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.
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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
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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
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
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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