[2025年07月19日] 合格させるFINRA SIE試験情報と無料練習テスト
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FINRA SIE 認定試験の出題範囲：
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質問 # 66
The provision that allows a bond issuer to purchase bonds from customers prior to the maturity date on the bond is known as a:
- A. Put
- B. Call
- C. Conversion
- D. Defeasement
正解：B
解説：
Step by Step Explanation:
* Call Provision: This allows the issuer to redeem bonds before their maturity date, usually at a premium to the par value, which benefits the issuer in a declining interest rate environment.
* Put Provision: Allows bondholders, not issuers, to sell the bond back to the issuer.
* Conversion: Relates to convertible bonds that can be converted into equity.
* Defeasement: Refers to the removal of a bond issuer's obligation by setting aside cash or securities to cover the debt.
References:
* SEC Guide on Callable Bonds: SEC Callable Bonds.
質問 # 67
Before an affiliate of an issuer is permitted to sell 10,000 shares of restricted securities, which of the following conditions must be met?
- A. The company must be traded on a listed stock exchange.
- B. The shares to be sold must be less than 10% of the average daily trading volume (ADTV) of the security.
- C. The issuer must notify FINRA of the proposed sale by submitting a Form 144.
- D. The affiliate must have a holding period of six months.
正解：D
解説：
Step by Step Explanation:
* Rule 144 Holding Period: Restricted securities held by affiliates require a six-month holding period before sale, provided the issuer is subject to SEC reporting requirements.
* Other Options:
* Notification to FINRA (C) is incorrect; Form 144 is submitted to the SEC, not FINRA.
* The 10% ADTV limitation (D) applies to the volume of shares sold, not the conditions for sale.
References:
* SEC Rule 144 (Selling Restricted Securities): SEC Rule 144.
質問 # 68
Which of the following entities issues certificates of deposit (CDs)?
- A. Federal Reserve
- B. Banks
- C. Broker-dealers
- D. FDIC
正解：B
解説：
Certificates of Deposit (CDs) are time deposit accounts issued by banks, offering fixed interest rates for a specified term. CDs are insured by the FDIC up to $250,000 per depositor, but the issuing entity is the bank itself.
* B is correctbecause banks issue CDs.
* Ais incorrect because the FDIC insures CDs but does not issue them.
* Cis incorrect because broker-dealers may facilitate the purchase of CDs but do not issue them.
* Dis incorrect because the Federal Reserve does not issue CDs; it manages monetary policy.
質問 # 69
For up to how many business days is a firm initially permitted to place a temporary hold on disbursements for a specified adult account in which the firm reasonably believes financial exploitation has occurred?
- A. 15 business days
- B. 3 business days
- C. 5 business days
- D. 10 business days
正解：D
解説：
Step by Step Explanation:
* Temporary Hold Period: Under FINRA Rule 2165, a firm can initially place a hold on disbursements for up to 10 business days if financial exploitation is suspected.
* Additional Holds: The period may be extended by an additional 10 business days if warranted and allowed by state law.
* Incorrect Options:
* A & B: These are shorter than the permissible period.
* D: The initial hold period is capped at 10 business days.
References:
* FINRA Rule 2165 (Financial Exploitation of Specified Adults): FINRA Rule 2165.
質問 # 70
A bond with a par value of $1,000 that is backed by the taxing power of a local government is known as:
- A. A revenue bond
- B. A Treasury bond
- C. A general obligation (GO) bond
- D. A corporate bond
正解：C
解説：
Step by Step Explanation:
* General Obligation (GO) Bonds: Backed by the full faith and credit of the issuing municipality, relying on its taxing power for repayment.
* Revenue Bonds: Supported by revenues from a specific project or source.
* Treasury Bonds: Issued by the federal government.
* Corporate Bonds: Issued by corporations, not municipalities.
References:
* SEC Municipal Bond Guide: SEC GO Bonds.
質問 # 71
If a company with a single outstanding bond issue chooses to extinguish this debt through refunding, which of the following actions will occur?
- A. The company will establish a sinking fund for use in making regular open-market purchases of the bonds.
- B. The company will issue stock to replace the bonds.
- C. The company will buy back the bonds, at a discount, from the bondholders.
- D. The company will retire one debt with the proceeds from another issue.
正解：D
解説：
Refunding involves replacing existing debt with new debt, usually to take advantage of lower interest rates.
* B is correctbecause the company issues new bonds to pay off the existing debt.
* Ais incorrect as refunding involves issuing debt, not equity.
* Cis incorrect because the company is not obligated to buy back bonds at a discount.
* Dis incorrect because a sinking fund is used for gradual repayment, not refunding.
質問 # 72
Which of the following is a reportable obligation with respect to an individual's Form U4?
- A. A change of business telephone number
- B. A speeding ticket
- C. A gambling-related misdemeanor charge
- D. A change of residential address
正解：C
解説：
Step by Step Explanation:
* Form U4 Reporting Requirements: Registered persons must disclose criminal charges (excluding minor traffic violations) and material changes such as residential address changes. Gambling-related misdemeanors are considered reportable.
* Incorrect Options:
* Speeding Ticket: Typically not reportable unless it involves a felony.
* Business Telephone Number: Not material for Form U4.
References:
* FINRA Form U4 Instructions: FINRA Form U4.
質問 # 73
A registered representative (RR) receives a mutual fund order from a customer at 4:10 p.m. ET. Which of the following statements is true regarding this order?
- A. It must be accepted as an "as/of" trade for today's price.
- B. It must be executed at the next closing price.
- C. It must be executed at the next day's opening price.
- D. It is not permitted to be accepted as it was received after the market close.
正解：B
解説：
Mutual funds are traded based on forward pricing. Orders received after the market closes are executed at the NAV calculated at the next market close.
* A is correctbecause it aligns with forward pricing rules.
* B,C, andDare incorrect as they do not follow mutual fund trade practices.
質問 # 74
Under which of the following circumstances, if any, is a member firm permitted to send gifts to registered representatives (RRs) of another member firm?
- A. No single gift exceeds $100; maximum value of all gifts per RR per year is $200
- B. No single gift exceeds $100; no limit on the number of gifts
- C. Value of all gifts to an RR during a period of one year does not exceed $100
- D. Under no circumstance
正解：C
解説：
FINRA Rule 3220 prohibits member firms from giving gifts exceeding $100 per individual per year to ensure that gifts do not influence business conduct. The rule applies to gifts given in connection with the firm's business.
* C is correctbecause it adheres to FINRA's $100 annual limit.
* Ais incorrect because the total value of gifts must also not exceed $100 annually.
* Bis incorrect as there is no $200 limit.
* Dis incorrect as gifts are allowed within the $100 limit.
質問 # 75
Company ABC stock currently trades on an exchange. An ABC insider wants to sell a large number of shares of her privately held ABC stock. ABC files the necessary paperwork to register the shares, but the insider decides to wait and sell the stock at a later date. Which of the following terms best describes the type of offering that is occurring in this situation?
- A. A rights offering
- B. A private offering
- C. An exempt offering
- D. A secondary offering
正解：D
解説：
Step by Step Explanation:
* Secondary Offering: Involves the sale of shares by an existing shareholder, such as an insider, rather than the company itself issuing new shares.
* Incorrect Options:
* A: Rights offerings involve giving existing shareholders the opportunity to buy additional shares.
* B: Private offerings are not registered with the SEC and involve limited investors.
* C: An exempt offering refers to securities exempt from SEC registration, such as Regulation D offerings.
References:
* SEC Guide on Secondary Offerings: SEC Secondary Offerings.
質問 # 76
A grandfather establishes a Uniform Transfers to Minors Act (UTMA) custodial account for his grandson and appoints an attorney as custodian. Which of the following individuals owns the account?
- A. Grandson
- B. Grandfather
- C. Grandson's parent
- D. Attorney
正解：A
解説：
In a UTMA account, the minor is the legal owner of the account. The custodian (in this case, the attorney) manages the account until the minor reaches the age of majority specified by state law.
* C is correctbecause the grandson (the minor) is the account's legal owner.
* Ais incorrect because the attorney is the custodian, not the owner.
* Bis incorrect because the grandfather established the account but does not own it.
* Dis incorrect because the parent does not have ownership unless explicitly named as the custodian.
質問 # 77
In a rising interest rate environment, which of the following statements is true regarding the price of fixed-rate corporate bonds?
- A. Their price will appreciate in value.
- B. Their price will depreciate in value.
- C. Their price will remain constant.
- D. Their price will revert to par value.
正解：B
解説：
When interest rates rise, the price of fixed-rate corporate bonds falls because the bond's coupon payments become less attractive compared to new bonds issued at higher rates.
* D is correctas bond prices move inversely to interest rates.
* Ais incorrect because bond prices fluctuate with interest rate changes.
* Bis incorrect because bond prices revert to par only at maturity.
* Cis incorrect because prices do not appreciate when rates rise.
質問 # 78
Which of the following statements is true of the writer of a listed equity call option?
- A. They have the right to buy stock at a fixed strike price.
- B. They have the obligation to buy stock at a fixed strike price.
- C. They have the right to sell stock at a fixed strike price.
- D. They have the obligation to sell stock at a fixed strike price.
正解：D
解説：
Step by Step Explanation:
* Call Option Writer: When writing (selling) a call option, the writer has the obligation to sell the underlying stock at the strike price if the buyer exercises the option.
* Incorrect Options:
* A & B: Only the option buyer has rights, not the writer.
* D: Obligations to buy stock apply to put option writers, not call option writers.
References:
* Options Clearing Corporation (OCC) Options Education: OCC Options Education.
質問 # 79
Beta coefficient is a measure of:
- A. The volatility of the broad stock market.
- B. The liquidity of an individual stock relative to the sector average.
- C. The volatility of an individual stock relative to the broad stock market.
- D. Only the upside participation of an individual stock.
正解：C
解説：
The beta coefficient measures the sensitivity of a stock's returns relative to the overall market (usually the S&P 500). A beta of:
* 1.0indicates the stock moves in line with the market.
* Greater than 1.0suggests the stock is more volatile than the market.
* Less than 1.0suggests the stock is less volatile.
* D is correctbecause beta specifically compares the volatility of a stock to the market.
* Ais incorrect as beta does not measure the market's volatility.
* Bis incorrect as beta considers both upside and downside movements.
* Cis incorrect as beta does not measure liquidity.
質問 # 80
For a customer thinking about purchasing a high-income bond mutual fund, which of the following is considered the primary risk of the underlying securities in the portfolio?
- A. Taxability risk
- B. Credit risk
- C. Purchasing power risk
- D. Political risk
正解：B
解説：
High-income bond mutual funds typically invest in lower-rated (junk) bonds that offer higher yields. These bonds are exposed to significant credit risk, as issuers may default on their payments.
* A is correctbecause credit risk is the primary concern with high-yield bonds.
* Bis incorrect as political risk is more relevant for international investments.
* Cis incorrect because taxability risk is not specific to bond mutual funds.
* Dis incorrect because purchasing power risk is more relevant for fixed-income investments during inflationary periods but is not the primary risk here.
質問 # 81
A summary prospectus for a mutual fund must contain which of the following information?
- A. Projected return
- B. Control persons and principal owners of the fund
- C. Fund's portfolio holdings
- D. Investment objectives
正解：D
解説：
Step by Step Explanation:
* Summary Prospectus Content: Must include key information such as the fund's investment objectives, risks, fees, and past performance. This helps investors make informed decisions.
* Incorrect Options:
* A: Projected returns are speculative and not included in the prospectus.
* C & D: Detailed portfolio holdings and control persons are included in the full prospectus, not the summary.
References:
* SEC Rule 498 (Summary Prospectuses): SEC Prospectus Requirements.
質問 # 82
Under SEC Regulation A, which of the following market participants, if deemed to be a bad actor, will disqualify the offering from reliance on this registration exemption?
- A. Underwriter
- B. Clearing corporation
- C. Custodian
- D. Transfer agent
正解：A
解説：
SEC Regulation A provides a registration exemption for smaller public offerings but includes a "bad actor" disqualification. If certain key parties, such as the issuer, underwriter, or affiliates, have been involved in securities violations, the exemption is forfeited.
* B is correctbecause underwriters are considered essential participants, and their status as bad actors disqualifies the offering.
* A,C, andDare incorrect because custodians, transfer agents, and clearing corporations are not included in the "bad actor" provisions of Regulation A.
質問 # 83
The cash value of a variable life insurance policy is affected by which of the following factors?
- A. Fluctuating market conditions
- B. Contingent deferred sales charges
- C. Changes in the beneficiary
- D. Changes in the death benefit
正解：A
解説：
Step by Step Explanation:
* Variable Life Insurance: The cash value depends on the performance of the underlying investment options.
* Fluctuating Market Conditions: Since the cash value is linked to market performance, fluctuations directly impact its value.
* Beneficiary/Death Benefit Changes: These do not directly impact the cash value unless they involve additional costs or changes to premiums.
References:
* SEC Bulletin on Variable Life Insurance: SEC Variable Insurance.
質問 # 84
A customer buys 100 ABC at $50 and at the same time sells an ABC April 50 call at $8. At expiration, ABC must be at what market price for the customer to break even?
- A. $50
- B. $58
- C. $42
- D. $44
正解：C
解説：
Step by Step Explanation:
* Breakeven Calculation: For covered call writing, breakeven is the stock purchase price minus the premium received.
* Purchase Price = $50
* Premium Received = $8
* Breakeven = $50 - $8 = $42.
* Other Options:
* B, C, and D: Incorrect because they do not reflect the proper calculation of stock price minus the premium.
References:
* Options Clearing Corporation (OCC) Education: OCC Options Guidance.
質問 # 85
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