Free Finra Series-7 Exam Practice Questions & Explanations
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Bubba holds 200 shares of common stock in a utility company and receives rights to subscribe to an additional 100 shares at $20. The utility company is raising $40 million of new capital.
How many rights does Bubba receive?
200. In an issue of rights, there is always one right per share. Bubba owns 200 shares and thus receives the same number of rights.
A withdrawal from a Roth IRA may be a qualified distribution if the Roth IRA has been open for at least:
five years. The five-year holding period begins on the first day of the year for which contributions were made.
Bubba has a short margin account with a short market value of $22,000, a credit balance of $42,000, and SMA of $500.
What is the equity in Bubba's account?
$20,000. The equity in a short margin account is equal to the credit balance minus the short market value. SMA is not considered when computing equity.
A mutual fund with an 8% load and a 1% redemption fee carries a current quote of $6.25 - $6.79. If an investor has tendered his shares for redemption on that basis, the per share price he will receive is approximately:
$6.19. The fund has a redemption fee of 1%. This is about 6 cents based upon the bid price. Subtracting that from the $6.25 bid results in $6.19.
Under what circumstances may a registered investment company change its investment objective?
after approval by a majority vote of the shareholders. All vital interests of the shareholders are subject to their majority vote.