FINRA Series6 問題集

質問 1：
An advertisement that provides performance data for which of the following mutual funds would not need
to include a statement warning that the principal value of the investment will fluctuate such that the
investor's shares may be worth either more or less when redeemed than what the investor originally paid
for them?
A. a municipal bond fund
B. a money market fund
C. a U.S. government bond fund
D. Neither choices A nor B would need to include the stated warning.
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 2：
The entity through whom investors buy and redeem mutual fund shares is the fund's:
A. principal underwriter.
B. investment adviser.
C. transfer agent.
D. custodian.
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 3：
GoForBroke Investments has registered with the SEC to be a market maker in certain NASDAQ-listed
securities. In order to be able to enter bid and ask quotes for the securities in which it is going to make a
market, GoForBroke must subscribe to which level of NASDAQ?
A. Level I
B. Level II
C. Level III
D. Level IV
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 4：
The AGRO Mutual Fund invests in aggressive growth stocks of midcap corporations. The fund is running
an advertisement on the radio that informs the listeners that AGRO earned a 22% return last year while
the S&P 500 Index returned only 10%.The ad also contains information regarding how an interested
investor can contain a fund prospectus. Has AGROviolated any securities laws with this advertisement?
A. No. This would be considered a generic advertisement and not an offer to sell.
B. No. In addition to providing the listeners with its own return last year, AGRO appropriately provided the
listeners with a benchmark return; thus there has been no violation of any laws.
C. Yes. AGRO is required to provide information on the specific investments it made to earn that 22%
return, given that the return is unusually high.
D. Yes. Although AGRO provided the return on the S&P 500 as well as its own return, the S&P 500 Index
is comprised of average risk stocks and is not an appropriate benchmark for AGROto use.
正解：D
解説: (Topexam メンバーにのみ表示されます)

質問 5：
HiTop Investments main office is located in the state of Colorado. A registered representative of the firm
sent out an e-mail to his clients, some of whom reside in other states, promoting the firm's Colorado
Municipal Bond Fund, which invests exclusively in bonds offered by the state and local governments of
Colorado. In the e-mail, the representative states, "These bonds provide income that is free from both
federal and state taxes and may also be free from local taxation, if any exists." Is this e-mail in violation of
any securities' laws?
A. Yes. The representative's statement that the "bonds provide income that is free from both federal and
state taxes and may also be free from local taxation, if any exists," is untrue.
B. Yes. Advertisements referring to a specific fund may not be distributed by electronic means.
C. Yes. A fund that invests only in bonds offered by state and local governments of one state may not be
sold to investors who reside in other states.
D. No. Since the fund invests exclusively in bonds offered by the state and local governments of Colorado,
the representative's statement contains no misstatement of fact.
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 6：
In mid-September, the stock of Oracle (ORCL) is selling for $25.60 a share. Ms. Hedge owns shares of
Oracle and buys a put option on the stock with a strike price of $27 that expires in October for $2.20 per
optioned share. Just prior to expiration, Oracle's stock is selling for $29. Ms. Hedge should:
A. let her option expire worthless.
B. exercise her option and sell Oracle for $27 a share.
C. exercise her option and buy more shares of Oracle for $27 a share.
D. exercise her option and sell Oracle for $29 a share.
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 7：
Which of the following activities are permitted during the "cooling off" period associated with a new
offering?
I. A preliminary prospectus may be provided to prospective investors.
II. The security can be registered in any states in which it will be sold.
III. The management of the issuing firm may give interviews in which they discuss the market for their
products and future revenue expectations.
IV. The underwriter of the issue may run a tombstone advertisement in the Wall Street Journal to
announce the upcoming offering.
A. I, III and IV only
B. I, II and IV only
C. I and IV only
D. I only
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 8：
Your client is trying to choose between a variable annuity and a fixed annuity. You can tell him that:
I. the fixed annuity will make guaranteed monthly payments, but has more purchasing power risk than a
variable annuity.
II. he can expect higher monthly payments from his fixed annuity during a bear market than he would get
from a variable annuity.
III. the earnings on both variable and fixed annuities grow tax-deferred.
A. I and II only
B. I and III only
C. I only
D. I, II, and III
正解：B
解説: (Topexam メンバーにのみ表示されます)