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SIE – Practice Exam 9

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Question 1 of 10

1. Question

The Options Clearing Corporation clears option transactions under the supervision of the SEC and the:

Commodities Futures Trading Commission
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Chicago Board Options Exchange
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Municipal Securities Regulatory Board
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Internal Revenue Service
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Question 2 of 10

2. Question

Prior to accepting investments into a mutual fund, investment companies are required to deliver which of the following to investors?

Consolidated account statement
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Annual report
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Prospectus
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Semi-annual report
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Question 3 of 10

3. Question

Which type of mutual fund charges a commission fee at the time of an investor’s purchase?

No-load fund
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Front-end fund
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Back-end fund
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Load fund
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Question 4 of 10

4. Question

All the following are true about variable life insurance policies EXCEPT:

They offer a guaranteed minimum death benefit
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Their cash value gets invested into a particular set of securities, like a mutual fund
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They come with lower premiums than traditional life insurance policies
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They are considered securities and must be registered with the SEC
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Question 5 of 10

5. Question

A type of investment company that is not actively managed and has a mandatory termination date is:

Closed-End Fund
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Variable Life Insurance
Correct Incorrect Correct answer

529 College Savings Plan
Correct Incorrect Correct answer

Unit Investment Trust
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Correct

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Question 6 of 10

6. Question

What of the following is true about direct-sold 529 plans?

They carry higher fees than advisor-sold plans
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They are offered by the state that sponsors the plan
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They have better portfolio flexibility than advisor-sold plans
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They are offered by a registered broker-dealer or RIA
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Question 7 of 10

7. Question

An individual can typically save up to how much in an ABLE account each year?

$10,000
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$15,000
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$19,000
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$25,000
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Question 8 of 10

8. Question

While they share some similarities, the primary difference between 529 accounts and ABLE accounts is:

529 accounts are used to save up for qualified postsecondary educational expenses while ABLE accounts are used to save up for disability-related expenses
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When used for qualified expenses, withdrawals can be made from 529 accounts tax-free, unlike withdrawals made from ABLE accounts
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ABLE accounts are used to save up for qualified postsecondary educational expenses while 529 accounts are used to save up for disability-related expenses
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When used for qualified expenses, withdrawals can be made from ABLE accounts tax-free, unlike withdrawals made from 529 accounts
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Question 9 of 10

9. Question
Which of the following are true about Local Government Investment Pools?
1. They invest in long-term securities
2. They can be sponsored by (1) a state or local government; or (2) several cities and counties joined together
3. They are exempt from SEC registration
4. They are investment vehicles established by state governments
I, II, and III
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I, III, and IV
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II, III, and IV
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I, II, III, and IV
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Question 10 of 10

10. Question

Direct participation programs are commonly organized as:

Limited liability corporations
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Real estate investment trusts
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Limited partnerships
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All of the above
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Quiz Summary

Information

Results

Results

Categories

1. Question

The Options Clearing Corporation clears option transactions under the supervision of the SEC and the:

2. Question

Prior to accepting investments into a mutual fund, investment companies are required to deliver which of the following to investors?

3. Question

Which type of mutual fund charges a commission fee at the time of an investor’s purchase?

4. Question

All the following are true about variable life insurance policies EXCEPT:

5. Question

A type of investment company that is not actively managed and has a mandatory termination date is:

6. Question

What of the following is true about direct-sold 529 plans?

7. Question

An individual can typically save up to how much in an ABLE account each year?

8. Question

While they share some similarities, the primary difference between 529 accounts and ABLE accounts is:

9. Question

Which of the following are true about Local Government Investment Pools?

10. Question

Direct participation programs are commonly organized as: