[2023年12月]更新のFINRA Series63試験練習テスト問題
更新された認定試験Series63問題集で練習テスト問題
質問 # 79
In an arrangement between MoeMoney Investment Advisers and one of the firm's clients, the YourMoney
mutual fund, part of MoeMoney's compensation is based how the fund performs compared to the S&P
5 00 Index. If the return on the fund exceeds the return on the index, MoeMoney gets a bonus. The S&P
5 00 had a return of negative 8% this year, and the fund returned a negative 2%, so MoeMoney invoiced
the client for the bonus. Has MoeMoney violated any securities laws?
- A. Yes. It is a violation of the Uniform Securities Act for an investment adviser to earn a bonus if a portfolio
it manages loses money. - B. Yes. An investment adviser's compensation cannot be based on the capital appreciation of the
portfolio. - C. Yes. Under no circumstances can a bonus be part of an investment adviser's compensation package
according to the Uniform Securities Act. - D. No. The fund beat the return on the S&P 500 Index, so MoeMoney is entitled to the bonus, based on its
agreement with YourMoney.
正解：D
解説：
No. MoeMoney has not violated any securities laws. Even though the fund's return was
negative, it still beat the return on the S&P 500 Index, and MoeMoney is entitled to the bonus. The
Uniform Securities Act does not prohibit compensation agreements like this one as long as the client is a
sophisticated investor, such as a mutual fund. This would not be permitted if the client were your average
individual investor.
質問 # 80
A limited power-of-attorney gives the designated person the right to
I. order the sale of an asset owned by the account holder and have a check written to the account holder
for the amount of the proceeds.
II. obtain account statements, including tax statements, on behalf of the account holder.
III. order the purchase of an asset for the account holder's account.
- A. I, II, and III
- B. II and III only
- C. I and II only
- D. I and III only
正解：B
解説：
Only Selections II and III are true. A limited power-of-attorney gives the designated person
the right to obtain account statements, including tax statements, on behalf of the account holder and to
order the purchase of an asset for the account holder's account. Only a full (or unlimited)
power-of-attorney allows the designated person to withdraw any proceeds from the account.
質問 # 81
The state of Massachusetts has issued a general obligation (G.O.) bond that pays 3% interest. As an agent selling this bond, you can legitimately tell the investor that
- A. all state general obligation bonds are also guaranteed by the federal government.
- B. the interest income the investor receives from the bond will be free from federal taxation.
- C. the bond is guaranteed by the state of Massachusetts and is, therefore, a risk-free investment.
- D. all of the above statements are true.
正解：B
解説：
Explanation
An agent selling a Massachusetts general obligation bond can legitimately tell the investor that the interest income he receives from the bond will be free from federal taxation. It is not, however, a risk-free investment.
States may default on their bond issues, and bonds issued by states are not guaranteed by the federal government.
質問 # 82
Jack is employed by NewCorp, which is engaging in an initial public offering (IPO). Jack will need to
register as a sales representative if he:
- A. Jack will need to register as a sales representative if he performs any one of the above activities.
- B. engages in transactions with the underwriters of the IPO for the purpose of taking the firm public.
- C. represents NewCorp in any transactions with financial institutions.
- D. participates in the selling of the new stock to individual investors.
正解：D
解説：
Jack will need to register as a sales representative if he participates in the sale of new stock
to individual investors. Those who deal directly with the public need to register as sales representatives
under the Uniform Securities Act. If Jack limits his involvement to transactions with the underwriters or
financial institutions, he need not register.
質問 # 83
Sam Shyster had his day in court-and lost. His license to do business as an investment adviser in the
state has been revoked. What legitimate options does Sam have available to him now?
- A. Sam can move to another state and apply for registration as an investment adviser there.
- B. Sam has 60 days to file an appeal of the decision in a court of law.
- C. Sam has 45 days in which to file an appeal with the attorney general.
- D. Sam can register with the SEC as an investment adviser, which will exempt him from state registration
requirements.
正解：B
解説：
Sam has the legitimate option of filing an appeal of the decision in a court of law within 60
days. He will not be able to register as an investment adviser with the SEC or with another state. His
application will be denied when it is discovered that Sam has had his license revoked by one state.
質問 # 84
Constance is an investment adviser representative. She told one of her clients that he should put at least
1 5% of his investment monies in a U.S. government bond mutual fund.
She explained that she believed that he required this percentage to meet his liquidity needs, and U.S.
government bond funds are risk-free. A few months later, the client needed to sell some of his fund shares
in order to pay some medical bills and was surprised to discover that he lost money on the sale because
the net asset value of the fund had dropped. Was Constance guilty of any securities violations?
- A. Yes. Constance is guilty of fraud. She misled the client into thinking he couldn't lose any money if he
invested the money in a U.S. government bond mutual fund. - B. It depends. If Constance realized that the client could lose money in a U.S. government bond fund,
then she is guilty of fraud, but if she did not herself realize that, then she is merely misinformed. - C. No. U.S. government bonds are often referred to as risk-free investments, so Constance made no
misstatement of fact in telling her client this. - D. Yes. Constance should never recommend that a client invest such a high percentage of his investment
monies in a U.S. government bond mutual fund.
正解：A
解説：
Yes. Constance is guilty of fraud. She misled her client into thinking he couldn't lose money if
he invested the money in a U.S. government bond fund. Although U.S. government bonds are referred to
as risk-free, this just means they are considered free from default risk. The value of the bonds-and,
therefore, the U.S. government bond funds-will change with changes in interest rates. As an investment
adviser representative, Constance should know this. Regardless of whether or not she does, she is guilty
of fraud simply by providing the misleading information. If she knew it and deliberately misled the client,
she is guilty of criminal fraud.
質問 # 85
Your next-door neighbor's brother works for a large pharmaceutical company and confided in her that one of the company's chemists has just discovered a compound that will cure baldness and that the firm plans to make the discovery public later in the week. Your next-door neighbor passes this information on to you over a cup of coffee the next morning. You immediately call your broker and place an order to buy shares of the company's stock.
Has any illegal insider trading taken place?
- A. Yes. You, your neighbor, and her brother are all guilty of illegal insider trading.
- B. Yes. You are guilty of illegal insider trading because you traded on information that had not yet been made publicly available.
- C. No. You are in no way related to your next-door neighbor's brother, and she could have been lying.
- D. Yes. The agent who executes your purchase order has engaged in illegal insider trading.
正解：B
解説：
Explanation
Yes. You are guilty of illegal insider trading because you traded on information that was not yet public. Your neighbor and her brother did not execute any trades based on the information, so they're innocent, as is the agent who executed your purchase order, who had no way of knowing that you had insider knowledge when you placed the order.
質問 # 86
You are a registered agent with a large brokerage firm. Your client is a very busy woman. She is interested in purchasing 500 shares of Google, but she thinks this morning's opening price is too high. She's going to be in meetings and then on a transatlantic flight. She wants the purchase to take place today because she believes Google's price is just going to keep rising with only the occasional daily ups and downs. She wants you to use your discretion and try to get her the best price for the stock in today's trading session.
Which of the following statements are true?
- A. You tell her you can enter it for her as a "market not held" order.
- B. You have to tell her that you can't do this without a signed discretionary authorization from her, and there's none on file.
- C. You tell her that you can do this for her, but only if you execute it as a margin transaction.
- D. You tell her to have her secretary type up a discretionary authorization for her to sign and drop in the mail before she boards the plane. As long as the written authorization is in the mail, you can place the order.
正解：A
解説：
Explanation
You can tell her that you will be able to execute this for her as a "market not held" order that permits you to use your discretion in timing the purchase in order to try to get a better price than currently exists. As long as you are only being requested to use your discretion in the timing and price of the transaction, and not in the actual security being traded or the size of the trade, you do not need written authorization. However, if written authorization is required, you must have it in your hand before you can effect a transaction. In other words, it isn't good enough for it to be in the mail.
質問 # 87
Until yesterday Maddie was a registered agent employed by the broker-dealer, QuikDeals. Yesterday
afternoon, issues that had been brewing between her and another employee of the firm came to a head,
and Maddie impulsively quit her job. At this point,
- A. Maddie has thirty days to find a job with another broker-dealer, or she will need to file a new registration
application. - B. Maddie has sixty days to find a job with another broker-dealer, or she will need to file a new registration
application. - C. Maddie will have to file a new application for registration with the Administrator upon finding
employment with another broker-dealer since she is no longer considered to be a registered agent by the
state. - D. Maddie is required to call all of her clients at QuikDeals to inform them she is no longer employed
there.
正解：C
解説：
When Maddie quit her job, her status as a state-registered securities agent was
automatically terminated, and she will need to file a new application for registration with the Administrator
upon obtaining a position with another broker-dealer. If she does so within thirty days, her registration will
become effective as soon as she has filed her application and paid her application fee. While she is
required to notify the Administrator that she has terminated her employment with QuikDeals, there is no
requirement that she contact any of her clients at QuikDeals.
質問 # 88
Mr. Bigwig, CEO of HiGrowth Corporation, meets with the president of BigFee Investment Bankers and arranges for BigFee to underwrite an Initial Public Offering (IPO) for the firm.
When the IPO comes to market, GetErDone Broker-Dealers is part of the selling group, which handles the sale of the stock to the public. In this scenario, which party is the issuer?
- A. BigFee Investment Bankers
- B. Mr. Bigwig
- C. HiGrowth Corporation
- D. GetErDone Broker-Dealers
正解：C
解説：
Explanation
HiGrowth Corporation is the issuer in this instance. Its stock will be sold, and HiGrowth will receive the proceeds from the sale-less BigFee's underwriting spread. Mr. Bigwig is merely HiGrowth's representative in this instance.
質問 # 89
Which of the following is not considered to be a security, as defined by the Uniform Securities Act (USA)?
- A. a certificate of deposit (CD)
- B. a put option
- C. a debenture
- D. an annuity contract wherein an insurance company promises to pay a fixed sum, either in a lump amount or through periodic payments.
正解：D
解説：
Explanation
The Uniform Securities Act excludes annuity contracts wherein an insurance company promises either to pay a fixed sum, either in a lump amount or through periodic payments, from its definition of a security. Debentures, CDs, and option contracts are all classified as securities under the USA.
質問 # 90
Blue Sky Laws are designed to:
- A. protect investors from fraud in their securities market transactions.
- B. enhance the tourism industry within a state.
- C. protect agents, broker-dealers, and investment advisers and their representatives from spurious
allegations of fraudulent activity. - D. favor investment in companies that engage in environmentally friendly practices.
正解：A
解説：
The main purpose of Blue Sky Laws is to protect individual investors from fraud in their
securities market transactions. Requiring the registration of new security issues and the registration of
those persons who advise individual investors as well as those involved in the purchase and sale of
securities to the public are just some of the regulations designed to do this. There are no provisions
designed to protect agents, broker-dealers, or investment advisers and their representatives in any
regard.
質問 # 91
Desi Genuos is an agent with Broker-Dealer CanDo. A client has asked Desi to recommend a mutual fund that does not have a sales charge. Desi recommends a fund that has no front-end load although it does have a deferred sales load if the investor redeems his shares within the first three years of ownership, but the client has informed Desi that he is looking at this as a long-term investment. Based on these facts, Desi
- A. is not in violation of any rules since the fund has no front-end load and the deferred sales load will not apply to this client, given his indication that this is meant to be a long-term investment.
- B. is not in violation of any rules because he is an agent of a broker-dealer and is not affiliated with the fund he has recommended in any manner.
- C. is in violation of NASAA rules regarding investment company shares.
- D. will not be in violation of any NASAA rules as long as he has his client sign a "letter of intent."
正解：C
解説：
Explanation
If Desi recommends a mutual fund that has a deferred sales load to a client who requests a mutual fund with no sales charge, he is in violation of NASAA rules regarding investment company shares. The NASAA rules specify that it is prohibited for an agent to state or imply that the investment has no sales charge if there is a deferred sales load involved. It doesn't matter if, in fact, the deferred load may never have to be paid by the client. A letter of intent involves a statement of intent by the investor to invest an amount that will meet a breakpoint that will entitle him to a lower load charge. This is not pertinent to this specific question.
質問 # 92
Trevor is currently a registered agent in the state of Connecticut where he has been employed by Connect & Company, a broker-dealer that is registered in Connecticut and has subsidiary operations in Massachusetts, New Jersey, and New York. Trevor has moved to Massachusetts and is now associated with one of Connect's subsidiaries, a broker-dealer registered in the state. Trevor has applied to the Administrator of Massachusetts for registration as an agent.
Can Trevor execute purchases and sales for clients while his registration is still pending?
- A. Yes. Because Trevor is a registered agent in another state and is affiliated with a broker-dealer that is registered in the state of Massachusetts, he is not restricted from executing trades.
- B. No. Until he is informed by the Administrator of Massachusetts that his application has been accepted, Trevor may not affect any securities transactions in Massachusetts.
- C. Yes. Trevor can execute trades for new clients he solicits, but only for sixty days while his registration is pending.
- D. It depends. Trevor can execute some purchases and sales, but only for clients that he already had who may have recently relocated to Massachusetts and only for sixty days while his registration is pending.
正解：D
解説：
Explanation
It depends. Because he is a registered agent in another state and the broker-dealer he is now affiliated with is registered in the state of Massachusetts, Trevor can execute purchases and sales, but only for existing clients while his registration with the Massachusetts Administrator is still pending and only for sixty days. This assumes, of course, Trevor has no violations that would restrict him from registering in Massachusetts.
質問 # 93
The Uniform Securities Act (USA) is
- A. a body of laws governing the purchase and sale of securities within a single state.
- B. a set of guidelines for individual states to follow when formulating their own securities' laws.
- C. a group of laws requiring state-issued securities, such as municipal bonds, to be registered with.
- D. federal legislation that requires all states to adopt the same registration requirements for all.
正解：B
解説：
Explanation
The Uniform Securities Act (USA) provides a model for states to follow when formulating their own securities laws. It does not, itself, contain any laws.
質問 # 94
Vious and Associates is a small broker-dealer trying to generate more business. To this end, the firm had a professional four-color brochure printed that provides the years of industry experience of its management along with other information. The firm's founder, Ms. D. Vious, is listed as having over 30 years of experience in the industry. Ms. D. Vious has worked for broker-dealers for over 30 years, but for 20 of those 30 years, she was a secretary.
Has D. Vious violated any securities laws?
- A. Yes. The broker-dealer is making a misleading statement in an advertising brochure in order to convince investors to do business with the firm.
- B. No. Advertising brochures are not securities.
- C. No. Technically, Ms. D. Vious does have over 30 years of experience in the industry, even though it was not in the capacity of an agent or a broker-dealer.
- D. No. Ms. D. Vious' years of experience is not a material fact that would affect an investor's investment decision.
正解：A
解説：
Explanation
Yes. The broker-dealer is making a misleading statement in an advertising brochure in order to convince investors to do business with the firm. This is deceitful and misleading, and persons involved in the securities industry are prohibited from making deceitful and misleading statements.
質問 # 95
Mr. and Mrs. Cleaver are nearing retirement and have made an appointment with Mr. Eddie, an investment adviser representative who works for Haskell Investment Advisers, to get advice on how they can better structure their investments to meet their retirement goals. Their son, Theodore, who has recently graduated college and has a great job as a software writer for a video game company, accompanies them. Mr. Eddie explains that the main goal of any plan is diversification and recommends that Mr. and Mrs. Cleaver spread their investment monies equally among six load mutual funds that Mr. Eddie can sell them. He suggests that Theodore follow suit and invest any monies he has equally among the same ten funds.
Has Mr. Eddie done anything wrong?
- A. No. Diversification should, in fact, be the goal, and he has advised a well-diversified plan for his clients.
- B. Yes. Clients who are ready to retire have different investment needs than a client who is just entering the work force. The recommendation that both Theodore and his parents have the same asset allocation is clearly unsuitable.
- C. Yes. Mr. Eddie is guilty of misappropriation, a prohibited practice.
- D. Yes. Mr. Eddie has advised his clients to invest in load funds when no load funds are clearly better investments.
正解：B
解説：
Explanation
Yes. In recommending that Mr. and Mrs. Cleaver and their son allocate their assets in identical fashions, Mr.
Eddie has made an unsuitable recommendation since investors with different investment time horizons have different investment needs. Making unsuitable recommendations is a prohibited practice, and Mr. Eddie could have his license suspended or revoked.
質問 # 96
In which of the following scenarios is an investment adviser representative required to disclose the fact that someone other than the representative performed the research on which his advice to the client is based?
I. The investment adviser representative recommends the same asset allocation for his client that a buddy of his did after his buddy had done some research for a client with similar characteristics.
II. The investment adviser representative provides a recommendation for his client based on research provided by a broker-dealer that provides the investment adviser with its analysts' recommendations in return for trades that the investment adviser executes using the services of the broker-dealer, as well as a couple of other research sources he finds on the internet.
III. The investment adviser representative submitted his client's information to a data base that provided a recommendation for the asset allocation of the client's investment monies that the adviser deemed was sound and, therefore, recommended it to his client.
- A. II only
- B. I only
- C. I and III only
- D. III only
正解：C
解説：
Explanation
An investment adviser representative is required to disclose the fact that someone else performed the research on which advice to the client is based in scenarios described in I and III only. If the representative provides a recommendation to the client based solely on the recommendations provided by others to whom he provided the data, he must disclose this. However, if the adviser representative has based his recommendations on his own assessment of analysts' reports and recommendations, as is suggested in Selection II, then there is no disclosure requirement.
質問 # 97
In its prospectus, the YourMoney Mutual Fund provides charts and tables of its average annual return
over the past year, three years, five years, and ten years. The fund's return has indeed been phenomenal
over this time period, beating the S&P 500 Index by at least 15%. The prospectus states that this is
because the fund invests in securities that are riskier and that, therefore, an investor can expect the fund
to continue earning a return higher than the S&P 500 Index. Is YourMoney guilty of any security
violations?
- A. Yes. YourMoney is guilty of fraud in claiming that "an investor can expect the fund to continue earning
a return higher than the S&P 500 Index." Past performance is no indication of future performance. - B. No. YourMoney properly revealed to prospective investors the fact that its higher than average returns
are the result of its investment in riskier securities. - C. No. Regulations require only that the mutual fund provide charts and tables of its average annual
returns, with a statement comparing the fund performance with a relevant market index.YourMoney has
done this and more. - D. Yes. There is no way the fund could have beaten the S&P 500 Index by at least 15% over the past ten
years. The fund is obviously misstating its returns.
正解：A
解説：
Yes. YourMoney is guilty of fraud in its claim that "an investor can expect the fund to
continue earning a return higher than the S&P 500 Index." Past performance is no indication of future
performance, and this statement is clearly a misstatement of a material fact. In fact, because the
securities the fund invests in are riskier than average, the fund returns can be expected to fall harder than
the S&P 500 Index in a market downturn.
質問 # 98
A broker-dealer will be found guilty of churning an account if the account has a turnover ratio of
- A. five.
- B. four.
- C. eight.
- D. There is no specified turnover ratio assigned to the prohibited practice of churning.
正解：D
解説：
Explanation
There is no specified turnover ratio assigned to the prohibited practice of churning since some investors are simply more frequent traders than others.
質問 # 99
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