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SIE Flashcards

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SIE Exam flashcards
1
Q

What are the potential maturities of a Treasury bill?

A

4, 13, 26, and 52 weeks.

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2
Q

What are the potential criteria for an accredited investor?

A

Income, net worth, or professional designation.

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3
Q

Is a short sale bearish or bullish?

A

Bearish

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4
Q

How are t-bonds and t-notes priced?

A

As a percentage of par

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5
Q

What type of underwriting calls for underwriters to buy securities from the issuer acting as an agent, not as principal?

A

Best efforts underwriting.

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6
Q

How can you transfer registration as an RR from one broker-dealer to another?

A

You can’t/

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7
Q

What part of short and long calls are always the same?

A

The breakeven.

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8
Q

What is parity?

A

When the premium equals the intrinsic value.

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9
Q

What is the maximum gain on a short put?

A

The premium

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10
Q

What does CY measure?

A

A bond’s annual coupon payment relative to its market price.

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11
Q

Who decides which securities to sell if a maintenance call in a margin account is not met?

A

The broker-dealer.

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12
Q

What type of risk are long-term bonds most associated with?

A

Inflation risk.

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13
Q

Who benefits most from a defined contribution plan?

A

Younger people

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14
Q

What is the limit of 12b-1 fees of a no load fund?

A

.25 percent.

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15
Q

Which investment companies do NOT redeem their shares?

A

Closed-end funds.

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16
Q

Who has volume limitations under ruler 144?

A

Control persons

17
Q

What is street name?

A

Securities held in street name are registered in the name of the broker-dealer

18
Q

How long is the cooling-off period?

A

20 calendar days after the SEC has received it.

19
Q

What is the difference between money market and capital market?

A

The money market is the trade in short term dept.

The capital market is the trade of stocks and bonds, i.e. mid- to long-term investments.

20
Q

Who issues commercial paper?

A

Corporations.

21
Q

When can a municipality issue GO bonds that will put it over its statutory debt limit?

A

When voters approve of it.

22
Q

What is a municipal finance professional?

A

An employee of a FINRA member engaged in municipal security representative activities such as underwriting and trading

23
Q

What is the breakeven for a short call?

A

The premium plus the strike price.

24
Q

What is the breakeven for a long call?

A

Premium plus strike price.

25
Q

How long of a residency history does the u-4 require?

A

5 years

26
Q

Preferred stock dividend is stated as a percentage of

A

Par value

27
Q

What securities are exempt from Reg T margin requirements but can still be purchased on margin?

A

Treasury securities.

28
Q

What is a syndicate?

A

`Two or more broker-dealers which work with an issuer through, for example, the registration process in the case of corporate securities and bring the issuer’s securities to the market by selling them to investors.

29
Q

What is an example of a municipal bond that is not tax free?

A

IDR

30
Q

What is the formula for tax-free municipal equivalency?

A

corporate x (100-tax bracket) = tax-free municipal equivalent.

31
Q

What is notable about the quote for a T-bill?

A

The Bid will be HIGHER than the ask.

32
Q

How are zeros taxed?

A

As PHANTOM INCOME every year.

33
Q

At what level are treasuries taxed?

A

Federally, but not on a state or local level.

34
Q

At what level are municipal bonds taxed?

A

Locally/on a state level, not federally (normally, except sometimes)

35
Q

What is the FCA?

A

Farm Credit Association, makes sure that securities and loans are available for ranchers and farmers. Tax exempt at a state and local level.

36
Q

How often to GNMA payments take place?

A

monthly

37
Q

At what level are territorial bonds taxable?

A

Every level!

38
Q

At what level are FCA certs taxable?

A

Federal only

SIE Exam (1 decks)

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