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FINRA Series7 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Provides Customers with Information about Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records | 73% | - Recordkeeping and regulatory reporting - Municipal securities - Investment companies, ETFs, and variable annuities - Equity securities - Direct participation programs - Options and derivative products - Debt securities and government obligations - Margin accounts and taxation |
| Topic 2: Obtains and Verifies Customers’ Purchase and Sales Instructions; Processes, Completes and Confirms Transactions | 11% | - Trade settlement and confirmation rules - Order types and execution procedures - Regulatory requirements for transaction processing |
| Topic 3: Opens Accounts after Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives | 9% | - Suitability rules and regulatory compliance - Financial profile, risk tolerance, and investment objectives - Account types and documentation requirements |
| Topic 4: Seeks Business for the Broker-Dealer from Customers and Potential Customers | 7% | - Product-specific disclosures and regulatory requirements - Customer communication and solicitation rules - Standards for advertising and public communications |
FINRA General Securities Representative Examination (GS) Sample Questions:
1. Which of the following is true about a customer with a frozen account?
A) must deposit sufficient cash for each transaction no later than the settlement date
B) may make purchases but not sales of corporate securities
C) must deposit the full purchase cost before an order is executed
D) may not trade corporate securities under any circumstances
2. Maintaining a fair and orderly market and acting as a broker's broker are dual functions of the:
A) competitive trader
B) specialist
C) odd-lot dealer
D) two-dollar broker
3. 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 two XYZ July 15 calls
B) long one XYZ July 30 call
C) long two XYZ July 30 calls
D) long one XYZ July 30 call and short one XYZ July 30 call
4. What percentage load is associated with a mutual fund quoted 16.60-18.04?
A) 9%
B) 8%
C) 8.7%
D) cannot be determined from this information
5. Convertible preferred stock has all of the following characteristics except:
A) a lower dividend rate than non-convertible preferred
B) a requirement for shareholders to always accept the call price when called
C) required dividend payments to shareholders before any dividends are paid to holders of common stock
D) a dilution of earnings if converted into common stock
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: B | Question # 3 Answer: A | Question # 4 Answer: B | Question # 5 Answer: B |
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