FINRA General Securities Representative Examination (GS) - Series7 Exam Practice Test

A. an unusually high degree of liquidity

B. interest is exempt from federal income taxes

C. is most often issued with three-month, six-month, and one-year maturities

D. always sells at a discount to face value

A. agreement among underwriters

B. underwriting agreement

C. standby agreement

D. selling agreement

A. execute sell orders but do not accept buy orders or distribute assets from the account until a new
partnership agreement is provided to the brokerage

B. distribute the assets in the account to the surviving partners

C. no special action is required because the death of a single partner does not terminate the partnership
agreement

D. freeze the account from further activity until a death certificate and new partnership agreement are
furnished to the brokerage

A. medium-term maturity date

B. serial bond maturity date

C. short-term maturity date

D. long-term maturity date

A. $54

B. $57

C. $55

D. $60

A. total debt service as a percentage of net operating revenue

B. per capital debt

C. total GO debt as a percentage of market value of property

D. total GO debt as a percentage of assessed value of property

A. a tax deferral plan

B. an income tax deduction

C. a retirement plan

D. all of the above

A. open-end investment companies

B. pension funds

C. all investment companies

D. closed-end investment companies

A. it limits liability to the amount at risk

B. it prevents carry forward of disallowed interest deductions

C. deductions for interest may not exceed investment income

D. it limits deductions to the amount at risk

A. $2,800

B. $5,714

C. $9,333

D. $4,000

A. the last day of the expiration month

B. the third Friday of the expiration month

C. the third Saturday of the expiration month

D. the Saturday following the third Friday of the expiration month