FINRA Series_63 問題集

質問 1：
Which of the following securities would not necessarily be exempt from state registration?
A. a bond issued by another state's employees' credit union
B. a stock listed on the Tokyo Stock Exchange
C. a bond guaranteed by the Canadian government
D. a stock listed as a NASDAQ National Market Issue.
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 2：
Goldie Locks is an agent with Bear Broker-Dealers. One of her clients is a single woman, Annie Spinster,
who is retired and needs income from her investment portfolio to meet her current needs for liquidity. In
addition to investing in mutual funds, Annie likes the thrill of investing in single stocks and asks Goldie for
recommendations. Goldie recommends Annie invest some of her money in Alcon (ACL), a medical
instrument and supplies company selling on the NYSE, based on the fact that it has a high dividend yield
and is paying a dividend of $2.21 a share, which is guaranteed to continue or even increase, Goldie
assures Annie. Has Goldie violated any laws or engaged in any prohibited practices?
A. Both A and B are true.
B. No. Goldie merely responded to a recommendation request from a client, and the recommendation is
suitable since the client has a need for current income and the recommended stock pays a high dividend.
C. Yes. As the agent of a broker-dealer, Goldie is not permitted to make recommendations for specific
investments. Only investment adviser representatives and investment advisers can do that.
D. Yes. At the very least, Goldie has committed fraud since she cannot guarantee that a firm's dividend
will continue or increase.
正解：D
解説: (Topexam メンバーにのみ表示されます)

質問 3：
Jack and Jill are a newly married couple in their mid-20s. They are determined to retire by the time they
are 50 and have arranged a meeting with a representative of Professional Investment Advisers to
structure a financial plan that will allow them to achieve this goal.
The representative, Mr. Hill, advises them to invest at least 60% of their money in bond funds to minimize
the risk of loss on the way to their goal. Mr. Hill has
A. made an unsuitable recommendation for these clients and is subject to license suspension or
revocation.
B. has committed fraud in promoting their delusion that they can possibly expect to retire by the time they
turn 50, regardless of their investment strategy.
C. committed fraud in indicating that bonds are less risky than stocks.
D. advised Jack and Jill well with a conservative allocation of their money to preserve principal.
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 4：
Under NASAA Model Rules, it is permissible for the registered representative of a broker-dealer to split
his or her commission with
I. a client.
II. the broker-dealer with which the registered representative is affiliated.
III. another registered representative working for the same broker-dealer.
IV. the administrative assistant who directs calls to the registered representative and provides other
services for the agent.
A. I, II, and III only
B. I, II, III, and IV
C. II and III only
D. II, III, and IV only
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 5：
The state official who has regulatory authority over the securities industry within the state is known as the
A. secretary of state.
B. attorney-general.
C. administrator.
D. investor-protection officer.
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 6：
Which of the following describes a prohibited practice in the sale of shares of investment companies?
I. Sandy Slacker hands her client the fund's prospectus and tells him that the prospectus will provide him
all that he needs to know about loads and fees associated with the fund.
II. Elliot Eager tells a client who has an investment objective that includes current income that a certain
bond fund has a current yield of 8% and provides the client with a prospectus so that the client can peruse
the average annual returns that the fund has generated in past years when the client has the time.
III. After explaining all the fees and loads involved in two different bond funds as well as the difference
between current yield and total return, Patty shows the client the data on the average annual returns that
the two bond funds provided. She explains to the client that the municipal bond fund has a lower yield
than the similar-risk corporate bond fund because the interest income the client will receive from the
municipal bond fund will be free from federal taxation, while the interest income on the corporate bond
fund is fully taxable.
A. I and II only
B. I and III only
C. I only
D. All the choices describe prohibited practices in the sale of shares of investment companies.
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 does not describe a prohibited practice for investment advisers?
I. The adviser sells its non-institutional clients securities that it has issued.
II. The adviser makes a discretionary trade for a client after receiving verbal authorization only and does
not receive written authorization from the client within 10 business days of doing so.
III. The investment adviser requires an advisory fee of $300 to be paid in advance at the beginning of
each quarter.
A. None of the selections describe prohibited practices.
B. I and III only
C. II and III only
D. I only
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 8：
Once you have passed the Series 63 examination, which entity must then approve your application to sell
securities?
A. FINRA
B. SEC
C. NASAA
D. the state administrator
正解：D
解説: (Topexam メンバーにのみ表示されます)

質問 9：
An agent cannot tell a client that a mutual fund is "no load" if the fund has
I. a front-end load
II. a contingent deferred sales load
III. 12b-1 fees
A. I, II or III
B. I only
C. I or III only
D. I or II only
正解：D
解説: (Topexam メンバーにのみ表示されます)