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Series 65 Practice Exam Review

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Series 65 Practice Exam Review What are the ranges of micro, small, mid, and large cap companies? - ANS - under 300m, 300m - 2b , 2b - 10b , over 10b What is the formula for quick ratio, quick asset ratio, and acid test ratio - ANS - these are all synonyms. (CA - Inventory)/CL Name all of the current (coincident) indicators - ANS - Nonagricultural employment Personal income, minus Social Security, veteran benefits, and welfare payments (happens now) Industrial production (happens right now) Manufacturing and trade sales in constant dollars (happens right now) Name all of the lagging indicators - ANS - Average duration of unemployment (people dont get re-hired right away. it takes a little bit) Ratio of consumer installment credit to personal income Ratio of manufacturing and trade inventories to sales Average prime rate Change in the CPI for services Total amount of commercial and industrial loans outstanding Change in the index of labor cost per unit of output (manufacturing) Name the main leading indicators - ANS - new housing permits (this indicates there will be many new purchases like wood, shingles, windows, etc) manufacturer's new orders (if they bought an airplane mold, it means they will make more airplanes) SP500 index (shows investor sentiment) Money Supply What is the recipient's cost basis and date of acquisition for a security he was gifted? - ANS - The client is considered to have acquired the security on the donor's purchase date and at the donor's purchase price. What is the recipient's cost basis and date of acquisition for a security he inherited? - ANS - The client's cost basis for determining if there is a taxable capital gain is the fair market value (FMV) as of the date of death. The holding period is not a consideration because any gains are considered long-term. What is 13F filing and who has to do it? - ANS - Section 13(f ) of the Securities Exchange Act of 1934 requires that any institutional investment manager that exercises investment discretion over an equity portfolio with a market value on the last trading day in any of the preceding 12 months of $100 million or more in 13(f ) securities, must file a Form 13F with the SEC quarterly, within 45 days of the end of each quarter. The purpose of this rule is to require institutional investment managers who exercise investment discretion over accounts holding certain levels of securities to make periodic public disclosures of significant portfolio holdings. Under the USA what is the statute of limitations for civil liabilities? - ANS - 3 years from the date of the sale or 2 years after discovery, whichever comes first Under federal law what is the statute of limitations for civil liabilities? - ANS - 3 years from the date of the sale or 1 year after discovery, whichever com

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