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Series 65 - Third Times a Charm || Already Passed.
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  • Series 65 - Third Times A Charm || Already Passed.

Prospectus (1933) correct answers -all material facts -given no later than w/confirmation of sale -all forms of communication except word of mouth Estate tax correct answers -unlimited amount to US spouse/charity, no fed tax -Assets sold at FMV -Payment no more than 9 months after death F...

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  • September 5, 2024
  • 170
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Series 65 - Third Times a Charm || Already Passed.
  • Series 65 - Third Times a Charm || Already Passed.

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Series 65 - Third Times a Charm || Already Passed.
Prospectus (1933) correct answers -all material facts
-given no later than w/confirmation of sale
-all forms of communication except word of mouth

Estate tax correct answers -unlimited amount to US spouse/charity, no fed tax
-Assets sold at FMV
-Payment no more than 9 months after death

Form ADV correct answers 1A: -locations (all states registered in)
-form and method of business and activities
-control person details
-custody/discretion
-disciplinary history
1B: -Only required by state
2A: -Brochure (customer related information)
-compensation
-types of clients, investments, strategies, and analysis
-educational/business background
-audited balance sheet if substantial prepayment
2B: -info about supervised persons

Common Stock correct answers -voting rights and residual claim
-taxable as dividend in most cases

Preferred Stock correct answers -limited rights, may have participation
-taxable as dividend in most cases

Bonds correct answers -limited rights under interest payment defaults
-taxable as ordinary income in most cases

Open End correct answers -unlimited cap, continuous offering
-no debt securities, margin allowed
-sold and redeemed by fund only
-priced by NAV+sales charge, in prospectus
-shareholder right to dividend and voting

Closed End correct answers -fixed, one time offering
-issue common/preferred stock, and debt securties
-IPO, secondary trade on OTC or exchange, no redeem
-priced by CMV+commissions, supply & demand
-shareholder right to dividend, voting, and preemptive

Fixed Annuities correct answers -guaranteed fixed payments and interest rate
-risk taken by insurance company

,-fixed income portfolio
-general account
-inflation problem

Variable Annuities correct answers -variable payments and rate
-equity, debt, and money market used
-separate account
-inflation resistant
-units
-used for growth/income
-redeemed by issuer
-price based on formula

Whole Life Insurance correct answers -scheduled premium
-fixed death benefit
-premiums to general account
-guaranteed interest rate on cash value buildup
-builds cash with borrowing ability
-in effect to age 100 while premiums are paid

Term Insurance correct answers -highest face amount for lowest premium
-does not build cash value
-pure protection for a period of time

Variable Life Insurance correct answers -scheduled premium
-minimum guaranteed and variable death benefits
-premiums to general and separate account
-no guaranteed cash value

Universal Variable Life Insurance correct answers -flexible premium
-variable death benefit
-premiums to separate account
-no guaranteed cash value

OTC correct answers -unlisted securities
-prices determined by negotiation
-FINRA regulated
-many locations

NYSE correct answers -listed securities
-price determined by auction
-NYSE regulated
-traded on floor on wall street

Broker correct answers Agents that are
Brokers for

,Commissions that must be
Disclosed

Dealer correct answers Dealers act as
Principles for
Profit

Ineligible IRA Investments correct answers -collectibles -whole life -term life
-short sales -options -margin trading

Qualified Plans correct answers -tax deductible contributions
-approved by IRS
-no discrimination
-subject to ERISA
-accumulation tax deferred
-withdrawal tax
-plan is a trust

Nonqualified Plans correct answers -excess over cost base taxed
-opposite than qualified

Prepaid Tuition Plan (Section 529) correct answers -locks in tuition
-covers only tuition and mandatory feeds
-state plans backed by state
-age/grade limits
-residency requirements
-limited enrollment period

College Savings Plan (Section 529) correct answers -no lock on college costs
-cover tuition, room/board, mandatory fees, books etc
-contribution limits in excess of $250,000
-no state guarantee
-no age limits
-no residency requirement
-enrollment open all year

Margin Account Agreements correct answers credit agreement: discloses terms
hypothecation agreement: gives permission to pledge securities held on margin
loan consent (optional): permission for firm to lend securities held in account to other brokers

Investment Policy Statement correct answers Objectives:
Return Requirements
Risk Tolerance
Constraints:
Time Horizon
Liquidity

, Taxes
Laws and Regulation
Unique Circumstances

Inflation/Interest Rates/Bond $/Bond Yield correct answers Inflation up, interest rates up, then;
bond prices down, bond yields up

Discount Bonds correct answers lowest to highest yield:
Nominal
Current yield
yield to maturity
yield to call

Accredited Investor correct answers -Rule 501 of Regulation D
-net worth of $1 million or $200,000 annual income
($300,000) with spouse
-exempt from registration

Accumulation Stage correct answers period when contributions are made to annuity account

Accumulation Unit correct answers accounting measure to determine proportionate interest in
insurer's separate account

Adjusted Basis correct answers value of asset/security that reflects the gain or loss

Adjusted Gross Income correct answers basically amount of income subject to tax

Advertisement correct answers -offers analysis, report, or publication about securities.
determination whether to buy. which security to buy
-any graph, chart, formula (must disclose)
-any other advisory service with regard to securities

Agency Cross Transaction correct answers when an IA acts as a broker for both his client and the
other party
-must have prior consent

agency issue correct answers debt security issued by agency of federal government
-not backed by US government (except GNMA)

agency transaction correct answers broker/dealer buys/sells securities on customers behalf

agent correct answers -does securities transactions for others
-state law: salesperson for b/d or issuer. Considered agent whether receives or only solicits
orders

alpha correct answers risk adjusted returns in excess of CAPM risk adjusted returns

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