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Series 7 Exam 2022-2023 For Dummies with Online Practice Tests


Series 7 Exam 2022-2023 For Dummies with Online Practice Tests


5. Aufl.

von: Steven M. Rice

21,99 €

Verlag: Wiley
Format: EPUB
Veröffentl.: 04.05.2021
ISBN/EAN: 9781119796855
Sprache: englisch
Anzahl Seiten: 480

DRM-geschütztes eBook, Sie benötigen z.B. Adobe Digital Editions und eine Adobe ID zum Lesen.

Beschreibungen

<p><b>The study tool you need for the Series 7 Exam </b></p> <p>Your gateway to the world of finance is the Series 7 Exam: pass it and you’re in for a rewarding career as a stockbroker. You don’t have to study for this important exam alone—<i>Series 7 Exam For Dummies</i> gives you all the tips, tricks, and practice you need to obtain your required certification.  </p> <p>This book smartly balances three areas of study in one convenient package: the topics on the exam, how to prepare for test day and to take the exam, and practice tests. Find in this book: </p> <ul> <li>How to sign up for the test, and tips to get through test day </li> <li>Different study strategies </li> <li>The basics of security investments, such as equity securities and municipal bonds </li> <li>More advanced security topics, such as margin accounts and packaged securities </li> <li>How to conduct market research, such as portfolio and securities analysis </li> <li>Legal concerns: IRS, rules, and regulations </li> <li>Chapter exams and online practice quizzes </li> </ul> <p>With <i>Series 7 Exam For Dummies</i> as your study guide, you’ll be ready to tackle the 125 exam questions. Whether it’s a question about the underwriting process, investment companies, or income-tax implications, you’ll find all the information to prepare in this resourceful book. </p> <p>Your stockbroker career is just one certification away—get your copy of <i>Series 7 Exam For Dummies</i> (with included online practice tests) to get started on your career you’ve worked hard for. </p>
<p><b>Introduction</b><b> 1</b></p> <p>About This Book 1</p> <p>Foolish Assumptions 2</p> <p>Icons Used in This Book 2</p> <p>Beyond the Book 2</p> <p>Where to Go from Here 3</p> <p><b>Part 1: Gearing Up for the Series 7 Exam 5</b></p> <p><b>Chapter 1: Introducing the Series 7 Exam</b><b> 7</b></p> <p>What Is the Series 7 Exam, Anyway? 7</p> <p>Profiling the Series 7 Exam-Taker 8</p> <p>One’s Not Enough: Tackling the Series 63 or Series 66 8</p> <p>Series 63: Uniform Securities Agent State Law Exam 9</p> <p>Series 66: Uniform Combined State Law Exam 9</p> <p>Securing Sponsorship and Signing Up 9</p> <p>Filling out an application to enroll 9</p> <p>It’s a date! Scheduling your exam 10</p> <p>Planning ahead for special accommodations 10</p> <p>Just in case: Cancelling as an option 11</p> <p>Taking a Peek at the Tested Topics 12</p> <p>Understanding the Exam Format and Other Exam Details 14</p> <p>Exam basics 14</p> <p>Ten additional trial questions 14</p> <p>The computerized format and features 14</p> <p>Exhibits 15</p> <p>Receiving and Evaluating Your Score 16</p> <p>You passed! Now what? 16</p> <p>So you need a do-over: Retaking the exam 16</p> <p><b>Chapter 2: Preparing for the Series 7 Exam</b><b> 19</b></p> <p>Courses and Training Materials: Determining the Best Way to Study 19</p> <p>Back to school: Attending a prep course 20</p> <p>Selecting prep material to study on your own 21</p> <p>Managing Your Study Time Wisely 23</p> <p>Blocking out some time to study 23</p> <p>It’s a plan: Getting into a study routine 23</p> <p>Give it a rest: Taking short breaks 24</p> <p>Staying focused from day to day 25</p> <p>Devoting time to practice tests 25</p> <p>Avoiding study groups 26</p> <p>Staying in shape 26</p> <p>Exploring Study Strategies 26</p> <p>Developing Solid Test-Taking Skills 27</p> <p>Read the question carefully 27</p> <p>Look for phrases that lead to the topic tested 27</p> <p>Work with what you have 27</p> <p>Don’t obsess; mark for review 28</p> <p>Keep track of time 28</p> <p>Master the process of elimination 29</p> <p>Maintain your concentration 29</p> <p>Think carefully before changing your answers 29</p> <p>Use the scrap paper wisely 29</p> <p>Knowing When You’re Ready 30</p> <p><b>Chapter 3: Examining and Mastering Question Types</b><b> 31</b></p> <p>Familiarizing Yourself with Question Formats 31</p> <p>Working with the straight shooters: The straightforward types 32</p> <p>Encountering quirky questions with qualifiers 33</p> <p>Roman hell: Complex multiple choice 34</p> <p>Looking at exhibits: Series 7 diagram questions 36</p> <p>Shredding the Questions: Tips and Tricks 38</p> <p>Focusing on key information 39</p> <p>Answer me this: Picking the correct answer 39</p> <p>Don’t make the same mistake twice 42</p> <p><b>Chapter 4: Surviving Test Day</b><b> 43</b></p> <p>Composing Yourself the Day Before 43</p> <p>Making the Most of the Morning 44</p> <p>Arriving on the Scene 44</p> <p>Taking advantage of one last chance to cram 45</p> <p>Signing in 45</p> <p>Getting seated 45</p> <p>Taking the Exam 45</p> <p>Getting the Results: Drum Roll Please 46</p> <p><b>Part 2: Mastering Basic Security Investments 47</b></p> <p><b>Chapter 5: Underwriting Securities</b><b> 49</b></p> <p>Bringing New Issues to the Market 49</p> <p>Starting out: What the issuer does 49</p> <p>Role call: Introducing the team players 53</p> <p>Agreement among underwriters 54</p> <p>Selling group agreement 55</p> <p>Stabilizing bids 55</p> <p>Who gets what: Distributing the profits 55</p> <p>Agreeing to sell your share: Western versus Eastern accounts 56</p> <p>Getting the skinny on the issue and issuer: The prospectus 57</p> <p>Reviewing Exemptions 59</p> <p>Exempt securities 59</p> <p>Exempt transactions 60</p> <p>Testing Your Knowledge 62</p> <p>Answers and Explanations 65</p> <p><b>Chapter 6: Corporate Ownership: Equity Securities</b><b> 67</b></p> <p>Beginning with the Basics: Common Stock 67</p> <p>Understanding a stockholder’s voting rights 68</p> <p>Categorizing shares corporations can sell 69</p> <p>Considering the par value of common stock 70</p> <p>Sharing corporate profits through dividends 70</p> <p>Penny stocks 72</p> <p>Getting Preferential Treatment: Preferred Stock 73</p> <p>Considering characteristics of preferred stock 73</p> <p>Getting familiar with types of preferred stock 74</p> <p>Securities with a Twist 76</p> <p>Opening national borders: ADRs 76</p> <p>Rights: The right to buy new shares at a discount 77</p> <p>Warrants: The right to buy stock at a fixed price 78</p> <p>Testing Your Knowledge 78</p> <p>Answers and Explanations 81</p> <p><b>Chapter 7: Debt Securities: Corporate and U.S. Government Loans</b><b> 83</b></p> <p>Tackling Bond Terms, Types, and Traits 83</p> <p>Remembering bond terminology 83</p> <p>Comparing secured and unsecured bonds 85</p> <p>Additional bond types 86</p> <p>Making Basic Bond Price and Yield Calculations 87</p> <p>Finding bond yields 88</p> <p>Using seesaw calculations for price and yields 89</p> <p>Calculating accrued interest 90</p> <p>Determining the Best Investment: Comparing Bonds 92</p> <p>Considering bond credit ratings 92</p> <p>Contrasting callable and put bonds 93</p> <p>Popping the top on convertible bonds 94</p> <p>Exploring U.S. Government Securities 96</p> <p>Understanding the types and characteristics of U.S. government securities 97</p> <p>Agency securities 98</p> <p>In the tranches: Delving into packaged mortgages (CMOs) 99</p> <p>CMO communications 101</p> <p>Backed by debt: Collateralized debt obligations (CDOs) 102</p> <p>Playing It Safe: Short-Term Loans or Money Market Instruments 102</p> <p>Structured Products 103</p> <p>Testing Your Knowledge 104</p> <p>Answers and Explanations 107</p> <p><b>Chapter 8: Municipal Bonds: Local Government Securities</b><b> 109</b></p> <p>General Obligation Bonds: Backing Bonds with Taxes 109</p> <p>General characteristics of GOs 110</p> <p>Analyzing GO bonds 110</p> <p>Revenue Bonds: Raising Money for Utilities and Such 113</p> <p>General characteristics of revenue bonds 114</p> <p>Analyzing revenue bonds 114</p> <p>The Primary Market: Bringing New Municipal Bonds to Market 116</p> <p>Escrow requirements 118</p> <p>Call features 118</p> <p>Examining Other Types of Municipal Bonds on the Test 119</p> <p>Municipal bond diversity of maturities 120</p> <p>Specific types of municipal securities 121</p> <p>Taxable municipal bonds 122</p> <p>Don’t Forget Municipal Notes! 122</p> <p>Municipal Fund Securities 124</p> <p>Section 529 plans 124</p> <p>ABLE accounts 125</p> <p>Local government investment pools 125</p> <p>Municipal fund securities advertisements 125</p> <p>Understanding the Taxes on Municipal Bonds 126</p> <p>Comparing municipal and corporate bonds equally 126</p> <p>Scot-free! Taking a look at triple tax-free municipal bonds 127</p> <p>Pricing of municipal securities and other mathematical calculations 127</p> <p>Following Municipal Bond Rules 128</p> <p>Confirmations 129</p> <p>Advertising and record keeping 129</p> <p>Commissions 129</p> <p>“G” even more rules 130</p> <p>Gathering More Municipal Bond Info 132</p> <p>The bond resolution (indenture) 132</p> <p>Legal opinion 132</p> <p>Official statement 133</p> <p>The Bond Buyer 133</p> <p>Additional info 134</p> <p>Testing Your Knowledge 135</p> <p>Answers and Explanations 138</p> <p><b>Part 3: Delving Deeper into Security Investments 141</b></p> <p><b>Chapter 9: Borrowing Money and Securities: The Long and Short of Margin Accounts</b><b> 143</b></p> <p>Getting the Paperwork Out of the Way 144</p> <p>Introducing Long and Short Margin Accounts 144</p> <p>Playing by the Federal Reserve Board’s Rules 145</p> <p>Regulation T 145</p> <p>Margin call 146</p> <p>Opening a Margin Account: The Initial Requirements 146</p> <p>Starting long accounts 147</p> <p>Opening short accounts 148</p> <p>Calculating Debit and Equity in Long Margin Accounts 148</p> <p>Long market value 148</p> <p> Minus debit balance 148</p> <p> Equals equity 149</p> <p>Putting it all together 149</p> <p>Making Short Work of Calculations in Short Margin Accounts 150</p> <p>Short market value 150</p> <p> Plus equity 150</p> <p> Equals the credit balance 150</p> <p>Putting the equation together 151</p> <p>Let the Good Times Roll: Handling Excess Equity 152</p> <p>SMAs for long margin accounts 152</p> <p>Loan value 154</p> <p>SMAs for short margin accounts 154</p> <p>Playing it SMA/RT: Using buying and shorting power for good 155</p> <p>Buying power for pattern day trading accounts 156</p> <p>Looking at Limits When the Market Goes the Wrong Way 156</p> <p>Checking out restricted accounts 156</p> <p>Keeping up with minimum maintenance 158</p> <p>Testing Your Knowledge 160</p> <p>Answers and Explanations 163</p> <p><b>Chapter 10: Delivering Diversification with Packaged Securities</b><b> 167</b></p> <p>Diversifying through Management Investment Companies 168</p> <p>Comparing open- and closed-end funds 168</p> <p>Keeping your customer’s investment objectives in mind 171</p> <p>Dealing with discounts and methods of investing 174</p> <p>Figuring the sales charge and public offering price of open-end funds 177</p> <p>Considering Other Investment Company Options 179</p> <p>Face-amount certificate companies 179</p> <p>Unit investment trusts (UITs) 179</p> <p>Exchange-Traded Funds (ETFs) 180</p> <p>Reducing Real Estate Risk with REITs 180</p> <p>Adding Annuities to a Portfolio 181</p> <p>Looking at fixed annuities 182</p> <p>Checking out variable annuities 182</p> <p>Putting money into (and receiving money from) annuities 183</p> <p>Exploring Variable Life and Variable Universal Life Insurance 185</p> <p>Variable life 185</p> <p>Variable universal life 185</p> <p>1035 tax-free exchange 186</p> <p>Investment Company Rules 186</p> <p>Investment company sales literature 186</p> <p>Advertisements by an investment company (section 10) 187</p> <p>Investment company rankings in retail communication 187</p> <p>Even more rules 188</p> <p>Testing Your Knowledge 189</p> <p>Answers and Explanations 191</p> <p><b>Chapter 11: Working with Direct Participation Programs</b><b> 193</b></p> <p>Searching for Identity: What DPPs Are (and Aren’t) 193</p> <p>The DPP Characters: General and Limited Partners 194</p> <p>Pushing through Partnership Paperwork 195</p> <p>Partnership agreement 195</p> <p>Certificate of limited partnership 195</p> <p>Subscription agreement 196</p> <p>Types of DPP Offerings 197</p> <p>Private placements 197</p> <p>Public offerings 197</p> <p>Passive Income and Losses: Looking at Taxes on Partnerships 197</p> <p>Evaluating Direct Participation Programs 198</p> <p>Types of Partnerships 198</p> <p>Real-estate partnership info 198</p> <p>Equipment leasing 200</p> <p>Oil and gas 200</p> <p>Testing Your Knowledge 202</p> <p>Answers and Explanations 204</p> <p><b>Chapter 12: Options: The Right to Buy or Sell at a Fixed Price</b><b> 205</b></p> <p>Brushing Up on Option Basics 206</p> <p>Reading an option 206</p> <p>Looking at call options: The right to buy 207</p> <p>Checking out put options: The right to sell 207</p> <p>Getting your money back: Options in-, at-, or out-of-the-money 208</p> <p>Paying the premium: The cost of an option 209</p> <p>Incorporating Standard Option Math 211</p> <p>Buying or selling call options 211</p> <p>Buying or selling put options 214</p> <p>Trading options: Opening and closing transactions 216</p> <p>Mastering Complex Option Calculations 218</p> <p>Long straddles and combinations 218</p> <p>Short straddles and combinations 220</p> <p>Break-even points for straddles and combinations 222</p> <p>Spreads 222</p> <p>Got it covered: Stock/option contracts 226</p> <p>Off the charts: Multiple option contracts 228</p> <p>Spending time on LEAPS: Long-term options 231</p> <p>Dividends and splits, more or less 231</p> <p>Nonequity Options 233</p> <p>Index options 233</p> <p>Yield-based options 234</p> <p>Foreign currency options 235</p> <p>Gaining Additional Option Info 235</p> <p>Clearing through the OCC 235</p> <p>Getting the go-ahead: Registered options principal 235</p> <p>That’s ODD: Options risk disclosure document 236</p> <p>Special statement for uncovered option writers 236</p> <p>OAA: Options account agreement 236</p> <p>Last trade, last exercise, and expiration of an option 237</p> <p>Exercise and assignment 237</p> <p>Margin on options 238</p> <p>Taxes on options 239</p> <p>Some additional option rules 240</p> <p>Testing Your Knowledge 242</p> <p>Answers and Explanations 248</p> <p><b>Part 4: Taking Care of Your Customers and Playing by the Rules 253</b></p> <p><b>Chapter 13: Portfolio and Securities Analysis</b><b> 255</b></p> <p>Knowing Your Customer: Portfolio Analysis 255</p> <p>Investment objectives 256</p> <p>Factors that influence your customer’s investment profile 257</p> <p>Asset allocation 258</p> <p>Modern portfolio theory 259</p> <p>Capital Asset Pricing Model (CAPM) 259</p> <p>Strategizing with portfolio management policies 260</p> <p>Knowing Your Securities and Markets: Securities Analysis 261</p> <p>Regarding risk 261</p> <p>Mitigating risk with diversification 262</p> <p>Fundamental analysis 263</p> <p>Technical analysis 269</p> <p>Showing the work: Research reports 271</p> <p>Testing Your Knowledge 272</p> <p>Answers and Explanations 275</p> <p><b>Chapter 14: Going to Market: Orders and Trades</b><b> 277</b></p> <p>Shopping at Primary and Secondary Markets 277</p> <p>Buying new in the primary market 277</p> <p>Buying used in the secondary market 278</p> <p>Making the Trade 278</p> <p>Auctioning securities at securities exchanges 278</p> <p>Negotiating trades over-the-counter 279</p> <p>Understanding the Role of a Broker-Dealer 281</p> <p>Firm versus subject quotes 282</p> <p>Traders 282</p> <p>Receiving Orders from Customers 283</p> <p>Recommending OTC equity securities 283</p> <p>Talking about order types 283</p> <p>Handling limit and stop orders 285</p> <p>Factoring in order features 286</p> <p>Designated Market Maker and the Super Display Book (SDBK) 288</p> <p>Adjusting orders for dividends and splits 290</p> <p>Trade reporting systems 291</p> <p>Regulation NMS (National Market System) 292</p> <p>Trading halts: NYSE Rule 80B 292</p> <p>Testing Your Knowledge 293</p> <p>Answers and Explanations 295</p> <p><b>Chapter 15: Making Sure the IRS Gets Its Share</b><b> 297</b></p> <p>Everything in Its Place: Checking Out Tax and Income Categories 297</p> <p>Touring the tax categories 298</p> <p>Looking at types of income 298</p> <p>Noting Taxes on Investments 298</p> <p>Interest income 299</p> <p>Alternative minimum tax 299</p> <p>Dividends 299</p> <p>At the sale: Capital gains and losses 300</p> <p>Return of capital 304</p> <p>Cost basis adjustments on bonds: Accretion and amortization 304</p> <p>Presenting Gift and Estate Tax Rules 307</p> <p>Gift taxes 307</p> <p>Estate taxes 308</p> <p>Exploring Retirement Plans 308</p> <p>Tax-qualified plans 308</p> <p>Employee Retirement Income Security Act (ERISA) 309</p> <p>Non-qualified plans 311</p> <p>IRA types and contribution limits 311</p> <p>Transfers and rollovers 313</p> <p>Coverdell Education Savings Accounts 314</p> <p>Testing Your Knowledge 314</p> <p>Answers and Explanations 317</p> <p><b>Chapter 16: No Fooling Around: Rules and Regulations </b><b>319</b></p> <p>The Market Watchdogs: Securities Regulatory Organizations 319</p> <p>The Securities and Exchange Commission 319</p> <p>Self-regulatory organizations 320</p> <p>Following Protocol When Opening Accounts 321</p> <p>Filing the facts on the new account form 321</p> <p>Closing customer accounts 323</p> <p>Selecting the appropriate type of account 323</p> <p>Account registration types 325</p> <p>Standards and required approvals of public communications 329</p> <p>Financial exploitation of specified adults 330</p> <p>Regulation S-P 331</p> <p>Reporting requirements 331</p> <p>Trading by the Book When the Account Is Open 332</p> <p>Filling out an order ticket 332</p> <p>Checking your calendar: Payment and settlement dates 334</p> <p>Confirming a trade 335</p> <p>Meeting the requirements for good delivery 336</p> <p>Following up with account statements 339</p> <p>Keeping your dividend dates straight 339</p> <p>Handling complaints 341</p> <p>Transferring accounts 342</p> <p>Committing Other Important Rules to Memory 343</p> <p>The Telephone Act of 1991 343</p> <p>The 5 percent markup policy 343</p> <p>Other violations 344</p> <p>Regulation FD 345</p> <p>Record-keeping 346</p> <p>Negotiable instruments drawn from a customer’s account 347</p> <p>Disclosure of control relationships 347</p> <p>Customer protection rule 347</p> <p>Networking arrangements 347</p> <p>Uniform Practice Code (UPC) 348</p> <p>Supervision 348</p> <p>Testing Your Knowledge 348</p> <p>Answers and Explanations 353</p> <p><b>Part 5: A Couple Practice Exams 355</b></p> <p><b>Chapter 17: Practice Exam 1</b><b> 357</b></p> <p>Practice Exam 1 Answer Sheet 359</p> <p><b>Chapter 18: Answers and Explanations to Practice Exam 1</b><b> 377</b></p> <p>Making the Grade 394</p> <p>Answer Key for Practice Exam 1 395</p> <p><b>Chapter 19: Practice Exam 2</b><b> 397</b></p> <p>Practice Exam Part 2 Answer Sheet 399</p> <p><b>Chapter 20: Answers and Explanations to Practice Exam 2</b><b> 417</b></p> <p>Knowing the Score 432</p> <p>Answer Key for Practice Exam 2 433</p> <p><b>Part 6: The Part of Tens 435</b></p> <p><b>Chapter 21: Ten Series 7 Exam Traps to Avoid</b><b> 437</b></p> <p>Easing Up on the Studying 437</p> <p>Assuming the Question’s Intent 438</p> <p>Reading into the Question 438</p> <p>Becoming Distracted When Others Finish 438</p> <p>Not Dressing for Comfort 438</p> <p>Forgetting to Breathe 439</p> <p>Trying to Work Out Equations in Your Head Instead of Writing Them Down 439</p> <p>Spending Too Much Time on One Question 439</p> <p>Changing Your Answers for the Wrong Reasons 440</p> <p>Calculating Your Final Score Prematurely 440</p> <p><b>Chapter 22: Ten Ways to Start Your Career Off Right</b><b> 441</b></p> <p>Win at the Numbers Game 441</p> <p>Be an Apprentice 442</p> <p>Do Your Homework 442</p> <p>Treat the Minnow like a Whale 442</p> <p>Smile When You Dial 442</p> <p>When a Security Falls, Don’t Be a Stranger 442</p> <p>Put In the Hours 443</p> <p>Broaden Your Horizons 443</p> <p>Pay Yourself First 443</p> <p>Set Some Goals: The Brass Ring 444</p> <p>Appendix: Important Figures and Formulas 445</p> <p>Index 447</p>
<p><b>Steven M. Rice</b> is a partner and instructor at Empire Stockbroker Training Institute, one of the country’s leading schools for securities industry training. Rice is the author of <i>Securities Industry Essentials Exam For Dummies</i>.</p>
<p><b>Prep for success on the Series 7 Exam</b></p><p>Get one step closer to a career in securities! Use this bestselling guide to review important securities concepts and, along the way, gain confidence that will make all the difference on test day. When you take the chapter quizzes and online practice tests that accompany this book, you not only test your knowledge but also build familiarity with the test format and question types. Add in dozens of study tips and strategies, and this book is the only one you’ll need to pass the Series 7 exam.</p><p><b>Inside. . .</b></p> <ul><b><li>Develop a realistic study plan</li><li>Brush up on everything from basic concepts to advanced finance topics</li><li>Review FINRA rules and regulations</li><li>Stay current on securities rules and IRS requirements</li><li>Weigh investment benefits and risks </li><li>Be prepared on test day</li></b></ul> <p><b>1-year access to practice tests online!</b></p>

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