General Securities Representative Series-7 Updated Exam

Series 7 General Securities Representative Qualification Examination (GS) Questions and Answers

Question 45

The net investment income of an open-end investment company represents:

net income from dividends and interest paid on securities in the fund’s portfolio

net gains on sales of portfolio securities

dividends, interest, and net gains on sales of securities

net profits from the investment company operation

Question 46

If a customer fails to pay for securities purchased in a cash account, the member firm broker will do which of the following?

grant an extension for a bona fide reason

place the securities temporarily in a general account

purchase the securities for the firm’s error account

liquidate the securities or otherwise cancel the transaction

Question 47

An “accumulation unit” of a variable annuity is used to determine which of the following?

the value of the annuitant’s contract before annuity payments begin

the amount of annuity payments to be paid to the owner

the amount to be passed to the annuitant’s beneficiary

the amount returned to the annuitant upon redemption of the account

Question 48

Which of the following sets out the details for the management board of condominiums, including the board’s powers and limitations?

master deed

bylaws

rental agreement

loan agreement