FINRA Series_63 問題集

質問 1：
Kevin has a pair of season tickets to the Boston Red Sox games. He and his wife can't attend all the
games themselves, so Kevin has created "packages" of eight games each that he is listing for sale on
Craig's List. Do these "packages" meet the definition of securities, and, if so, does Kevin need to register
them with the state before offering them for sale?
A. Only if Kevin will be selling the packages at or below cost are the packages not considered to be
securities, in which case Kevin will not have to register them with the state.
B. The packages are not considered to be securities since each package is merely a purchase and sale
agreement between Kevin and another person. There is no third party involved. Because they do not
meet the definition of securities, Kevin does not need to register them with the state.
C. Statements A and B are both true statements.
D. If Kevin will be profiting from the sale of the packages, the packages are defined to be securities, but
since he's selling the packages to only a few people, he will not have to register them with the state.
(Kevin may, however, be guilty of violating ticket scalping laws.)
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 2：
Ms. Connie Fused sent her investment adviser a check, payable to a mutual fund that he had
recommended to her. What must the adviser do in order to avoid being considered the custodian of this
account and, thereby, subject to some strict requirements, including a higher minimum net capital?
A. He needs both to forward the check within 24 hours and to obtain a written statement from Ms. Fused.
B. He needs to forward the check to the mutual fund within 3 days.
C. He needs to forward the check to the mutual fund within 24 hours.
D. He needs to get a written statement from Ms. Fused, addressed to the state Administrator,indicating it
was her mistake.
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 3：
An investment adviser suggests that his client, Arnold, a 74-year old gentleman, should consider a
reallocation of the assets in his portfolio. The adviser tells Arnold that he has far too much invested in
bonds, which don't earn as much as stocks. He advises Arnold to take 80% of the money he has in bonds
and invest it in an aggressive growth mutual fund that has provided an average annual return of 40% over
the past three years. Arnold is impressed and follows this advice. Shortly thereafter, there is a steep drop
in the market in general, and the net asset value of the aggressive growth mutual fund falls 85%. Does
Arnold have any remedies available to him?
A. No. The investment adviser had no way of knowing that the market was going to fall when he provided
the advice, so the adviser did not fail in his fiduciary responsibility to Arnold.
B. Yes. Arnold can sue for the amount of his losses, plus interest, as well as an amount assessed by the
court for "pain and suffering."
C. Yes. Arnold can sue for the amount of his losses, plus interest, court costs, and attorneys' fees.
D. No. Arnold had the choice and got greedy. As the old saying goes, "Bulls get rich, and bears get rich,
but pigs get led to slaughter."
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 4：
A broker-dealer will be found guilty of churning an account if the account has a turnover ratio of
A. five.
B. There is no specified turnover ratio assigned to the prohibited practice of churning.
C. four.
D. eight.
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 5：
MoeMoney Investment Advisers, LLC is registered in the state of Texas, and its three offices are all
located in the greater Dallas-Fort Worth area. Five of its clients-all individuals-have relocated to Colorado
and all have indicated a desire to retain the services of MoeMoney. In order for this to be possible,
A. each client will have to write a letter to the Administrator of the state of Colorado on MoeMoney's
behalf.
B. Neither MoeMoney nor its clients need do anything.
C. MoeMoney will need to apply for and be granted registration as an investment adviser in the state of
Colorado.
D. MoeMoney will need to apply for and be granted registration as an investment adviser representative in
the state of Colorado.
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 6：
In which of the following scenarios will the investment adviser be subject to criminal fraud charges?
A. An adviser owns the stock of TweedleDee Corporation and has issued a report recommending the
stock as a "buy" without disclosing the fact that it owns the stock.
B. An adviser sells its shares of TweedleDee Corporation after issuing a report recommending the stock
as a "buy."
C. all of the above. It is considered criminal fraud for an investment adviser to make any
recommendations on a security in which it has or plans to have a position.
D. An adviser owns the stock of TweedleDee Corporation and has issued a report recommending the
stock as a "buy," disclosing the fact that it owns the stock
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 7：
Carrie is a registered agent employed by CanDo Broker-Dealers. Her uncle is a minister who regularly
refers his parishioners to Carrie, in return for which Carrie has agreed to donate a quarter of her
commissions from these transactions to the parish. Is Carrie doing anything illegal?
A. Yes. Carrie is splitting her commissions with an entity that is not affiliated with her broker-dealer
B. No. Carrie is just donating some of her commissions back to the church, and transactions with
C. It depends. As long as the church parishioners are aware of the arrangement between Carrie and
D. It depends. If the church itself is a client of CanDo's, then it is considered to be affiliated with
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 8：
Mr. Bigwig, CEO of HiGrowth Corporation, meets with the president of BigFee Investment Bankers and
arranges for BigFee to underwrite an Initial Public Offering (IPO) for the firm. When the IPO comes to
market, GetErDone Broker-Dealers is part of the selling group, which handles the sale of the stock to the
public. In this scenario, which party is the issuer?
A. HiGrowth Corporation
B. GetErDone Broker-Dealers
C. Mr. Bigwig
D. BigFee Investment Bankers
正解：A
解説: (Topexam メンバーにのみ表示されます)