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Series 7 Rep Level > Key Facts > Flashcards

Key Facts Flashcards

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Series 7 Top-off Exam flashcards
1
Q

The rating of a municipal bond may be withdrawn if the rating service is not furnished ______ by the issuer.

A

Financial Information

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2
Q

If a bond sells for less than its par value, the difference is called the “______”.

A

Discount

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3
Q

A(n) “______” computes the yield if the dollar price is known; it computes the dollar prices if the yield is known.

A

Basis Book

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4
Q

If the basis price is higher than the coupon rate, the market price will be ______ par.

A

Below

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5
Q

Long-term bonds are ______ sensitive to interest rate changes than short-term bonds.

A

More

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6
Q

If a bond appreciated from 20% above par or increased 20 points above par, its current market value is ______.

A

$1,200

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7
Q

Refunding convertible bonds with nonconvertible bonds will ______ the dilutive effect on the common.

A

Reduce

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8
Q

REIT securities are marketable but not ______.

A

Redeemable

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9
Q

Historically, the ______ was the source for secondary market information on municipal securities. Named for the blue paper it was printed on, it showed the par value of all of the municipal securities that are being offered for sale in the secondary market.

A

Blue List

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10
Q

Today, the MSRB operates ______, which provides investors access to official statement, advance refunding documents, and trade prices.

A

Electronic Municipal Market Access (EMMA)

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11
Q

On a new municipal issue, bonds go out of the syndicate for member orders at ______.

A

Net Price

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12
Q

The ______ of a new municipal issue is the most complete source of information as it describes the bonds and their security (similar to a prospectus).

A

Official Statement

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13
Q

The ______ describes the method of award.

A

Official Notice of Sale

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14
Q

When computing a bid, the syndicate considers the date of ______ and the date of the ______.

A
  1. Issue

2. First Coupon

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15
Q

Any premium paid to the issuer by the ______ is subtracted from the total interest the issuer has to pay.

A

Syndicate

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16
Q

Municipal issuers may use ______ to lower the interest cost.

A

Bond Insurance

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17
Q

The ______ contains the date that syndicate price restrictions will be lifted.

A

Agreement Amongst Underwriters

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18
Q

The NASDAQ National Market System Price Reporting does not include ______ transactions.

A

Odd-Lot

An odd lot is an order amount for a security that is less than the normal unit of trading for that particular asset. Odd lots are considered to be anything less than the standard 100 shares for stocks.

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19
Q

The NASDAQ Level ______ Service shows the following quotes: highest bid, highest ask, lowest bid, and lowest asked.

A

II (2)

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20
Q

A security may be suspended from trading on the NASDAQ if the ______ requests it, if a(n) ______ is about to be disclosed, or if the net worth of the company becomes ______.

A
  1. Issuer
  2. Material Fact
  3. Negative
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21
Q

A(n) ______ gives the seller the option to deliver the security during any time period ranging from 6-60 business days. It also locks in the right to buy and sell the security at a specific price.

A

Seller’s Option

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22
Q

Stopping stock is done for ______ only.

A

Customer Orders

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23
Q

If the investor changes the duration of an order, the order’s ______ will be changed.

A

Priority

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24
Q

______, not orders, contain the amount of commission.

A

Confirmations

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25
Q

The net overall debt of a municipality is the sum of the ______ plus the ______.

A
  1. Direct Debt

2. Overlapping Debt

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26
Q

Municipalities can issue ______ bonds and ______ bonds. ______ bonds are typically used if the project is going to be supported by user fees, if the laws require that it be user-supported, or if only some residents will use the project. ______ bonds are also not subject to statutory debt limitations.

A
  1. Revenue
  2. General Obligation
  3. Revenue
  4. Revenue
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27
Q

When the term ‘______’ is used in relation to municipal bonds, it refers to an earnings test (for example, determining adequate revenue to pay principal and interest).

A

Coverage

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28
Q

Treasury strips are traded on a(n) ______ and settled regular way in ______ business day.

A
  1. Yield Basis

2. One

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29
Q

Securities issued by federally-sponsored agencies are quoted as a(n) ______ of par value in ______.

A
  1. Percentage

2. 32nds

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30
Q

Monies needed to pay the current expenses of a project funded by a municipal revenue bond are put into the ______.

A

Maintenance Fund

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31
Q

If a municipal bond is ______ by escrowing the issue to maturity, the bonds will be redeemed according to their original schedule.

A

Advance Refunded

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32
Q

The longer the ______ of government and agency securities, the more they will fluctuate in price over time.

A

Maturities

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33
Q

A municipal broker’s broker does not ______ specific market offerings.

A

Underwrite

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34
Q

When the bond is sold, a muni capital gain is subject to ______ taxation.

A

Federal

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35
Q

To analyze the credit worthiness of a(n) ______ bond issuer, use the ratio of direct and overlapping debt to market valuation.

A

General Obligation

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36
Q

An investor in ______ bonds needs to know about legislative changes, creditors, call features, and market risk.

A

General Obligation

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37
Q

In considering the credit worthiness of a(n) ______, one should consider its financial condition, its attitude towards debt, its accounting practices, and its tax collections. Bond denominations should not be considered.

A

Municipality

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38
Q

A(n) ______ would forecast demand or use, give a financial review, and determine the economic justification for issuing muni review bonds.

A

Feasibility Study

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39
Q

Under a(n) ______ revenue pledge, the principal and interest are paid first. Any remaining revenue is used to keep the facility operable. A debt service fund receives revenues first.

A

Gross

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40
Q

Project notes are backed by the full faith and credit of the ______.

A

U.S. Government

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41
Q

Bond denominations have nothing to do with the ______ of a municipality.

A

Credit Worthiness

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42
Q

The legal opinion has nothing to do with the ______ status.

A

Blue Sky

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43
Q

An “unqualified legal opinion” means that there are no ______.

A

Qualifications

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44
Q

A(n) ______ may help secure enabling legislation for the issue.

A

Bond Attorney

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45
Q

A bond attorney does not prepare the ______ nor does he or she prepare the amortization schedule.

A

Official Statement

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46
Q

A(n) ______ charges commission for his or her services, does not sell to institutional investors, and does not require that the seller sell any bonds put out for the bid.

A

Broker’s Broker

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47
Q

A municipality might ______ an issue to reduce the interest cost.

A

Insure

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48
Q

The marketability of a bond is least affected by its ______ date.

A

Dated

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49
Q

______ account for the largest dollar value of money market securities.

A

Treasury Bills

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50
Q

The U.S. Treasury uses ______ to finance the federal deficit.

A

Treasury Bills

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51
Q

______ issued by federal agencies are priced at a discount with no commission.

A

Discount Notes

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52
Q

Freddie Macs are currently issued in ______ form.

A

Book-Entry

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53
Q

The Federal Reserve Board does not issue ______.

A

Securities

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54
Q

An order book official at the CBOE

DOES / DOES NOT trade for his or her own account.

A

DOES NOT

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55
Q

An investor who holds a call option on a debt security would benefit if yields
______ in the secondary market or if the Federal Reserve Board ______ open market purchases.

A
  1. Decreased

2. Increased

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56
Q

An investor with a diversified portfolio might buy ______ (______) in order to hedge against market risks.

A

Stock Index Options (Puts)

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57
Q

The following statement is true regarding options on U.S. Treasury bonds: “If current interest rates increase, the value of the bond will ______, the value of calls will
______, and the value of puts will ______.”

A
  1. Decrease
  2. Decrease
  3. Increase
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58
Q

If a corporation will be accepting payment in Euros, it can hedge its position by buying Euro ______ options.

A

Put

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59
Q

______ risks include the following:

  1. Currency exchange rates can be fixed or supported by government actions.
  2. Options may be exercised after the close of trading in the options markets.
  3. The option value depends upon the value of the foreign currencies.
  4. There is no central marketplace for reporting currency transactions.
A

Foreign Currency Option

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60
Q

An uncovered put writer IS / IS NOT entitled to a dividend if the put is exercised before the ex-dividend date.

A

IS

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61
Q

The buyer of a(n) ______ option has an unlimited profit potential.

A

Call

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62
Q

______ is the risk of an adverse move in the direction of the general market. It is best hedged against by using index options.

A

Systematic Risk

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63
Q

The amount of the premium is influenced by the price of the ______.

A

Underlying Security

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64
Q

If a(n) ______ option is exercised, the writer must deliver the underlying stock even if the underlying security has stopped trading on the exchange where it is listed.

A

Call

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65
Q

To produce ______ prior to expiration, an investor would buy calls in a number of companies.

A

Diversification

66
Q

The maximum profit for the writer of a put is the ______. The maximum loss for the writer of a put is the ______.

A
  1. Premium

2. Strike Price - Premium

67
Q

An investor would want the spread to ______ if he or she purchased an XYZ Oct 60 call and sold an XYZ July 60 call.

A

Widen

68
Q

Customers’ orders must include the ______ of option, the underlying ______, and the ______ of contracts. They do not need to include the price limit desired on the order(s).

A
  1. Type
  2. Stock
  3. Number
69
Q

Confirmations to customers must include the ______.

A

Settlement Date

70
Q

A(n) ______ provides market leverage, a blue chip market indicator, liquidity, and a hedge against systematic risk.

A

S&P 100 Index Option

71
Q

For foreign currency options, exchange rates are quoted in ______.

A

U.S. Dollars

72
Q

______ allows any listed security (stocks or bonds) and any NASDAQ National Market System security to be purchased on margin. Municipal bonds and U.S. government bonds are exempt from ______.

A

Reg. T

73
Q

Options may not be purchased on ______ because they have no loan value.

A

Margin

74
Q

When a margin call is not met, a broker
may ______ securities from a customer’s account to meet the call. A broker may not
______ from another broker or extend additional credit.

A
  1. Sell

2. Borrow

75
Q

If a customer sells stocks and withdraws the cash from the sale, the market value will ______.

A

Decrease

76
Q

New issues may not be purchased on ______.

A

Margin

77
Q

When an investor takes advantage of an exchange privilege, the investor may have to pay ______; however, he or she will not have to pay an additional ______.

A
  1. Taxes

2. Sales Charge

78
Q

If a client signs a(n) ______ to invest money in a mutual fund over a period of time, the client must invest that amount of money to qualify for the breakpoint regardless of what the value of his or her original investment becomes.

A

Letter of Intent

79
Q

Dividends and capital gains can be automatically reinvested in additional fund shares at ______ but they are still subject to ______.

A
  1. Net Asset Value (NAV)

2. Tax

80
Q

A(n) ______ is one in which the investor receives a fixed, monthly payment from the investment company.

A

Fixed Dollar Withdrawal Plan

81
Q

______ involves purchasing the same dollar amount of mutual fund shares, at regular intervals, regardless of price. Over time, dollar cost averaging will result in an average cost per share that is less than the average price paid per share.

A

Dollar Cost Averaging

82
Q

A(n) ______ is a type of mutual fund withdrawal plan in which each month the same amount of money is paid out of the account. Since the share price fluctuates monthly, the number of share redeemed each month is different.

A

Constant Dollar Withdrawal Plan

83
Q

A sole proprietor and/or general partner in a limited partnership has ______ liability.

A

Unlimited

84
Q

A(n) _______ differs from a public corporation in its ownership transferability, length of existence, and use of the conduit concept.

A

Limited Partnership

85
Q

______ DPPs are attractive because they can produce passive tax losses while generating cash flows.

A

Real Estate

86
Q

The general partner of a real estate partnership does not provide a(n) ______ for partnership units.

A

Secondary Market

87
Q

The ______ must be amended if any one of the following occurs:

  1. There is a change in the sharing arrangement.
  2. There is an increase in the general partner’s contribution.
  3. A new partner is admitted.
A

Partnership Certificate

88
Q

Recourse loans are part of the DPP investor’s ______.

A

Cost Basis

89
Q

A suitable DPP investor must be able to meet ______ requirements.

A

State

90
Q

______ programs include condominium securities and agricultural programs.

A

Real Estate

91
Q

An investor could not take a depreciation deduction on ______.

A

Raw Land

92
Q

Disadvantages of a(n) ______ program include the fact that when the lease terminates, the equipment is obsolete and there is no capital appreciation.

A

Equipment Leasing

93
Q

Characteristics of a(n) ______:

1 The benefit is received by the retiree and is taxable.

  1. The annual benefit is for a fixed amount.
  2. Contributions may vary from year to year.
  3. This type of plan is sometimes used for key employees who are close to retiring.
A

Defined Benefit Plan

94
Q

______ allows for transactions in index options if their use conforms to the plan’s objectives.

A

Employee Retirement Income Security Act (ERISA)

95
Q

A(n) ______ provision on a variable annuity contract means that payments will be made for at least 10 years.

A

10-Year Certain

96
Q

If an investor has a nonqualified, variable annuity contract and begins receiving payments, those payments are considered both ______ and a(n) ______.

A
  1. Ordinary Income

2. Return of Capital

97
Q

The amount invested in a variable annuity determines the sales charge ______.

A

Breakpoints

98
Q

The amount included in the payout of an annuity that is over the original cost basis is taxable as ______.

A

Ordinary Income

99
Q

On a balance sheet, the ______ of a corporation includes its bonds (debentures), its preferred stock, its common stock, its additional paid-in capital, and its retained earnings.

A

Capital Structure

100
Q

The ______ of a corporation would be diluted if it issued additional warrants, rights, and/or convertible bonds.

A

Earnings Per Share

101
Q

When the corporation pays a stock dividend, its net worth DOES / DOES NOT change.

A

DOES NOT

102
Q

A technical analyst IS / IS NOT interested in earnings per share.

A

IS NOT

103
Q

A ‘head and shoulders bottom formation’ is also known as a(n) ‘______’.

A

Inverted Head and Shoulders Formation

104
Q

Orders for durable goods are a(n) ______ indicator.

A

Coincident

105
Q

The Federal Reserve System does not participate in the ______ market.

A

Eurodollar

106
Q

______ exchange rates are determined by market forces and interventions of central banks.

A

Floating

107
Q

The federal funds rate IS / IS NOT set by the Federal Reserve.

A

IS NOT

108
Q

Investors who use ______ have little or no price risk, little or no interest rate risk, and little or no liquidity risk. The interest rate is competitive with the ______ rate.

A
  1. Overnight Repurchase Agreements

2. Federal Funds

109
Q

______ are guaranteed by the issuing bank, are issued in registered form, and mature in 14 calendar days or longer.

A

Certificates of Deposit

110
Q

The Federal Reserve Board’s ______ seek to change the interest rates, the velocity of money, the exchange rate, and M-1.

A

Open Market Operations

111
Q

The ______ in foreign currencies is a 24-hour market with no reporting of last sales. Risks associated with this market include economic and government policy changes of other countries and the fact that there is less legal protection for investors.

A

Interbank Market

112
Q

______ matures on a specific date and is issued for a specific amount.

A

Commercial Paper

113
Q

______ is a rating service for insurance companies. It does not rate commercial paper.

A

A.M. Best

114
Q

As interest rates change, ______ rates change more sharply than ______ rates.

A
  1. Short-Term

2. Long-Term

115
Q

If inflation is decreasing, then the value of fixed income securities is ______.

A

Increasing

116
Q

The Federal Reserve Board’s ______ has a multiplier effect on the total amount of bank deposits.

A

Reserve Requirement

117
Q

If a U.S. importer has no position in yen and buys merchandise from Japan which must be paid for in yen within 30 days from the date of purchase, the importer can hedge its currency risk by purchasing ______.

A

Yen Calls

118
Q

If an investor purchased a municipal bond at a discount, sold it prior to maturity, and wanted to compute the accreted discount, he or she would not need to know the ______.

A

Resale Price

119
Q

Wash sale rules apply to ______ transactions.

A

Short Sale

120
Q

Losses on a short sale are disallowed if the seller sells substantially identical stock within ______.

A

30 Days (Wash Sale Rules)

121
Q

According to wash sale rules, a call option to buy a corporation’s common stock is considered to be ______ to the common stock of that corporation.

A

Substantially Identical

122
Q

Except on munis, interest paid in a(n) ______ is tax deductible income to the extent of the customer’s investment income.

A

Margin Account

123
Q

An inverted head and shoulders formation indicates the ______ of a downward trend.

A

Reversal

124
Q

If Treasury receipts are held to maturity, there is no ______.

A

Capital Gain

125
Q

The amortization of a municipal bond affects the ______.

A

Adjusted Basis

126
Q

Any premium paid on a municipal bond held to maturity does not qualify as a(n) ______.

A

Tax Loss

127
Q

If a customer purchased convertible preferred stock, converted it, and sold the common, the profit or loss would be the difference between the monies received from the ______ and the ______.

A
  1. Sale of the Common

2. Cost of Obtaining the Preferred

128
Q

Selling short-against-the-box does not turn ______ gains into ______ gains.

A
  1. Short-Term

2. Long-Term

129
Q

The adjusted selling price equals the ______ minus the ______.

A
  1. Sales Price

2. Sales Expense

130
Q

The ______ equals the acquisition cost minus depreciation plus capital improvement.

A

Adjusted Basis

Direct Participation Program (DPP)

131
Q

Depreciation is subtracted as a(n) ______ when calculating taxable gain or loss.

A

Expense

132
Q

Securities issued by states, municipalities, savings and loan associations, and the federal government are exempt from the ______.

A

Securities Act of 1933

133
Q

Responsibilities of the ______ include reviewing registration statements and issuing deficiency letters.

A

SEC

134
Q

If an R/R wants to be paid for helping a realtor sell units in a(n) ______, he or she must:

  1. Notify the firm of his of the desire to participate.
  2. Furnish duplicate copies of the offering materials to his or her firm.
  3. Receive prior approval of participation.
A

Private Placement

135
Q

Underwriting contracts are not included in the ______.

A

Prospectus

136
Q

Insiders MAY / MAY NOT exercise call options.

A

MAY

137
Q

The Securities Investor Protection Corporation (SIPC) does not protect _______ investments.

A

Commodities

138
Q

If a registered representative writes an evaluation of an investment for a customer, it must have a(n) ______ and it must be initialed by a principal of the ______.

A
  1. Reasonable Basis

2. Principal

139
Q

If a registered representative issues a communication, he or she cannot promise ______.

A

Specific Results

140
Q

______ occurs when a seller promptly delivers a properly endorsed certificate with all of the legal items attached.

A

Good Delivery

141
Q

If a customer instructs his or her representative to buy 200 shares of a specific stock, the representative may decide ______ to make the purchase without written authorization from the customer.

A

When

142
Q

An advertisement soliciting clients to invest in options should include an ______ that the investor may lose the entire amount of his or her investment in a relatively short period of time.

A

Indication

143
Q

FINRA’s 5% mark-up policy DOES / DOES NOT apply to securities sold with a prospectus.

A

DOES NOT

144
Q

FINRA’s 5% mark-up policy DOES / DOES NOT apply to secondary market transactions as agent or principal.

A

DOES

145
Q

Under FINRA’s 5% policy, a bond transaction may have a(n) ______ percentage mark-up than a stock transaction of the same size.

A

Lower

146
Q

Under FINRA’s Rules of ______, sales literature would not need to include the size of the firm’s position in a stock issue.

A

Fair Practice

147
Q

A(n) “______” is one in which a broker/dealer who did not originally have a position in a security receives a firm order for that security, purchases it, marks it up, and sells it.

A

Riskless Transaction

148
Q

Sales literature must include the ______ of member, the ______, and the ______.

A
  1. Name
  2. Price
  3. Date
149
Q

A broker/dealer is required to send a confirmation date to his or her customer on or before the ______.

A

Settlement Date

150
Q

To determine normal investment practice, the following must be taken into consideration:

  1. The ______ of new issues purchased;
  2. The ______ of the transaction(s); and
  3. The ______ of the transaction(s).
A
  1. Number
  2. Size
  3. Frequency
151
Q

If a firm has a complaint against a customer, the dispute will only go to arbitration if the ______ agrees to it or has signed a(n) ______ as part of the account opening process.

A
  1. Customer

2. Pre-Dispute Arbitration Agreement

152
Q

Under MSRB rules, a registered representative cannot supervise ______.

A

Other Registered Representatives

153
Q

According to MSRB rules concerning suitability, suggestions made by a salesperson must be ______ for the investor.

A

Appropriate

154
Q

A municipal securities dealer CAN / CANNOT guarantee the timely execution of an order.

A

CAN

155
Q

If a municipal dealer makes a(n) ______ bid or offer but does not own the securities, he or she must be willing to sell them short.

A

Bona Fide

156
Q

Letters to customers that solicit business are considered ______ per the MSRB.

A

Advertising

157
Q

There are specific procedures which must be adhered to when opening a municipal account for any employee or partner of ______, an account for the spouse of a trader who works for ______, or a custodial account for the child of an employee who works for ______.

A

Another Dealer

158
Q

______ may be based on the dollar amount of the trade plus the cost of transacting the trade.

A

Commissions

159
Q

Research reports must be approved by a(n) ______.

A

Supervisory Analyst

160
Q

The ______ of the firm must approve all initial transactions.

A

Principal

161
Q

A registered representative DOES / DOES NOT have to disclose how much he or she makes on a discretionary transaction.

A

DOES NOT

Series 7 Rep Level (14 decks)

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