FINRA Practice SIE
Exam Questions and
Answers Updated 2026
TheBredemptionBvalueBofBanBopen-endBinvestmentBcompany'sBsharesBisBbasedBonBthe:
previousBofferingBprice
previousBclosingBNAV
NAVBcomputedBafterBtheBorderBisBreceived
offeringBpriceBcomputedBafterBtheBorderBisBreceivedB-
BAnswerNAVBcomputedBafterBtheBorderBisBreceived
TheBcomputationBofBdollarBpricesBandBaccruedBinterestBonBmunicipalBbondsBisBnormal
BonBwhatBcalendarBbasis?
30/360
30/365
Actual/360
Actual/365B-BAnswer30/360
Blue-skyBlawsBareBregulatedBbyBwhichBofBtheBfollowingBentities?
SEC
MSRB
FINRA
stateBsecuritiesBregulatorsB-BAnswerStateBsecuritiesBregulators
AtBtheBtimeBofBissuance,BwhichBofBtheBfollowingBsecuritiesBnormallyBhasBtheBlongestB
periodBtoBexpiration?
Rights
Options
,Warrants
RepurchaseBagreementsB-BAnswerWarrants
RegularBwayBsettlementBonBTreasuryBBondsBis:
sameBday
nextBbusinessBday
secondBbusinessBday
fifthBbusinessBdayB-BAnswernextBbusinessBday
ABfirmBisBaBparticipantBinBaBpublicBoffering.BToBsellBaBsubstantialBamountBofBtheBsecur
itiesBtoBitsBcustomers,BtheBfirmBagreesBtoBrepurchaseBtheBsharesBatBnoBlessBthanBtheB
originalBsalesBprice.BSuchBagreementsBare:
prohibitedBasBfraudulentBandBmanipulative.B
PermissibleBifBtheBsecuritiesBareBdepositedBintoBescrow.B
prohibitedBunlessBtheBfirmBimmediatelyBsetsBasideBfundsBforBtheBrepurchase
permissibleBifBtheBcustomersBretainBtheBrightBtoBsellBtheBsecuritiesBintoBtheBopenBmar
ket.B-BAnswerprohibitedBasBfraudulentBandBmanipulative
UnderBSECBS-
PB(ConsumerBPrivacy),BwhichBofBtheBfollowingBinformationBmustBaBfirmBincludeBinBitsB
customerBprivacyBandBopt-outBnotices?
theBaddressBofBtheBfirm'sBwebsite
theBfeeBtoBoptBoutBfromBtheBprivacyBprogram
theBdeadlineBbyBwhichBtoBoptBoutBfromBtheBprivacyBprogram
theBpoliciesBtoBprotectBtheBsecurityBofBnonpublicBinformationB-
BAnswertheBpoliciesBtoBprotectBtheBsecurityBofBnonpublicBinformation
UTMABaccountsBareBopenedBunderBtheBtaxBIDBnumberBofBthe:
minor
donor
, parent
custodianB-BAnswerminor
UnderBFINRABrules,BnoncashBcompensationBconnectedBwithBtheBsaleBofBvariableBcontra
ctsBincludesBallBofBtheBfollowingBitemsBEXCEPT:
gifts
meals
lodgingB
commissionsB-BAnswercommissions
DescribeBtheBdifferenceBbetweenBprimaryBdistributionBandBsecondaryBdistribution.B-
BAnsweraBprimaryBdistributionBinvolvesBaBsaleBofBnewlyBissuedBsharesBbyBtheBissuerBw
hileBaBsecondaryBdistributionBinvolvesBtheBsaleBofBalreadyBissuedBandBoutstandingBshar
es
IfBaBmarketBmakerBpostsBaBquotesBofB10.00B-
B10.10B(25x10),BwhichBofBtheBfollowingBactionsBisBtheBmarketBmakerBwillingBtoBtake?
sellB1,000BsharesBatB$10BandBbuyB2,500BsharesBatB$10.10
buyB2,500BsharesBatB$10BandBsellB1,000BsharesBatB$10.10
sellB100BsharesBatB$10BandBbuyB250BsharesBatB$10.10
buyB250BsharesBatB$10BandBsellB100BsharesBatB$10.10B-
BAnswerbuyB2,500BsharesBatB$10BandBsellB1,000BsharesBatB$10.10
AllBofBtheBfollowingBrisksBapplyBtoBbothBforeignBandBdomesticBdebtBinstrumentsBEXCE
PT:
political
exchange
repayment
interestBrateB-BAnswerexchange
Exam Questions and
Answers Updated 2026
TheBredemptionBvalueBofBanBopen-endBinvestmentBcompany'sBsharesBisBbasedBonBthe:
previousBofferingBprice
previousBclosingBNAV
NAVBcomputedBafterBtheBorderBisBreceived
offeringBpriceBcomputedBafterBtheBorderBisBreceivedB-
BAnswerNAVBcomputedBafterBtheBorderBisBreceived
TheBcomputationBofBdollarBpricesBandBaccruedBinterestBonBmunicipalBbondsBisBnormal
BonBwhatBcalendarBbasis?
30/360
30/365
Actual/360
Actual/365B-BAnswer30/360
Blue-skyBlawsBareBregulatedBbyBwhichBofBtheBfollowingBentities?
SEC
MSRB
FINRA
stateBsecuritiesBregulatorsB-BAnswerStateBsecuritiesBregulators
AtBtheBtimeBofBissuance,BwhichBofBtheBfollowingBsecuritiesBnormallyBhasBtheBlongestB
periodBtoBexpiration?
Rights
Options
,Warrants
RepurchaseBagreementsB-BAnswerWarrants
RegularBwayBsettlementBonBTreasuryBBondsBis:
sameBday
nextBbusinessBday
secondBbusinessBday
fifthBbusinessBdayB-BAnswernextBbusinessBday
ABfirmBisBaBparticipantBinBaBpublicBoffering.BToBsellBaBsubstantialBamountBofBtheBsecur
itiesBtoBitsBcustomers,BtheBfirmBagreesBtoBrepurchaseBtheBsharesBatBnoBlessBthanBtheB
originalBsalesBprice.BSuchBagreementsBare:
prohibitedBasBfraudulentBandBmanipulative.B
PermissibleBifBtheBsecuritiesBareBdepositedBintoBescrow.B
prohibitedBunlessBtheBfirmBimmediatelyBsetsBasideBfundsBforBtheBrepurchase
permissibleBifBtheBcustomersBretainBtheBrightBtoBsellBtheBsecuritiesBintoBtheBopenBmar
ket.B-BAnswerprohibitedBasBfraudulentBandBmanipulative
UnderBSECBS-
PB(ConsumerBPrivacy),BwhichBofBtheBfollowingBinformationBmustBaBfirmBincludeBinBitsB
customerBprivacyBandBopt-outBnotices?
theBaddressBofBtheBfirm'sBwebsite
theBfeeBtoBoptBoutBfromBtheBprivacyBprogram
theBdeadlineBbyBwhichBtoBoptBoutBfromBtheBprivacyBprogram
theBpoliciesBtoBprotectBtheBsecurityBofBnonpublicBinformationB-
BAnswertheBpoliciesBtoBprotectBtheBsecurityBofBnonpublicBinformation
UTMABaccountsBareBopenedBunderBtheBtaxBIDBnumberBofBthe:
minor
donor
, parent
custodianB-BAnswerminor
UnderBFINRABrules,BnoncashBcompensationBconnectedBwithBtheBsaleBofBvariableBcontra
ctsBincludesBallBofBtheBfollowingBitemsBEXCEPT:
gifts
meals
lodgingB
commissionsB-BAnswercommissions
DescribeBtheBdifferenceBbetweenBprimaryBdistributionBandBsecondaryBdistribution.B-
BAnsweraBprimaryBdistributionBinvolvesBaBsaleBofBnewlyBissuedBsharesBbyBtheBissuerBw
hileBaBsecondaryBdistributionBinvolvesBtheBsaleBofBalreadyBissuedBandBoutstandingBshar
es
IfBaBmarketBmakerBpostsBaBquotesBofB10.00B-
B10.10B(25x10),BwhichBofBtheBfollowingBactionsBisBtheBmarketBmakerBwillingBtoBtake?
sellB1,000BsharesBatB$10BandBbuyB2,500BsharesBatB$10.10
buyB2,500BsharesBatB$10BandBsellB1,000BsharesBatB$10.10
sellB100BsharesBatB$10BandBbuyB250BsharesBatB$10.10
buyB250BsharesBatB$10BandBsellB100BsharesBatB$10.10B-
BAnswerbuyB2,500BsharesBatB$10BandBsellB1,000BsharesBatB$10.10
AllBofBtheBfollowingBrisksBapplyBtoBbothBforeignBandBdomesticBdebtBinstrumentsBEXCE
PT:
political
exchange
repayment
interestBrateB-BAnswerexchange
