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Sample Questions
Series-63 Sample Question 1
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. All the choices describe prohibited practices in the sale of shares of investment companies.
B. I only
C. I and II on
D. I and III only
ANSWER : C
Series-63 Sample Question 2
Shady Corporation’s executives are concerned over the firm’s steadily declining stock price and decide to do something about it. They each decide to make significantly large purchases of their firm’s stock in order to stabilize and hopefully even to drive up its price, reasoning that they can sell the stock for the higher price down the road and profit from the transaction. You are a broker-dealer for the firm’s executives. Are Shady’s executives planning to do anything illegal?
A. No. It’s a win-win. They are using their own money to buy stock of their firm, and this can help drive the
stock price up and put profits in their pockets.
B. Yes. To purchase shares of their own company is considered to be illegal insider trading.
C. No. As long as they follow the rules and report their purchases to the SEC, it is not illegal for them to
purchase shares of their firm’s stock.
D. Yes. Although it is not illegal for them to purchase shares of their firm’s stock, they cannot do so in
order to try to manipulate the price of the stock.
ANSWER : D
Series-63 Sample Question 3
Which of the following entities are subject to post-registration provisions?
I. broker-dealers
II. agents
III. investment advisers
IV. investment adviser representatives
A. I and II only
B. I and III only
C. II and IV only
D. All of the entities are subject to post-registration provisions.
ANSWER : B
Series-63 Sample Question 4
Don is a state-registered agent with GetErDone Broker-Dealers. He has three other friends who are licensed agents-Huey, Dewey, and Louie. Huey is also an agent with GetErDone Broker-Dealers. Dewey is an agent with a different firm in the same city, CanDo Broker-Dealers. Louie works for a Broker-Dealer with an office just across the state line. Don can enter a commission-splitting agreement with
A. Huey only.
B. either Huey or Dewey or both
C. Dewey only.
D. Either Huey, Dewey, or Louie or any combination of the three
ANSWER : A
Series-63 Sample Question 5
Rich Quick is a broker-dealer registered in the state of Massachusetts. He occasionally trades on abnormalities he observes in bond yield spreads for his own account, short selling a bond that appears to be overpriced based on its yield and buying a bond that is identical in almost every respect except for the price, which is less than that of the other bond. He has been able to earn arbitrage profits 95% of the time when he does this. Rich Quick
A. is in violation of securities laws. Arbitrage is a prohibited activity.
B. is skilled if he is able to earn profits 95% of the time using this strategy.
C. is trading on insider information, which is a violation of securities laws.
D. engaged in a fraudulent activity.
ANSWER : B
Series-63 Sample Question 6
Which of the following is a security as defined by the Uniform Securities Act (USA)?
A. a debenture
B. a futures option contract on wheat
C. a term life insurance policy
D. Both A and B are securities as defined by the Uniform Securities Act.
ANSWER : D
Series-63 Sample Question 7
Fly-By-Night Investment Advisers has closed its doors. Which of the following statements is true?
A. Fly-By-Night is required to shred all documentation of client transactions and communications.
B. Fly-By-Night must send all records of client transactions and communications to the state Administrator
for safekeeping.
C. Fly-By-Night must preserve and maintain all records, including client transactions and communications,
advertising materials, and financial statements of the now-defunct business for five years.
D. Fly-By-Night must send each of its former clients its records of all that client’s transactions and
communications with the firm over the past five years.
ANSWER : C
Series-63 Sample Question 8
Which of the following would not appear on a trade confirmation?
A. the client’s account number
B. the commission
C. the settlement date
D. All of the above items appear on a trade confirmation.
ANSWER : D
Series-63 Sample Question 9
Stable Corporation registered a bond issue that it plans to offer for sale in the state with the Administrator. The bond has a par value of $1,000 and will pay interest of 7% a year, with the principal to be repaid in 5 years. The registration became effective on September 8th. The registration is effective
A. until the maturity date on the bond.
B. for one full year.
C. until December 31st of the same year
D. for two full years.
ANSWER : B
Series-63 Sample Question 10
You have passed the necessary exams (congratulations!) and are applying for registration as a securities agent. It is already the end of September. Therefore, you must pay
A. one-fourth of the annual fee required since only one quarter of the year remains
B. the full annual fee, and your license will expire on September 30th next year
C. the full annual fee, and your license will expire on December 31st next year.
D. the full annual fee, and your license will expire on December 31st this year.
ANSWER : D
Series-63 Sample Question 11
If an issuer registers securities with the state, how long can the documentation supplied in the registration statement for those securities be incorporated by reference only into a registration statement for future securities the issuer wants to offer for sale?
A. one year
B. two years
C. five years
D. seven years
ANSWER : C
Series-63 Sample Question 12
To continue operating as an agent, broker-dealer, investment adviser, or investment adviser representative next year, you must pay the filing fee to renew your license with the state Administrator by
A. January 15th of the new year.
B. January 30th of the new year.
C. December 31st of this year.
D. the anniversary date of the original issue date on your license.
ANSWER : C
Series-63 Sample Question 13
Which of the following may be given to prospective investors during the “cooling off period?”
A. a tombstone advertisement
B. a final prospectus
C. a copy of the registration statement
D. all of the above
ANSWER : A
Series-63 Sample Question 14
The trade confirmation must be received by the customer no later than
A. one week after the settlement date.
B. the settlement date.
C. the day after the trade takes place.
D. five business days after the settlement date.
ANSWER : B
Series-63 Sample Question 15
A tombstone advertisement is
A. an offer to sell a new security.
B. the announcement of a new security that may become available for purchase.
C. the only type of advertisement that an investment advisory firm is allowed to use.
D. an offer to sell a new security that is being issued by an Arizona firm.
ANSWER : B
Series-63 Sample Question 16
Which of the following would not be found in a tombstone advertisement?
A. the price at which the security will be offered
B. the names of the underwriters
C. the name of the issuer
D. the interest rate and time to maturity of a bond issue
ANSWER : A
Series-63 Sample Question 17
The settlement date refers to
A. the date the order to purchase or sell the security is sent to the market.
B. the date the buyer must pay for the securities purchased.
C. the date the order to purchase or sell a security is actually executed. This may differ from the date that
the order is sent to the market in the cases of limit or stop orders.
D. the latest date on which broker-dealers can file their quarterly financial statements with the
Administrator of the state.
ANSWER : B
Series-63 Sample Question 18
The Administrator of a state will deny the registration of a security if
I. the mandated filing fee has not been paid.
II. the compensation of the underwriters is excessive.
III. the registration statement is incomplete.
IV. the issuer is registering the security through the registration by coordination process and has not
complied with all the stipulated requirements.
A. I, II, III, or IV
B. I or III only
C. III or IV only
D. I, III or IV only
ANSWER : A
Series-63 Sample Question 19
The Administrator may not introduce a stop order to deny, revoke, or suspend the effective registration of a security based on facts that were disclosed during the registration process unless he does so within
A. 30 days.
B. 45 days.
C. 60 days.
D. 1 year.
ANSWER : A
Series-63 Sample Question 20
Alice Wonder called her broker on Tuesday, August 10th, with a market order to buy 10 calls on the stock of Abbott Laboratories. Under normal conditions, Alice will have to pay for the calls on
A. Wednesday, August 11th.
B. Tuesday, August 10th.
C. Friday, August 13th.
D. Monday, August 16th.
ANSWER : A
Series-63 Sample Question 21
To say a security is “exempt,” means that
I. it is exempt from the state’s anti-fraud laws.
II. it is exempt from state registration requirements.
III. any transaction involving it is considered to be an exempt transaction.
A. I, II, and III
B. I and II only
C. II and III only
D. II only
ANSWER : D
Series-63 Sample Question 22
Your client calls you with a market order to purchase 500 shares of the stock of Oracle and asks when payment will be due. If today is Wednesday, September 15th, you inform the client that payment is due on
A. Monday, September 20th.
B. Thursday, September 16th.
C. Friday, September 17th.
D. Saturday, September 18th.
ANSWER : A
Series-63 Sample Question 23
Layered Corporation wants to issue a bond that will have warrants attached. Each warrant gives the
holder the right to buy 5 shares of Layered’s common stock at a price stipulated on the warrant. In this
instance, Layered must file to register which of the following securities with the state?
I. the bonds
II. the warrants
III. the common stock
A. I only
B. I and III only
C. I and II only
D. I, II, and III
ANSWER : D
Series-63 Sample Question 24
In accordance with the National Securities Markets Improvement Act of 1996, which of the following is a
federal covered adviser and, therefore, exempt from registering with the state Administrator?
I. An adviser who does business in 26 states
II. An adviser who manages the portfolio of a mutual fund that is registered with the SEC.
III. An adviser with $35 million in assets under management
A. All of the selections meet the qualifications of a federal covered adviser.
B. I and II only
C. II and III only
D. I and III only
ANSWER : C
Series-63 Sample Question 25
You execute a stock transaction for a client on Thursday, September 23rd. The settlement date on the order ticket will be
A. Thursday, September 23rd.
B. Monday, September 27th.
C. Friday, September 24th.
D. Tuesday, September 28th.
ANSWER : D
Series-63 Sample Question 26
Registration by coordination is provided for by which of the following federal securities acts?
A. Securities Act of 1933
B. Securities and Exchange Act of 1934
C. Investment Advisers Act of 1940
D. Investment Company Act of 1940
ANSWER : A
Series-63 Sample Question 27
Which of the following statements regarding an open-end investment company is not true?
A. Its shares are bought and sold through the company.
B. Its securities are federal covered.
C. Its shares may sell for either net asset value or greater than net asset value, but not below
D. Its shares are bought and sold on exchange floors.
ANSWER : D
Series-63 Sample Question 28
Today’s edition of the Wall Street Journal carried a front page story regarding a federal lawsuit that has
been filed against a software manufacturer for monopolistic practices. The CFO of the company called his
broker today and sold some of the shares he owns in the company. Which of the following statements are
true?
I. The CFO is guilty of illegal insider trading.
II. If the agent who effected the transaction for the CFO knew he was CFO of the software company, the
agent is guilty of illegal insider trading.
III. The broker-dealer for whom the agent works may have its license suspended or revoked if its agent
has knowingly executed this illegal insider trade for not having supervised the agent properly.
A. I only
B. I and II only
C. I, II, and III
D. None of the statements is true.
ANSWER : D
Series-63 Sample Question 29
As an agent, which of the following statements about the Securities Investor Protection Corporation (SIPC) can you legitimately make to your client?
A. The SIPC is the FDIC of the stock and bond markets.”
B. “The SIPC was established to restore funds to investors when the brokerage firm they have been using
is bankrupt or in financial distress.”
C. “The SIPC is a government agency created by an Act of Congress to combat fraud.”
D. “The SIPC is a government agency that was created by an Act of Congress to protect investors against
losses in the stock and bond market.”
ANSWER : B
Series-63 Sample Question 30
Under the guidelines of the Bank Secrecy Act (BSA), the Treasury Department now requires broker-dealers to obtain and keep certain information relating to clients that make or receive funds transfers that involve
A. $3,000 or more.
B. $10,000 or more.
C. $5,000 or more.
D. $100,000 or more.
ANSWER : A
Series-63 Sample Question 31
Mr. Noah Scruples is a registered representative with CanDo Broker-Dealers. A client calls and wants Noah to purchase shares of a mutual fund the client has read about. CanDo is not authorized by this particular fund to effect purchases or sales of the fund shares. Can Noah execute the order anyway?
A. No. This would be considered money laundering, which is highly illegal.
B. No. This is a prohibited practice known as selling away.
C. No. This is a prohibited practice known as front running.
D. Yes. Since this is an unsolicited trade, Noah can execute the transaction on behalf of his client.
ANSWER : B
Series-63 Sample Question 32
Which of the following laws deals with identity theft protection?
A. the Bank Secrecy Act (BSA)
B. the USA Patriot Act
C. ERISA
D. Regulation S-P
ANSWER : D
Series-63 Sample Question 33
Which of the following would a firm not be expected to provide to the Administrator when registering an issue of securities with the state?
A. all sales and advertising materials that will be used in conjunction with the offering.
B. the agreement between the issuing firm and the underwriters
C. the agreement among the underwriters themselves
D. The firm will be expected to provide all of the above to the Administrator when registering an issue of
securities with the state.
ANSWER : D
Series-63 Sample Question 34
Noah Scruples, an agent with CanDo Broker-Dealers, just got a copy of the most recent report on a certain stock. The report was generated by CanDo’s analyst department and is hot off the presses. It has not yet even been put on the firm’s website for the firm’s clients. The analyst department has just changed its recommendation on the stock from “Hold” to “Strong Buy” based on new information that it has obtained on the company. Can Noah rush to his office to buy shares of the stock before the analysts release their reports to CanDo’s clients?
A. Yes. The firm’s analysts used publicly available information to assess the stock and make its
recommendation, so Noah can buy the stock now on his own account.
B. No. It is unethical for him to trade based on this information before the firm’s clients have received the
information.
C. No. This is a prohibited activity referred to as “painting the tape.”
D. Both B and C are true statements.
ANSWER : B
Series-63 Sample Question 35
“T + 3” refers to
A. the form, also known as a “trade ticket,” that is filled out when an order is entered into the market.
B. the form that is filled out and sent to the client confirming that the trade has been executed.
C. the fact that the settlement date will be three business days after the trade date, which is the “regular
way settlement” for transactions involving stocks and corporate and municipal bonds.
D. a procedure to minimize the potential for money laundering.
ANSWER : C
Series-63 Sample Question 36
The C&S Railroad is in the process of issuing new bonds. Before these bonds can be offered for sale,
A. they must be registered with the SEC since railroads are involved in interstate commerce.
B. they must be registered in every state in which the bonds will be sold to investors.
C. they must be registered with the SEC and in each state through which the railroad passes.
D. None of the above statements is true.
ANSWER : D
Series-63 Sample Question 37
AllTime Investment Advisers advertises that its phones are manned 24/7, so that a client “doesn’t have to lie awake all night worrying about a financial problem.” In fact, AllTime does have a answering service that answers calls in the evenings and on the weekends when its offices are closed. The service informs the caller of the firm’s business hours, which will be the earliest opportunity the caller will have to talk to an investment adviser representative. Is this a violation of any securities laws?
A. No. It’s not a violation of any securities laws, but the firm probably won’t retain many clients this way.
B. Yes. The Uniform Securities Act prohibits investment advisers from making deceptive statements in the
solicitation of clients as well as in advising clients.
C. No. The firm’s phones are manned 24/7, so it hasn’t lied.
D. It depends. If, before a client signs a contract with the firm, it is made clear that investment adviser
representatives are not, in fact, available to him 24/7, then AllTime is in the clear.
ANSWER : B
Series-63 Sample Question 38
Which of the following compensation arrangements between an investment adviser and an individual client with a net worth of $600,000 would be disallowed?
A. The client agrees to pay the investment adviser an hourly fee of $60.00.
B. The investment adviser will receive 0.1% of the total value of the client’s assets under management as
of the end of each month.
C. The investment adviser will receive 0.1% of the gross capital gains earned on the portfolio each
quarter.
D. All of the above are legitimate compensation arrangements between and investment adviser and an
individual client with a net worth of $600,000.
ANSWER : C