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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q10-Q15):

NEW QUESTION # 10
A customer purchased 100 shares of Company XYZ common stock five years ago for $20.00 per share. Over the life of her investment, the customer received cash dividends of $2.00 per share, on which she paid total income taxes of $0.50 per share. She recently sold the stock for $30.00 per share. What is the customer's cost basis in each share of XYZ stock?

Answer: C

Explanation:
The cost basis of a stock represents the purchase price and does not include dividends received. Taxes paid on dividends also do not affect the cost basis.
* Original purchase price per share = $20.00.
* Dividends and taxes on dividends do not adjust the stock's cost basis.
* A is correct because the cost basis remains $20.00.
* B, C, and D incorrectly assume that dividends or taxes change the cost basis.
Reference: IRS Publication 550: Investment Income and Expenses


NEW QUESTION # 11
Which of the following responses describes a FINRA member?

Answer: B


NEW QUESTION # 12
A selling group member in an initial public offering (IPO) has the primary responsibility for which of the following obligations related to the IPO ' s prospectus?

Answer: D

Explanation:
The correct answer is B, Distributing the prospectus to prospective investors. In an IPO, responsibilities are divided among various participants, including the issuer, underwriters, and selling group members. A selling group member is part of the distribution network and is primarily responsible for selling the securities to the public and delivering the prospectus to potential investors.
The prospectus is a legal disclosure document that must be provided to investors before or at the time of sale.
Selling group members play a key role in ensuring that investors receive this document so they can make informed decisions.
Choice A, preparing the prospectus, is the responsibility of the issuer, along with assistance from the lead underwriter and legal counsel. Choice C, ensuring filing with the SEC, is also the issuer's responsibility.
Choice D, ensuring accuracy and completeness, falls on the issuer and underwriters, who are liable for disclosures under securities laws.
Thus, the selling group's primary role is distribution, not creation or verification of the prospectus. Therefore, choice B is correct.


NEW QUESTION # 13
A mutual fund prospectus discloses the following sales charges to purchase fund shares:
Amount / Rate
$100 to $24,999 # 8%
$25,000 to $49,999 # 7%
$50,000 to $99,999 # 6%
$100,000 and above # 5%
Which of the following purchase amounts may be suspected as a breakpoint sale violation?

Answer: B

Explanation:
The correct answer is C, $99,000. A breakpoint sale violation occurs when a registered representative fails to inform a customer about available sales charge discounts (breakpoints) for larger mutual fund purchases.
These discounts reduce the front-end load as the investment amount increases.
Looking at the breakpoint schedule, a significant reduction occurs at $100,000, where the sales charge drops from 6% to 5%. If a customer invests $99,000, they fall just short of the breakpoint and pay a higher sales charge than necessary.
This raises a red flag because the RR should consider strategies such as:
* Informing the client to invest slightly more (e.g., $100,000) to qualify for a lower sales charge
* Using a Letter of Intent (LOI) to reach the breakpoint over time
* Applying rights of accumulation if applicable
Choices A ($26,000) and B ($55,000) are not suspicious because they are not just below a major breakpoint threshold. Choice D ($101,000) already qualifies for the lower 5% charge.
Thus, $99,000 is most indicative of a potential breakpoint sale violation, making choice C correct.


NEW QUESTION # 14
Corporate bonds unsecured by any pledge of property are called:

Answer: B

Explanation:
Step by Step Explanation:
* Debentures: Corporate bonds not backed by physical assets or collateral. They rely on the issuer's creditworthiness.
* Incorrect Options:
* B: Trust certificates are a legacy term for bonds backed by a trust.
* C: Collateral trust bonds are secured by financial assets.
* D: GO bonds are issued by municipalities, not corporations.
SEC Guide on Corporate Bonds: SEC Corporate Bonds.


NEW QUESTION # 15
......

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