FINRA SIE PRACTICE FINAL PAPER 75
QUESTIONS WITH COMPLETE SOLUTIONS
2026 GRADED A+
⩥Exempt Transactions from SEC Registration.
Answer: -Intrastate offerings (required at state level)
-Regulation A offerings (<$5m within 12 mo. period)
-Regulation D offerings (aka private placement) (no more than 35
unaccredited investors per year)
⩥T-Bills.
Answer: Maturity: 4-52 weeks
Issued at a discount and matures at par. Difference between purchase
price and par is considered interest.
⩥T-Notes.
Answer: Maturity: 2-10 years
Pays interest semi-annually
Considered Intermediate
⩥T-Bonds.
Answer: Maturity: 30 years
,Pay interest semi-annually
⩥T-STRIPS.
Answer: Maturity: 6 months to 30 years
Issued at a discount and mature at par
⩥TIPS.
Answer: Maturity: 5,10,30 years
Pay interest semi-annually, par value and interest payments adjust
according to inflation.
⩥GNMA.
Answer: (Government National Mortgage Association)
-Only agency security backed by govt.
-Support the Department of housing and urban development
⩥FNMA.
Answer: (Federal National Mortgage Association)
-Publicly held corporation, responsible for providing capital for certain
mortgages.
-Conventional, VA, FHA, etc.
, ⩥FHLMC.
Answer: (Freddie Mac)
-Designed to create a secondary market for mortgages.
-Purchases residential mortgages and packages them into mortgage-
backed securities that are sold to investors
⩥FCS.
Answer: (Farm Credit System)
-Lending institutions that provide financing to farmers.
-Sells securities and loans it to farmers
⩥SLMA.
Answer: (Student Loan Marketing Association)
-Provides a secondary market for student loans
-Purchases student loans and sells them as short and medium debt
securities to investors
⩥Repurchase Agreements.
Answer: short-term sales of government securities (usually t-bills) with
an agreement to repurchase the securities at a higher price
⩥Corporate Commercial Paper.
Answer: -Unsecured corporate debt
QUESTIONS WITH COMPLETE SOLUTIONS
2026 GRADED A+
⩥Exempt Transactions from SEC Registration.
Answer: -Intrastate offerings (required at state level)
-Regulation A offerings (<$5m within 12 mo. period)
-Regulation D offerings (aka private placement) (no more than 35
unaccredited investors per year)
⩥T-Bills.
Answer: Maturity: 4-52 weeks
Issued at a discount and matures at par. Difference between purchase
price and par is considered interest.
⩥T-Notes.
Answer: Maturity: 2-10 years
Pays interest semi-annually
Considered Intermediate
⩥T-Bonds.
Answer: Maturity: 30 years
,Pay interest semi-annually
⩥T-STRIPS.
Answer: Maturity: 6 months to 30 years
Issued at a discount and mature at par
⩥TIPS.
Answer: Maturity: 5,10,30 years
Pay interest semi-annually, par value and interest payments adjust
according to inflation.
⩥GNMA.
Answer: (Government National Mortgage Association)
-Only agency security backed by govt.
-Support the Department of housing and urban development
⩥FNMA.
Answer: (Federal National Mortgage Association)
-Publicly held corporation, responsible for providing capital for certain
mortgages.
-Conventional, VA, FHA, etc.
, ⩥FHLMC.
Answer: (Freddie Mac)
-Designed to create a secondary market for mortgages.
-Purchases residential mortgages and packages them into mortgage-
backed securities that are sold to investors
⩥FCS.
Answer: (Farm Credit System)
-Lending institutions that provide financing to farmers.
-Sells securities and loans it to farmers
⩥SLMA.
Answer: (Student Loan Marketing Association)
-Provides a secondary market for student loans
-Purchases student loans and sells them as short and medium debt
securities to investors
⩥Repurchase Agreements.
Answer: short-term sales of government securities (usually t-bills) with
an agreement to repurchase the securities at a higher price
⩥Corporate Commercial Paper.
Answer: -Unsecured corporate debt
