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SIE Verified Answers & Prep SIE Guide

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FINRA SIE Exam Syllabus Topics:

Topic
Details

Topic 1

Regulatory Entities, Agencies, and Market Participants: This section of the exam measures the skills of Financial Regulatory Analysts and covers the structure, authority, and jurisdiction of key regulatory bodies overseeing financial markets. The SEC's role in enforcing securities regulations is assessed, along with the authority of self-regulatory organizations such as FINRA and MSRB. Candidates must also understand the functions of other financial regulators, including the Department of the Treasury and state regulatory agencies. One key skill evaluated is identifying the jurisdictional scope of different financial regulators.

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

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 4

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.

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q70-Q75):

NEW QUESTION # 70
The Options Clearing Corporation (OCC) is a registered clearing agency for which of the following products?

A. Over-the-counter bonds
B. Long-term Equity Anticipation Securities (LEAPS)
C. Exchange-traded funds (ETFs)
D. Listed stocks

Answer: B

Explanation:
The Options Clearing Corporation (OCC) is responsible for issuing and guaranteeing the performance of listed options contracts, including Long-term Equity Anticipation Securities (LEAPS), which are long-term options.
* D is correctbecause LEAPS are a type of listed options contract cleared by the OCC.
* Ais incorrect because listed stocks are not options contracts.
* Bis incorrect because over-the-counter bonds are not cleared by the OCC.
* Cis incorrect because ETFs are not options, though ETF options may be cleared by the OCC.

NEW QUESTION # 71
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 shares to be sold must be less than 10% of the average daily trading volume (ADTV) of the security.
B. The issuer must notify FINRA of the proposed sale by submitting a Form 144.
C. The affiliate must have a holding period of six months.
D. The company must be traded on a listed stock exchange.

Answer: C

Explanation:
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.

NEW QUESTION # 72
If an investor is bullish on ABC, which of the following actions will he most likely take?

A. Sell ABC stock short
B. Buy ABC puts
C. Sell ABC calls
D. Buy ABC stock

Answer: D

Explanation:
Step by Step Explanation:
* Bullish Position: Buying ABC stock aligns with the expectation that the stock's price will rise, allowing the investor to profit.
* Incorrect Options:
* A: Buying puts is a bearish strategy.
* C: Selling calls benefits from stable or declining prices.
* D: Selling short is a bearish strategy anticipating a price drop.
References:
* FINRA Guidance on Market Strategies: FINRA Trading Basics.

NEW QUESTION # 73
Which of the following products is the most appropriate class of investments for a customer looking for income and capital gains?

A. Treasury Separate Trading of Registered Interest and Principal of Securities (STRIPS)
B. A money market account
C. A growth stock
D. A blue-chip stock mutual fund

Answer: D

Explanation:
Step by Step Explanation:
* Blue-Chip Stock Mutual Funds: Invest in large, established companies that typically provide stable dividend income and potential for capital appreciation.
* Incorrect Options:
* A: Growth stocks prioritize capital appreciation, not income.
* B: Money market accounts focus on safety and liquidity, not capital gains.
* D: STRIPS provide fixed income without capital gains potential.
References:
* FINRA Investment Product Education: FINRA Investment Guidance.

NEW QUESTION # 74
Which of the following statements is true about a corporation's balance sheet?

A. It reports where a corporation's cash is being generated and where its cash is being spent for a specific period.
B. It lists a company's assets, liabilities, and net worth on the date the statement was prepared.
C. It summarizes a company's revenues and expenses for the firm's fiscal year.
D. It is also called a profit and loss statement.

Answer: B

Explanation:
Step by Step Explanation:
* Balance Sheet Definition: Shows a company's financial position at a specific point in time, listing assets, liabilities, and shareholders' equity (net worth).
* Other Financial Statements:
* Profit and Loss Statement: Summarizes revenues and expenses over a period.
* Cash Flow Statement: Tracks cash inflows and outflows.
References:
* SEC Guide to Financial Statements: SEC Financials.

NEW QUESTION # 75
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