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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q56-Q61):

NEW QUESTION # 56
A registered representative (RR) has a referral relationship with a family friend who is not affiliated with the financial industry. In the absence of a formal agreement, which of the following ways is the RR permitted to compensate the family friend for referrals?

A. The RR is permitted to give the family friend prepaid credit cards equal to 50% of the commissions earned on the referrals.
B. The RR is permitted to split commissions with the family friend.
C. The RR is permitted to pay a flat-rate referral fee to the family friend.
D. The RR is permitted to take the family friend out to dinner as a way to say thank you.

Answer: D

Explanation:
FINRA prohibits the payment of referral fees or splitting of commissions with individuals who are not registered with a broker-dealer. However, taking a friend out to dinner as a gesture of gratitude is allowed, as it does not involve cash or monetary compensation directly tied to the referral.
* C is correctbecause non-monetary expressions of gratitude (like a dinner) are permitted under FINRA rules.
* Ais incorrect because commission splitting with unregistered individuals is prohibited.
* Bis incorrect because paying referral fees is also prohibited without registration.
* Dis incorrect because giving prepaid credit cards tied to commission income violates compensation rules.

NEW QUESTION # 57
Which of the following activities engaged in by a registered person is considered a private securities transaction?

A. Working for an insurance company selling term life insurance policies
B. Helping a friend raise money for a startup company they founded
C. Investing personal money in shares of a listed security in a brokerage account
D. Soliciting donations to a charity

Answer: B

Explanation:
A private securities transaction involves the sale of securities outside the scope of a registered representative's employment with their member firm. Such transactions must be disclosed to and approved by the firm under FINRA Rule 3280.
* B is correctbecause raising money for a startup involves the sale of securities and must be reported as a private securities transaction.
* Ais incorrect because soliciting charitable donations does not involve securities.
* Cis incorrect because selling term life insurance policies is not a securities transaction.
* Dis incorrect because investing personal money does not involve soliciting or selling securities to others.

NEW QUESTION # 58
A broker-dealer (BD) creates a marketing postcard that includes a statement regarding FINRA's endorsement of the BD. Which of the following responses is true?

A. The statement is permissible if the statement is approved in writing by FINRA prior to use.
B. The statement regarding FINRA's endorsement is not permissible.
C. The statement is permissible if the postcard does not discuss specific investment opportunities.
D. The statement is permissible if a principal of the BD approves it in writing prior to use.

Answer: B

Explanation:
Step by Step Explanation:
* FINRA Rule 2210: Firms are prohibited from suggesting or implying FINRA's endorsement or approval in any advertising materials.
* Approvals: Even if a principal or FINRA approves the content, such a statement remains impermissible.
* Key Point: FINRA's role is to regulate, not to endorse firms or their marketing.
References:
* FINRA Rule 2210 (Communications with the Public): FINRA Rule 2210.

NEW QUESTION # 59
A currency devaluation impacts a country's economic activity in which of the following ways?

A. Decreases gross domestic product (GDP)
B. Increases imports from merchandise trade countries
C. Makes exports cost less in merchandise trade countries
D. Decreases inflation

Answer: C

Explanation:
Currency devaluation reduces the value of a country's currency relative to others, making its exports cheaper and more competitive internationally. This stimulates demand for the country's goods and services.
* D is correctbecause devaluation reduces export costs, encouraging foreign buyers.
* Ais incorrect because devaluation can increase inflation by raising the cost of imported goods.
* Bis incorrect because GDP often rises due to increased export demand.
* Cis incorrect because imports become more expensive after devaluation, reducing demand.

NEW QUESTION # 60
A broker-dealer (BD) is underwriting an initial public offering (IPO). According to industry rules, which of the following customers is eligible to participate in the IPO?

A. The BD's branch office manager's unemployed spouse
B. An unregistered sales assistant employed by the BD
C. A customer of the BD who is the president of a local bank
D. The chief financial officer of a fast-food chain, whose brother is a registered representative employed by the BD

Answer: C

Explanation:
FINRA Rule 5130 restricts participation in IPOs for certain individuals (e.g., restricted persons) to prevent potential conflicts of interest. Restricted persons include employees of broker-dealers and their immediate family members.
* C is correctbecause the president of a local bank is not considered a restricted person under FINRA Rule 5130.
* Ais incorrect because employees (registered or not) of broker-dealers are restricted.
* Bis incorrect because immediate family members of broker-dealer employees are restricted,even if unemployed.
* Dis incorrect because the immediate family of a registered representative is restricted.

NEW QUESTION # 61
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