series 7 sim

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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)


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