series 7 sim
Quick Ratio (Acid Test) (most stringent)
(Current Assets - Inventory) / Current Liabilities
Refund provision (annuity)
45 days from execution or 10 days from when the owner receives the policy or whichever is longer
Public Appearance Disclosures
Any conflicts of interest
Preliminary Official Statement
Approved by principle Kept on file for 4 years Not be misleading
Bond interest is taxed
As ordinary income
Selling a bond at premium or discount than what you bought it is
Capital gain or capital loss
excise tax
Consumer tax on a specific kind of merchandise, such as tobacco.
Tax-deferred, non contributory defined benefit plan
Contribution amounts vary Benefit payments are fixed
Divided syndicate
Each member of the group has legal responsibility of selling a portion of offerings allocated to them. And if not must keep them in there inventory
Established customer(penny stock)
Engaged in penny stock having a margin account is not enough
Regulation S
Exemption for offers and sales made outside the US and foreign issuers
Regulation D
Exempts from registration offering sold in private placement
Testimonials in retail communications must disclose
If more than 100 was paid, the fact that it was a paid testimonial
US government debt is quouted
In 32nds
Non distributed earnings?
Increase retained earnings
Zero-coupon corporate bond
Interest is accreted and when bond matures there is no capital gain or loss
Moral obligation bond requires secondary backing
Legislative approval is required
Tax exempt bond fund
Municipal bond fund
Coverage ratio for muni revenue
Net revenue/ annual interest and principal expense
Safety municipal bond
New housing Authority bond NHA PHA Public housing authority bond
Trading at a premium
Nominal yield(coupon rate) is greater than the yield to maturity
Exempt from Act of 1933
Regulation A+, Regulation D, Regulation S
The Visible Supply includes
Revenue bonds General obligation bonds Industrial development bonds (Not notes)
Relationships to a registered representative subject to restricted purchasers
Spouse, parent, siblings and in-laws and supported peoples
A confirmation sent to a customer must include
The amount of commission, markup or markdown, acted as principal or agent
RR suspended by FINRA's doe would appeal
The national adjudicatory council
Subordinate debenture holders
Treated as creditors
Official statement delivery
With or before bonds are delivered
Is an equipment trust certificate a debt security
Yes
Earnings Per Share (EPS)
[EBIT- (interest + taxes)]- preferred dividends] divided by the number of shares of common outstanding
Municipal Finance Professional (MFP)
an associate of a broker dealer engaged in municipal securities representative activities, trading, sales, financial advisory, research, investment advice, other activities involving communication w pub investors
Regulation A+
exemption for small and medium corporate offerings
Policy Loan Annuity
minimum of 75% cash, policy held for 3 years
Variable life insurance contract exchange provision
must be available for 2 years (24 months)
1035 exchange
tax free exchange between like funds only done once in 36 months
within two years of a variable life policy
within 2 years refund of the cash value and part of sales charge (only cash value is mandatory)
