2025 FINRA Valid SIE Test Answers & Pass Guaranteed Quiz Realistic New Securities Industry Essentials Exam (SIE) Test Vce Free

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FINRA SIE Exam Syllabus Topics:

Topic	Details
Topic 1	Understanding Trading, Customer Accounts, and Prohibited Activities: This section of the exam measures the skills of Securities Traders and focuses on different trading strategies, settlement processes, and corporate actions. Candidates must demonstrate knowledge of order types, including market, limit, stop, and good-til-canceled orders, as well as bid-ask spreads and discretionary versus non-discretionary trading.
Topic 2	Understanding Products and Their Risks: This section of the exam measures the skills of Investment Analysts and examines different financial products and associated risks. Candidates must understand equity securities, including common stock, as well as debt instruments such as Treasury securities and mortgage-backed securities.
Topic 3	Market Structure: This section of the exam measures the skills of Equity Market Specialists and covers the classification of financial markets, including the primary, secondary, third, and fourth markets. Candidates must demonstrate knowledge of electronic trading, over-the-counter (OTC) markets, and physical exchanges. One specific skill tested is differentiating between various market types and their operational mechanisms.
Topic 4	Overview of the Regulatory Framework: This section of the exam measures the skills of Compliance Officers and evaluates knowledge of self-regulatory organization (SRO) requirements, including registration and continuing education for associated persons. Candidates must understand the distinction between registered and non-registered individuals and the requirements for maintaining industry qualifications.
Topic 5	Employee Conduct and Reportable Events: This section of the exam measures the skills of Financial Compliance Specialists and covers regulatory expectations regarding employee conduct and disclosure requirements. Candidates must be familiar with Form U4 and Form U5, as well as reporting obligations for outside business activities and political contributions.

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q95-Q100):

NEW QUESTION # 95
Which of the following activities is a responsibility of a mutual fund transfer agent?

A. Underwriting new shares of securities
B. Distributing the fund's prospectus to investors
C. Maintaining custody of the fund's securities
D. Maintaining records of shareholder purchases and redemptions

Answer: D

Explanation:
A transfer agent is responsible for maintaining accurate records of shareholder purchases, redemptions, and account balances. They also handle the issuance and cancellation of shares and ensure shareholders receive appropriate distributions.
* D is correctbecause maintaining shareholder records is a core duty of a transfer agent.
* Ais incorrect because underwriting is the responsibility of a broker-dealer.
* Bis incorrect because distributing the prospectus is handled by the fund's distributor.
* Cis incorrect because custody of securities is the role of a custodian, not the transfer agent.

NEW QUESTION # 96
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. $58
B. $50
C. $44
D. $42

Answer: D

Explanation:
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.

NEW QUESTION # 97
Under SEC Regulation D, which of the following parties is considered an accredited investor?

A. A charitable organization, partnership, or corporation whose assets exceed $2.5 million.
B. A person whose net worth, excluding the net equity in their primary residence, exceeds $1 million at the time of purchase.
C. A person whose net worth, excluding the net equity in their primary residence, exceeds $500,000 at the time of purchase.
D. A person whose joint income with their spouse exceeds $200,000 in each of the two most recent years and who has a reasonable expectation of reaching the same income level in the current year.

Answer: B

Explanation:
Step by Step Explanation:
* Definition of Accredited Investor: As per SEC Regulation D, Rule 501, an accredited investor includes:
* Individuals with a net worth exceeding $1 million (excluding primary residence equity).
* Individuals with an annual income exceeding $200,000 (or $300,000 jointly with a spouse) for the past two years.
* Elimination of Incorrect Answers:
* $500,000 threshold (option B) is too low to qualify under Regulation D.
* Option D is incorrect as it requires assets of $5 million, not $2.5 million.
References:
* SEC Regulation D, Rule 501 (Accredited Investor Definition): SEC Regulation D.

NEW QUESTION # 98
A confirmation indicates a 100-share purchase of Company ABC at $11. According to SEC rules, which of the following information is required to be stated on the confirmation?

A. The capacity in which the firm acted when executing the trade
B. The firm's inventory level at the time of trade execution
C. The firm's cost basis in the security
D. That the firm did not act as a market maker in the security

Answer: A

Explanation:
Step by Step Explanation:
* SEC Rule 10b-10: Requires trade confirmations to disclose the capacity in which the firm acted (e.g., as agent or principal) and details like trade price, quantity, and commissions.
* Incorrect Options:
* A: Cost basis is not disclosed on trade confirmations.
* B: Inventory levels are not part of the required disclosures.
* C: Market maker status is not explicitly required in the confirmation.
References:
* SEC Rule 10b-10 (Confirmation Requirements): SEC Rule 10b-10.

NEW QUESTION # 99
Class A and Class C shares of a mutual fund differ in which of the following ways?

A. The net asset value (NAV)
B. The underlying investments
C. When the customer is permitted to purchase
D. The expense ratio

Answer: D

Explanation:
Step by Step Explanation:
* Expense Ratio: Class A shares typically have lower ongoing expense ratios but higher front-end sales charges. Class C shares often have higher ongoing expense ratios but no front-end charges.
* Incorrect Options:
* B: NAV is determined daily and does not vary by share class.
* C: All share classes invest in the same underlying portfolio.
* D: Purchase timing is the same for all share classes.
References:
* SEC Guidance on Mutual Fund Share Classes: SEC Fund Classes.

NEW QUESTION # 100
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