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FINRA Series-7 Exam Dumps

General Securities Representative Qualification Examination (GS)

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Total Questions : 400
Update Date : May 20, 2024
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FINRA Series-7 Sample Questions

Question # 1

Bubba held one XYZ July 30 listed call option when XYZ split 2 for 1. What is the resulting position, Bubba has on the Option Clearing Corporation’s record?

A. long one XYZ July 30 call 
B. long one XYZ July 30 call and short one XYZ July 30 call 
C. long two XYZ July 30 calls 
D. long two XYZ July 15 calls 

Question # 2

A public offering by an investment banker in which any securities not sold are returned to the issuer is known as:

A. a firm commitment 
B. a best efforts offering 
C. an all or none offering 
D. a contingency offering 

Question # 3

Municipal syndicate allocation procedures are described in which of the following?

A. underwriting agreement 
B. syndicate account letter 
C. agreement among the underwriters 
D. official statement 

Question # 4

Regulation T is set at 50%. Bubba’s account contains long positions in the following securities with the prices listed: 100 ABC $30 200 XYZ $70 200 QBB $40 200 KKK $25Total market value = $30,000Debit balance in the account = $12,000Net equity balance of the account = $18,000What is the buying power in Bubba’s account?

A. $3,000 
B. $6,000 
C. $11,000 
D. $0 

Question # 5

When depositors withdraw money from savings institutions to invest in US treasury securities, this is called:

A. the multiplier effect 
B. disintermediation 
C. reverse repo 
D. open market operations 

Question # 6

Bubba owns 100 shares of XYZ at $58. He needs to limit his loss to 5 points or less and will accept a longer time for the order to be executed, to make sure the loss does not exceed 5 points.Which of the following orders would be the best recommendation?

A. sell limit order 
B. sell stop-limit order 
C. sell stop order 
D. buy stop order 

Question # 7

Prospective bidders for a municipal bond being issued should consult what document for relevant procedures?

A. the Eastern account agreement 
B. the official notice of sale 
C. the offering circular 
D. the SEC Registration Statement 

Question # 8

The market theory stating that the small investor is usually wrong is called the:

A. advance-decline theory 
B. odd-lot theory 
C. Dow theory 
D. short interest theory 

Question # 9

The net asset value of a mutual fund was $9.72 last month. This month it is calculated at $9.85. What is the change in a value called?

A. yield 
B. asset revaluation 
C. appreciation 
D. capital gain 

Question # 10

A corporation makes a rights offering to raise $10 million of new capital by issuing one million shares of common stock. If it already has six million shares outstanding at the time of the offering. What subscription ratio is the corporation establishing for each new share?

A. 6 rights per share 
B. 10 rights per share 
C. 6 million rights per share 
D. 10 million rights per share 

Question # 11

Regulation T is set at 50%. Bubba’s account contains long positions in the following securities with the prices listed: 100 ABC $30 200 XYZ $70 200 QBB $40 200 KKK $25Total market value = $30,000Debit balance in the account = $12,000Net equity balance of the account = $18,000What is Bubba’s excess equity in the account?

A. $3,000 
B. $18,000 
C. $12,000 
D. $0 

Question # 12

In early September, Bubba buys 100 shares of XYZ for $83 per share and simultaneously writes one XYZ March 90 call for $4. What is the price for XYZ stock at which Bubba will breakeven?

A. $94 
B. $87 
C. $86 
D. $79  

Question # 13

Bubba buys one XYZ September 50 call at $7 and sells one XYZ September 60 call at $3. At that time, XYZ stock is at $55. Bubba has no other stock positions. At what must XYZtrade for Bubba to break even?

A. $54 
B. $55 
C. $57 
D. $60 

Question # 14

Bubba’s margin account has $2,000 of SMA. If he buys $10,000 of new securities, how much additional cash must he deposit assuming a Reg T requirement of 50%?

A. $3,000 
B. $4,800 
C. $5,000 
D. $6,000 

Question # 15

As a general rule, when a partnership is terminated, in what order are assets distributed?

A. general creditors, secured lenders, limited partners, general partners 
B. secured lenders, limited partners, general creditors, general partners 
C. secured lenders, general creditors, limited partners, general partners 
D. general creditors, general partners, limited partners, secured lenders 

Question # 16

Which of the following are not flat rate taxes?

A. excise tax 
B. gasoline tax 
C. gift tax 
D. general income tax 

Question # 17

Which of the following is not true about US treasury bills?

A. they are issued at a discount
B. they are money market instruments 
C. they are issued in denominations of $1,000 to $1,000,000 
D. they are general obligations of the US government 

Question # 18

What rate of return takes into consideration appreciation or depreciation in market value relating to the par value of a debt security?

A. current yield 
B. yield to maturity 
C. nominal yield 
D. basis yield 

Question # 19

Which of the following would not be subject to the holding period restrictions under Rule 144?

A. restricted stock acquired via investment letter 
B. restricted stock acquired via stock options plan 
C. restricted stock acquired via private placement 
D. restricted stock acquired via open market purchase 

Question # 20

Which of the following statements incorrectly describes US securities markets?

A. a capital market comprised of long-term debt and equity issues 
B. a money market comprised of short-term debt and equity issues 
C. a municipal market comprised of tax-exempt issues of state and local governments 
D. a government and agency market comprised of both short-term and long-term debt issues