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Wiley Series 66 Exam Review 2015 + Test Bank: The Uniform Combined State Law Examination(Wiley FINRA)

Wiley Series 66 Exam Review 2015 + Test Bank: The Uniform Combined State Law Examination(Wiley FINRA)


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About the Book

The go-to guide to acing the Series 66 Exam! Passing the Uniform Combined State Law Examination (Series 66) qualifies an individual to represent both a broker-dealer and an investment adviser. It covers such topics as client investment strategies and ethical business practices. Taken as a corequisite with the Series 7 Exam, candidates must complete the Series 66 Exam in order to register as an agent with a state securities administrator. Created by the experts at The Securities Institute of America, Inc., Wiley Series 66 Exam Review 2015 arms you with what you need to score high on this tough 100-question test. Designed to help you build and fine-tune your knowledge of all areas covered in the exam and to guarantee that you're prepared mentally and strategically to take the test, it provides: * Dozens of examples * Assorted practice questions for each subject area covered in the exam * Priceless test-taking tips and strategies * Helpful hints on how to study for the test, manage stress, and stay focused Wiley Series 66 Exam Review 2015 is your ticket to passing this difficult test on the first try with flying colors!

Table of Contents:
ABOUT THE SERIES 66 EXAM XIII ABOUT THIS BOOK XVII ABOUT THE TEST BANK XIX ABOUT THE SECURITIES INSTITUTE OF AMERICA XXI CHAPTER 1 DEFINITION OF TERMS 1 Security 1 Person 3 Broker Dealer 4 Agent 4 Issuer 5 Nonissuer 5 Investment Adviser 6 Pension Consultants 6 Form ADV 7 Investment Adviser Representative 8 Solicitor 8 Institutional Investor 8 Accredited Investor 9 Qualified Purchaser 9 Private Investment Company 9 Offer/Offer to Sell/Offer to Buy 9 Sale/Sell 10 Guarantee/Guaranteed 10 Contumacy 10 Federally Covered Exemption 10 Option Contracts 11 Call Options 11 Put Options 11 Futures and Forwards 12 Secondary Market Orders 12 Market Orders 13 Buy Limit Orders 13 Sell Limit Orders 13 Stop Orders/Stop Loss Orders 14 Buy Stop Orders 14 Sell Stop Orders 14 Pretest 15 CHAPTER 2 SECURITIES INDUSTRY RULES AND REGULATIONS 21 The Securities Act of 1933 21 The Securities Exchange Act of 1934 23 Public Utilities Holding Company Act of 1935 25 Financial Industry Regulatory Authority (FINRA) 25 The Trust Indenture Act of 1939 26 Investment Advisers Act of 1940 26 Investment Company Act of 1940 26 Retail Communications/Communications with the Public 27 FINRA Rule 2210 Communications with the Public 28 Blind Recruiting Ads 30 Generic Advertising 30 Tombstone Ads 31 Testimonials 31 Free Services 32 Misleading Communications 32 Securities Investor Protection Corporation Act of 1970 (SIPC) 32 The Securities Acts Amendments of 1975 34 The Insider Trading and Securities Fraud Enforcement Act of 1988 34 Firewall 35 The Telephone Consumer Protection Act of 1991 35 National Securities Market Improvement Act of 1996 36 The Uniform Securities Act 36 Pretest 39 CHAPTER 3 ECONOMIC FUNDAMENTALS 43 Gross Domestic Product 43 Recession 45 Depression 45 Economic Indicators 45 Economic Policy 47 Tools of the Federal Reserve Board 47 Reserve Requirement 47 Changing the Discount Rate 48 Federal Open Market Committee 48 Money Supply 49 Disintermediation 49 Moral Suasion 50 Fiscal Policy 50 International Monetary Considerations 52 Pretest 53 CHAPTER 4 CUSTOMER RECOMMENDATIONS, PROFESSIONAL CONDUCT, AND TAXATION 57 Professional Conduct by Investment Advisers 58 The Uniform Prudent Investors Act of 1994 58 Fair Dealings with Clients 59 Periodic Payment Plans 63 Disclosure of Client Information 64 Borrowing and Lending Money 64 Developing the Client Profile 64 Investment Objectives 66 Risk vs. Reward 68 Alpha 71 Beta 71 Fundamental Analysis 77 Capitalization 80 Tax Structure 81 Investment Taxation 82 Calculating Gains and Losses 82 Cost Base of Multiple Purchases 83 Deducting Capital Losses 84 Wash Sales 84 Taxation of Interest Income 84 Inherited and Gifted Securities 85 Donating Securities to Charity 85 Trusts 85 Gift Taxes 86 Estate Taxes 86 Withholding Tax 87 Corporate Dividend Exclusion 87 Alternative Minimum Tax (AMT) 87 Taxes on Foreign Securities 88 Pretest 89 CHAPTER 5 VARIABLE ANNUITIES, RETIREMENT PLANS, AND LIFE INSURANCE 93 Annuities 93 Equity-Indexed Annuities 96 Annuity Purchase Options 97 Accumulation Units 97 Annuity Units 98 Annuity Payout Options 98 Factors Affecting the Size of the Annuity Payment 99 The Assumed Interest Rate (AIR) 100 Taxation 100 Sales Charges 101 Variable Annuity vs. Mutual Fund 101 Retirement Plans 101 Individual Plans 102 Individual Retirement Accounts (IRAS) 102 529 Plans 105 Local Government Investment Pools (LGIPs) 105 IRA Contributions 106 IRA Accounts 106 IRA Investments 106 It Is Unwise to Put a Municipal Bond in an IRA 107 Rollover vs. Transfer 107 Keogh Plans (HR-10) 108 Contributions 108 Tax-Sheltered Annuities/Tax-Deferred Account 109 Contributions 110 Tax Treatment of Distributions 111 Corporate Plans 111 Non-Qualified Corporate Retirement Plans 111 Payroll Deductions 111 Deferred Compensation Plans 112 Qualified Plans 112 Types of Plans 112 Rolling Over a Pension Plan 114 Employee Retirement Income Security Act of 1974 (ERISA) 114 ERISA 404C Safe Harbor 116 Life Insurance 117 Premiums and Death Benefits 118 Assumed Interest Rate 120 Variable Policy Features 120 Sales Charges 122 Life Settlements 122 Pretest 125 CHAPTER 6 REGISTRATION OF BROKER DEALERS, INVESTMENT ADVISERS, AND AGENTS 129 Registration of Broker Dealers 129 Financial Requirements 130 Agent Registration 130 Registering Agents 132 Changes in an Agent s Employment 133 Mergers and Acquisitions of Firms 133 Renewing Registrations 133 Canadian Firms and Agents 133 Investment Adviser State Registration 134 The National Securities Market Improvement Act of 1996 (The Coordination Act) 134 Investment Adviser Representative 135 State Investment Adviser Registration 136 Capital Requirements 136 Exams 137 Advertising and Sales Literature 137 Brochure Delivery 138 The Role of the Investment Adviser 139 Additional Compensation for an Investment Adviser 139 Agency Cross Transactions 139 Disclosures by an Investment Adviser 140 Investment Adviser Contracts 141 Additional Roles of Investment Advisers 142 Private Investment Companies/Hedge Funds 142 Fulcrum Fees 142 Wrap Accounts 143 Soft Dollars 143 Pretest 145 CHAPTER 7 SECURITIES REGISTRATION, EXEMPT SECURITIES, AND EXEMPT TRANSACTIONS 151 Exempt Securities 151 Securities Registration 152 Exempt Securities/Federally Covered Exemption 155 Exempt Transactions 156 Pretest 161 CHAPTER 8 STATE SECURITIES ADMINISTRATORS AND THE UNIFORM SECURITIES ACT 167 Actions by the State Securities Administrator 167 Actions Against an Issuer of Securities 169 Rule Changes 169 Investigations 171 Civil and Criminal Penalties 171 Jurisdiction of the State Securities Administrator 172 Administrator s Jurisdiction over Securities Transactions 172 Right of Rescission 174 Statute of Limitations 175 Pretest 177 ANSWER KEYS 183 GLOSSARY OF EXAM TERMS 193 INDEX 259


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Product Details
  • ISBN-13: 9781118857144
  • Publisher: John Wiley & Sons Inc
  • Publisher Imprint: John Wiley & Sons Inc
  • Edition: Revised edition
  • Language: English
  • Returnable: N
  • Returnable: N
  • Spine Width: 17 mm
  • Weight: 721 gr
  • ISBN-10: 1118857143
  • Publisher Date: 27 Oct 2014
  • Binding: Paperback
  • Height: 278 mm
  • No of Pages: 300
  • Returnable: N
  • Series Title: Wiley FINRA
  • Sub Title: The Uniform Combined State Law Examination
  • Width: 217 mm


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