6

Bubba buys a $4 convertible preferred with a $50 par value that is exchangeable for common stock at 47.50. If the preferred stock is trading at 52 and the common stock at 51,Bubba determines that the preferred stock is:

A. overpriced and will quickly decline 
B. selling at a 4% premium over conversion value 
C. underpriced and should rise quickly 
D. going to be called when the common stock price is $52 

Show Answer

Question # 7

In a monthly review of customer statements, Bubba notices that one of his firm’s clients has paid for seven purchases five days late. What does he do?

A. decides this situation is acceptable provided payment was received before any securities were sold 
B. ascertains whether the client had a sufficient bank balance on settlement date 
C. nothing because this is not a violation provided the securities were not listed on the NYSE 
D. ascertains that extensions had been obtained under Reg T 

Show Answer

Question # 8

Assuming all of the following bonds from the same issuer are callable now, which one would most likely get called first?

A. 8% maturing 1-15-2016 
B. 8% maturing 1-15-2007 
C. 4% maturing 1-15-2012 
D. 4% maturing 1-15-2007 

Show Answer

Question # 9

Under what conditions may an FINRA member firm sell an IPO to an employee of another broker/dealer?

A. if the amount of the purchase is small and the transaction accords with the employee’s normal investment practice 
B. if the member firm notifies the other broker/dealer of the transaction 
C. if the employing broker/dealer guarantees that resale of the securities acquired by its employee will be restricted for two years 
D. under no circumstances 

Show Answer

Question # 10

A group net order is one that benefits municipal syndicate members:

A. equally 
B. according to their percentage participation in the account 
C. according to the number of designated orders they’ve received 
D. according to the number of presale orders they’ve received 

Show Answer

Question # 11

The general purpose of the Securities Act of 1933 is to:

A. regulate the activities of investment advisers 
B. regulate the sale of securities on national exchanges 
C. provide for disclosure of information about new securities offerings 
D. provide for disclosure of the financial condition of underwriters 

Show Answer

Question # 12

A mutual fund with an 8% load and a 1% redemption fee carries a current quote of $6.25 - $6.79. If an investor has tendered his shares for redemption on that basis, the per shareprice he will receive is approximately:

A. $6.79 
B. $6.72 
C. $6.25 
D. $6.19 

Show Answer

Question # 13

How much currency is one mil worth?

A. one-tenth of one cent 
B. one-tenth of $1 
C. one-tenth of $100 
D. one-tenth of $1,000 

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Question # 14

In the sale of open-end investment company shares, the amount at which the sales charge is reduced on quantity transactions is referred to as the:

A. margin 
B. breakpoint 
C. split 
D. spread 

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Question # 15

At the time it underlying stock is trading at 48, Bubba buys a listed call option with a $50 strike price for $300. At what minimum price must that stock trade for Bubba to recover hisinvestment (ignoring commission and taxes)?

A. $45 
B. $48 
C. $51 
D. $53 

Show Answer

FINRA Series-7 Reviews