ARCO Series 7 Stockbroker NASD Exam,9780028621968

ARCO Series 7 Stockbroker NASD Exam

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ISBN13: 9780028621968
ISBN10: 0028621964
Format: Paperback
Pub. Date: 1999-01-01
Publisher(s): Macmillan General Reference
List Price: $50.00

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Table of Contents

FOREWORD v
New York Institute of Finance
PART ONE About the Series 7 Examination 1(8)
INTRODUCTION
3(6)
General Examination Information and Preparation for the Series 7 Test
3(6)
PART TWO Subject Review 9(420)
CHAPTER ONE: STOCKS
11(18)
Stock Terms
12(1)
Types of Stock
13(1)
Ownership
14(1)
Rights of Ownership--Voting
15(2)
Rights of Ownership--Dividends
17(1)
Other Rights
18(2)
Preferred Stock
20(1)
ADRs and Warrants
21(1)
Terms
21(2)
Review Questions
23(3)
Answers to Review Questions
26(3)
CHAPTER TWO: BONDS
29(52)
PART ONE: Basics of Debt Securities
30(7)
Forms of Bonds
30(1)
Other Bond Types and Terms
31(1)
Callability
32(1)
Putability
33(1)
Bond Trading, Pricing and Yields
33(4)
PART TWO: Corporates
37(9)
Trust Indenture
38(1)
Secured Bonds
39(1)
Unsecured Bonds
40(1)
Other Types of Bonds
40(1)
Convertibility
40(5)
Bond Ratings
45(1)
Eurobonds
46(1)
PART THREE: United States Government Issues
46(9)
Negotiable Securities
46(3)
Non-Negotiable U.S. Government Obligations
49(1)
Other Government Agency Obligations
50(2)
U.S. Government-Owned Agency Obligations
52(1)
Mortgage Backed Securities
52(2)
Other Bond Issuing Agencies
54(1)
Rules on Delivery of U.S. Government Instruments
54(1)
PART FOUR: Municipal Bonds
55(26)
Types of Municipals
56(3)
Types of Municipals Issues
59(1)
Legal Opinion
59(1)
Indenture
60(1)
Interest and Principal Payment
60(1)
Tender, Call and Put
61(1)
Municipal Bond Insurance
62(1)
Yields and Taxation
62(2)
Trading in Municipals
64(2)
Judging Municipals
66(1)
Terms
67(7)
Review Questions
74(4)
Answers to Review Questions
78(3)
CHAPTER THREE: Money Market Instruments
81(6)
Federal Funds
82(1)
Repurchase Agreements
82(1)
Banker's Acceptances
82(1)
Commercial Paper
83(1)
Negotiable Certificates of Deposit
83(1)
Broker's Loans (Call Loans)
84(1)
Eurodollars
84(1)
Terms
84(1)
Review Questions
85(1)
Answers to Review Questions
85(2)
CHAPTER FOUR: INVESTMENT COMPANIES--MUTUAL FUNDS
87(28)
Forms of Management Companies
88(2)
Earnings
90(1)
Features of Mutual Funds
91(1)
Management Company Structure
92(1)
Calculating Mutual Funds Yields
93(1)
Pricing of Shares
93(1)
Calculating Sales Charges and Redemption Fees
94(1)
Breakpoints
95(1)
Dollar Cost Averaging
96(1)
Redeeming Shares
96(1)
Rules Governing Open-End Investment Companies
97(1)
Ownership
98(1)
Taxation
98(1)
Closed-and Open-End Investment Companies
99(1)
Investor Accounts
100(2)
Withdrawal Plans
102(1)
The Investment Company Act of 1940
102(2)
NASD Rules on Mutual Funds
104(2)
Terms
106(2)
Review Questions
108(3)
Answers to Review Questions
111(4)
CHAPTER FIVE: Tax-Advantaged Investments, Annuities and Retirement Plans
115(30)
PART ONE: Tax-Advantaged Investments
115(11)
Tax Shelters Today
116(1)
Direct Participation Programs
116(2)
Evaluating a Limited Partnership
118(1)
Methods of Funding a Limited Partnership
119(1)
Types of Offerings
119(1)
The Subscription Agreement
120(1)
Real Estate Programs
120(3)
Oil and Gas Programs
123(2)
Equipment-Leasing Programs
125(1)
Taxation and Accounting Practices
125(1)
Dissolving a Limited Partnership
126(1)
PART TWO: Annuities
126(5)
Fixed Annuity
126(1)
Variable Annuity
127(2)
Annuity Purchase Options
129(1)
Annuity Payout Options
130(1)
Other Features
131(1)
Taxation of Annuities
131(1)
PART THREE: Retirement Plans
131(14)
Employer Pension Plans
132(1)
Retirement Plans for Small Employers and Self-Employed
133(3)
Terms
136(3)
Review Questions
139(3)
Answers to Review Questions
142(3)
CHAPTER SIX: New Issues
145(22)
The Investment Banker
145(1)
Types of Offerings
146(1)
Private Placements
146(1)
Negotiated Offering
146(1)
The Underwriting Agreement
147(1)
Types of Underwriter Commitments
148(1)
Formation of Underwriters' Syndicate
149(1)
Types of Underwriters' Agreements
149(1)
The Selling Group
150(1)
Preparation of New Issues
150(2)
Sale of New Issues
152(2)
Compensation
154(1)
New Issues of Municipals
155(1)
Municipals: Bidding and Selling Procedures
156(2)
Terms
158(3)
Review Questions
161(3)
Answers to Review Questions
164(3)
CHAPTER SEVEN: Over-the-Counter Market (OTC)
167(14)
The Four Markets
167(1)
Over-the-Counter Trading
168(1)
The Market Maker
169(1)
Broker or Dealer
169(1)
Confirmation
169(1)
Types of Quotes
170(1)
Types of Orders
170(1)
Wholesale and Retail Trading
171(1)
The NASDAQ System
171(1)
Other Sources of OTC Information
172(1)
NASD Markup Policy
173(2)
OTC Municipal Bond Trading
175(1)
Terms
175(2)
Review Questions
177(2)
Answers to Review Questions
179(2)
CHAPTER EIGHT: Exchange Markets
181(24)
Membership
182(1)
Operation of the Exchange
183(1)
Types of Orders
184(3)
Block Trades
187(2)
The Specialist
189(3)
Odd-Lot Trading
192(2)
Bond Trading
194(1)
Reading the Tape
195(1)
Terms
196(3)
Review Questions
199(3)
Answers to Review Questions
202(3)
CHAPTER NINE: Options
205(44)
Forms of Options
206(1)
Terminology
207(1)
Basic Options Possibilities
208(2)
Premiums
210(2)
Covered vs. Uncovered Options
212(1)
Break-Even Points
213(1)
Strategies: Hedges, Straddles, Combinations, and Spreads
213(3)
Objectives of Options Traders
216(1)
Margins
217(2)
Options Transaction Procedures
219(3)
Options Pricing
222(1)
OCC Rules and Regulations
222(2)
Position Limits
224(1)
Exchanges
224(1)
Tax on Options
225(1)
Suitability
226(1)
Stock Index Options
226(3)
Interest Rate Options
229(3)
Foreign Currency Options
232(5)
Terms
237(5)
Review Questions
242(4)
Answers to Review Questions
246(3)
CHAPTER TEN: Client Accounts
249(18)
Opening a New Account
249(3)
Types of Customer Accounts
252(2)
Custodian Accounts for Minors
254(2)
Restrictions on New Accounts
256(1)
Requirements in Dealing with Deceased Persons' Accounts
257(1)
Order Procedures for Client Accounts
258(3)
Terms
261(2)
Review Questions
263(2)
Answers to Review Questions
265(2)
CHAPTER ELEVEN: Margins and Short Sales
267(36)
PART ONE: Margins
267(1)
Regulation of Margin Accounts
268(1)
Characteristics of Margin Accounts
269(2)
Reg T Initial Margin Requirement
271(1)
Calculations Involving Margin Accounts
271(3)
Restricted Accounts
274(3)
Industry Requirements
277(4)
Special Memorandum Accounts (SMA)
381(4)
PART TWO: Short Sales
285(18)
Purpose of Short Sales
286(1)
Rights of Lenders
287(1)
Closing Out a Short Sale
288(1)
Margin Requirements for Short Sales
288(1)
Regulation of Short Sales
289(1)
Calculations in Short Sales Accounts
290(3)
Terms
293(5)
Review Questions
298(3)
Answers to Review Questions
301(2)
CHAPTER TWELVE: Analyses
303(40)
PART ONE: Economic Analysis
303(10)
National Income and GNP
303(1)
Business Cycles
304(3)
Controlling the Cycles--The Monetary Approach
307(3)
Controlling the Cycles--Fiscal Policies
310(1)
International Factors
311(2)
PART TWO: Technical and Fundamental Analysis
313(6)
Technical Analysis
313(5)
Fundamental Analysis
318(1)
PART THREE: Securities Analysis
319(9)
The Balance Sheet
320(2)
The Income Statement
322(2)
Statement of Changes in Financial Condition
324(1)
Valuation Practices
325(1)
Effects of Corporate Changes
326(2)
PART FOUR: Financial Ratios and Investment Policies
328(5)
Liquidity Rations
328(1)
Debt Ratios
329(1)
Capitalization Ratios
329(1)
Asset Utilization Ratios
330(1)
Profitability Ratios
330(1)
Cash Flow
331(1)
Valuation Ratios
331(1)
Earning Ratios
332(1)
PART FIVE: Investment Risks
333(2)
Portfolio Policies
334(1)
PART SIX: Portfolio Theory
335(14)
Terms
338(4)
Review Questions
342(3)
Answers to Review Questions
345(4)
CHAPTER THIRTEEN: Taxation
349(12)
General Information
349(2)
Treatment of Income from Securities
351(2)
Treatment of Debt Instruments
353(1)
Mutual Funds
354(1)
Options
354(1)
Gifts and Estates
354(1)
Tax-Advantaged Investments
354(1)
Terms
355(1)
Review Questions
356(3)
Answers to Review Questions
359(2)
CHAPTER FOURTEEN: Reading the Financial News
361(16)
New York Stock Exchange Issues
361(2)
NYSE Bond Trading
363(1)
Over-the-Counter Quotations (NASDAQ National Market)
363(1)
Treasury Bills, Bonds, and Notes
364(1)
Government Agency Bonds
365(1)
Stock Options
365(1)
Mutual Funds
365(2)
Corporate Sales and Earnings Reports
367(2)
Corporate Dividend Reports
369(1)
Tombstone Announcements
369(1)
Blue List (Secondary Market for Municipals)
369(1)
Municipal Bond Official Notice of Sale
370(2)
Municipal Bond Buyer Index
372(1)
Visible Supply of Munis
373(1)
Municipal Bonds Tombstone
373(1)
Standard & Poor's Stock Guide
374(3)
CHAPTER FIFTEEN: Federal and State Regulations
377(18)
PART ONE: The Securities Act of 1933
377(8)
Registration Requirements
378(2)
Exempt Securities
380(1)
Exempt Transactions
381(1)
Private Placement (Regulation D)
381(1)
Sale of Restricted and Control Securities (Rule 144)
382(1)
Intrastate Transactions (Rule 147)
383(1)
Regulation A Offerings
384(1)
Advertising
384(1)
PART TWO: The Securities Exchange Act of 1934
385(6)
Rules Governing Registration
386(1)
Credit Regulations
386(1)
Hypothecation and Commingling of Customers' Securities
386(1)
Manipulation and Deception
387(1)
Stabilization
388(1)
Insider Rules
388(1)
Proxies
389(1)
Record-Keeping and Report-Filing Requirements
389(1)
PTC Regulations
389(1)
Capital Requirements
390(1)
PART THREE: Other Regulations
391(4)
Investment Company Act of 1940 (ICA 1940)
391(1)
Federal Reserve Board Regulations
391(1)
Securities Investor Protection Corporation (SIPC)
392(1)
Trust Indenture Act of 1939
393(1)
State Regulations
393(2)
CHAPTER SIXTEEN: Industry Regulations
395(34)
PART ONE: NASD Regulations
395(12)
Purposes
396(1)
Bylaws: Membership
396(2)
Rules of Fair Practice
398(8)
The Uniform Practice Code
406(1)
Code of Procedure
407(1)
Code of Arbitration
407(1)
PART TWO: NYSE Regulations
407(6)
The Registered Representative
407(2)
Public Communications (Advertising and Speaking)
409(1)
Conduct of Accounts
410(2)
Arbitration
412(1)
Listing
412(1)
PART THREE: MSRB Regulations
413(16)
Rules
414(4)
Terms
418(6)
Review Questions
424(2)
Answers to Review Questions
426(3)
PART THREE Three Practice Examinations 429(274)
PRACTICE EXAMINATION ONE
431(90)
Part One
435(14)
Part Two
449(14)
Answer Key, Part One
463(1)
Answer Key, Part Two
464(1)
Answer Explanations, Part One
465(28)
Answer Explanations, Part Two
493(28)
PRACTICE EXAMINATION TWO
521(92)
Part One
525(14)
Part Two
539(15)
Answer Key, Part One
554(1)
Answer Key, Part Two
555(1)
Answer Explanations, Part One
556(29)
Answer Explanations, Part Two
585(28)
PRACTICE EXAMINATION THREE
613(90)
Part One
617(15)
Part Two
632(13)
Answer Key, Part One
645(1)
Answer Key, Part Two
646(1)
Answer Explanations, Part One
647(28)
Answer Explanations, Part Two
675(28)
INDEX 703

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