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Download The Training SIE For Exam, Pass The Securities Industry Essentials Exam (SIE)

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q258-Q263):

NEW QUESTION # 258
An investor is long 100 shares of XYZ and sells a covered call with a strike price of $50. If XYZ closes at
$45 on the day of expiration, the investor should expect:

A. that the option to be exercised and the stock to be called away.
B. a margin call on the expiring contract requiring a deposit of additional funds.
C. to receive an additional 100 shares since the contract expired out of the money.
D. that the covered call will expire and the investor will still be long 100 shares of XYZ.

Answer: D

Explanation:
This scenario describes a covered call: the investor owns the underlying stock (long 100 shares) and has sold (written) a call option against it. A call option gives its holder the right to buy the stock at the strike price ($50) before expiration. On expiration day, the key question is whether the option is in the money (stock price above strike) or out of the money (stock price below strike). If XYZ closes at $45, the call option with a $50 strike is out of the money because exercising the right to buy at $50 makes no economic sense when the market price is $45. As a result, the call will typically expire worthless, and the writer keeps the premium collected. The investor remains long the original 100 shares, which is exactly choice B.
Choice A is incorrect because assignment/exercise is most likely when the option is in the money at expiration (and sometimes slightly in the money intraday), not when it is out of the money. Choice C is incorrect because standard listed equity options do not create a "margin call on the expiring contract" simply because they expire; margin requirements are about risk exposure while positions are open, and here the position is covered by stock ownership. Choice D is incorrect because a call option expiring out of the money does not deliver shares to the writer; it simply expires and disappears.
This tests core SIE options mechanics: moneyness, expiration outcomes, assignment likelihood, and covered vs. uncovered risk.

NEW QUESTION # 259
Company ABC announces a 1-for-3 reverse stock split. The customer owns 300 shares priced at $9.00 each.
After the split, how many shares will the investor have and at what price?

A. 900 shares at $3.00
B. 200 shares at $13.50
C. 150 shares at $18.00
D. 100 shares at $27.00

Answer: D

Explanation:
A 1-for-3 reverse stock split means that shareholders will receive one new share for every three shares currently owned. Reverse splits reduce the number of shares outstanding while proportionally increasing the market price per share, leaving the investor's overall market value (ignoring market reactions and rounding) essentially unchanged at the moment of the split. In this question, the investor owns 300 shares at $9.00 each.
Dividing the share count by 3 results in 100 shares after the reverse split (300 ÷ 3 = 100). Because the split is reverse, the price is multiplied by 3 to keep the position value constant: $9.00 × 3 = $27.00 per share.
Therefore, the investor will have 100 shares at $27.00, which is answer choice A.
You can also verify by checking the total value before and after the split. Before: 300 × $9.00 = $2,700. After:
100 × $27.00 = $2,700. This illustrates the central split principle tested on the SIE: stock splits and reverse splits change share count and per-share price, but do not inherently create gains or losses; instead, they adjust the number of shares and the price per share proportionally. Cost basis per share is adjusted accordingly (the total cost basis remains the same, but it is allocated across fewer shares at a higher per-share basis).
Reverse splits are often used by issuers seeking to raise the trading price per share (for example, to meet listing requirements), and the SIE commonly tests the mechanical impact on share quantity, market price, and cost basis.

NEW QUESTION # 260
Before an affiliate of an issuer is permitted to sell 10,000 shares of restricted securities, which of the following conditions must be met?

A. The issuer must notify FINRA of the proposed sale by submitting a Form 144.
B. The affiliate must have a holding period of six months.
C. The company must be traded on a listed stock exchange.
D. The shares to be sold must be less than 10% of the average daily trading volume (ADTV) of the security.

Answer: B

Explanation:
Step by Step Explanation:
* Rule 144 Holding Period: Restricted securities held by affiliates require a six-month holding period before sale, provided the issuer is subject to SEC reporting requirements.
* Other Options:
* Notification to FINRA (C) is incorrect; Form 144 is submitted to the SEC, not FINRA.
* The 10% ADTV limitation (D) applies to the volume of shares sold, not the conditions for sale.
SEC Rule 144 (Selling Restricted Securities): SEC Rule 144.

NEW QUESTION # 261
An investor sells shares of a closed-end fund at the market. Which of the following responses best describes the net proceeds to be received?

A. Public offering price (POP) less any redemption fee
B. Net asset value (NAV)
C. Bid price less any commission
D. NAV less any redemption fee

Answer: C

Explanation:
Step by Step Explanation:
* Closed-End Funds: Trade on exchanges like stocks, and the investor receives the bid price (market price) minus any applicable commissions.
* Incorrect Options:
* A & B: NAV applies to open-end mutual funds, not closed-end funds.
* D: POP applies to initial sales of mutual fund shares.
SEC Guidance on Closed-End Funds: SEC Closed-End Funds.

NEW QUESTION # 262
Which of the following statements is true of a tax-free municipal revenue bond?

A. The bondholders are entitled to a specified percentage of the revenue received by the issuer each year.
B. The bondholders are entitled to be paid from any revenue received by the issuer.
C. The bond proceeds are treated as general revenue to the issuer.
D. The bondholders are entitled to be paid only from a specified source of revenue received by the issuer.

Answer: D

Explanation:
A municipal revenue bond is secured by and payable from a specific source of revenue, such as tolls from a bridge, fares from a transit system, fees from a water/sewer utility, or revenues from an airport authority.
Bondholders rely on that pledged revenue stream rather than the issuer's general taxing power. That is why the correct statement is C: bondholders are entitled to be paid only from a specified source of revenue.
Choice A is incorrect because revenue bond proceeds are typically earmarked for the project or enterprise, and repayment is not treated as "general revenue" in the GO sense. Choice B is incorrect because bondholders do not have a claim on any revenue of the issuer; that description aligns more with general obligation backing or a broad pledge. Choice D is incorrect because bondholders are owed debt service per the bond's terms (interest and principal), not a "specified percentage" of issuer revenue.
The phrase "tax-free" refers to the typical federal tax-exempt status of municipal bond interest (subject to exceptions), but it does not change the fundamental revenue bond structure: repayment depends on the project' s performance and revenue collection. This is a key SIE distinction between GO bonds (supported by full faith and credit/taxing power) and revenue bonds (supported by a designated revenue stream).

NEW QUESTION # 263
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