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Passing the Series-7 certification exam is a requirement for anyone planning to work as a general securities representative in the United States. General Securities Representative Qualification Examination (GS) certification is also a prerequisite for most other securities licenses and registrations. Candidates who pass the exam will be authorized to sell a wide range of securities products to clients, including stocks, bonds, mutual funds, options, and more.
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FINRA General Securities Representative Qualification Examination (GS) Sample Questions (Q200-Q205):
NEW QUESTION # 200
Partnership democracy is:
- A. permission granted to the general partner to act outside the partnership agreement
- B. a prohibition against control by a single partner
- C. a synonym for silent partner
- D. the sharing of management by all partners
Answer: A
Explanation:
permission granted to the general partner to act outside the partnership agreement. The limited partners may approve of the general partner pursuing an act that is contrary to the partnership agreement.
NEW QUESTION # 201
An excerpt from a recent tombstone ad reveals bonds offered publicly at 101.
Why were they priced at a premium?
- A. to reflect prevailing credit ratings and market conditions for the issuer
- B. to comply with SEC rules mandating such pricing for debt issues maturing in the year 2000 and thereafter
- C. to provide the issuer with a larger deduction from pre-tax earnings for higher than usual interest payments
- D. to enable investors to establish a tax loss when the bonds are redeemed at maturity
Answer: A
Explanation:
to reflect prevailing credit ratings and market conditions for the issuer. Premiums or discounts are used in bond offerings to bring the yield in line with current market conditions.
NEW QUESTION # 202
Bubba opens a new account with a broker/dealer and asks for a copy of the firm's financial statement. If the firm has not been subject to a formal audit by an independent public accountant for quite some time, what should it do in response to the request?
- A. refuse to provide a financial statement
- B. wait until after the next audit is completed before providing a statement to Bubba
- C. delay sending a statement until Bubba has had an account with the firm for at least six months
- D. give Bubba its latest available statement
Answer: D
Explanation:
Explanation/Reference:
Explanation: give Bubba its latest available statement. Bubba, like any customer, must be provided with the most recent available information.
NEW QUESTION # 203
Bubba wants to buy a US treasury bond with a bid of 97.28 and an asking of 98.2.
How were these prices established?
- A. by the Federal Reserve Board
- B. by competitive biding
- C. by the terms of the bond
- D. by the FINRA
Answer: B
Explanation:
by competitive biding. The quoted prices for treasury bonds-as with all negotiable securities-is determined in the market by competitive biding.
NEW QUESTION # 204
Which of the following forms of underwriting is least likely for an offering of municipal bonds?
- A. best efforts
- B. negotiated
- C. competitive bid
- D. firm commitment
Answer: A
Explanation:
best efforts. A best efforts deal least likely for a municipal securities offering. It is most often associated with small corporate stock or limited partnership offerings. Municipal securities are usually competitive bid or negotiated. Both of these types are firm commitment.
NEW QUESTION # 205
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