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by Steven M. Rice
Series 7 Exam For Dummies, 4th Edition
Cover
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Beyond the Book
Where to Go from Here
Part 1: Gearing Up for the Series 7 Exam
Chapter 1: So You Want to Sell Securities: Introducing the Series 7 Exam
What Is the Series 7 Exam, Anyway?
Profiling the Series 7 Exam-Taker
One’s Not Enough: Tackling the Series 63 or Series 66
Securing Sponsorship and Signing Up
Taking a Peek at the Tested Topics
Understanding the Exam Format and Other Exam Details
Chapter 2: Preparing for the Series 7 Exam
Courses and Training Materials: Determining the Best Way to Study
Managing Your Study Time Wisely
Exploring Study Strategies
Developing Solid Test-Taking Skills
Knowing When You’re Ready
Chapter 3: Examining and Mastering Question Types
Familiarizing Yourself with Question Formats
Shredding the Questions: Tips and Tricks
Chapter 4: Surviving Test Day
Composing Yourself the Day Before
Making the Most of the Morning
Arriving on the Scene
Taking the Exam
Getting the Results: Drum Roll Please …
Part 2: Mastering Basic Security Investments
Chapter 5: Underwriting Securities
Bringing New Issues to the Market
Reviewing Exemptions
Chapter 6: Corporate Ownership: Equity Securities
Beginning with the Basics: Common Stock
Getting Preferential Treatment: Preferred Stock
Securities with a Twist
Chapter 7: Debt Securities: Corporate and U.S. Government Loans
Tackling Bond Terms, Types, and Traits
Making Basic Bond Price and Yield Calculations
Determining the Best Investment: Comparing Bonds
Exploring U.S. Government Securities
Playing It Safe: Short-Term Loans or Money Market Instruments
Chapter 8: Municipal Bonds: Local Government Securities
General Obligation Bonds: Backing Bonds with Taxes
Revenue Bonds: Raising Money for Utilities and Such
The Primary Market: Bringing New Municipal Bonds to Market
Examining Other Types of Municipal Bonds on the Test
Don’t Forget Municipal Notes!
Municipal Fund Securities
Understanding the Taxes on Municipal Bonds
Following Municipal Bond Rules
Gathering More Municipal Bond Info
Part 3: Delving Deeper into Security Investments
Chapter 9: Borrowing Money and Securities: The Long and Short of Margin Accounts
Getting the Paperwork Out of the Way
Introducing Long and Short Margin Accounts
Playing by the Federal Reserve Board’s Rules
Opening a Margin Account: The Initial Requirements
Calculating Debit and Equity in Long Margin Accounts
Making Short Work of Calculations in Short Margin Accounts
Let the Good Times Roll: Handling Excess Equity
Looking at Limits When the Market Goes the Wrong Way
Chapter 10: Delivering Diversification with Packaged Securities
Diversifying through Management Investment Companies
Considering Other Investment Company Options
Reducing Real Estate Risk with REITs
Adding Annuities to a Portfolio
Exploring Variable Life and Variable Universal Life Insurance
Investment Company Rules
Chapter 11: Working with Direct Participation Programs
Searching for Identity: What DPPs Are (and Aren’t)
The DPP Characters: General and Limited Partners
Pushing through Partnership Paperwork
Types of DPP Offerings
Passive Income and Losses: Looking at Taxes on Partnerships
Evaluating Direct Participation Programs
Chapter 12: Options: The Right to Buy or Sell at a Fixed Price
Brushing Up on Option Basics
Incorporating Standard Option Math
Mastering Complex Option Calculations
Nonequity Options
Gaining Additional Option Info
Part 4: Taking Care of Your Customers and Playing by the Rules
Chapter 13: Doing a Little Market Research: Portfolio and Securities Analysis
Knowing Your Customer: Portfolio Analysis
Knowing Your Securities and Markets: Securities Analysis
Chapter 14: Going to Market: Orders and Trades
Shopping at Primary and Secondary Markets
Making the Trade
Understanding the Role of a Broker-Dealer
Receiving Orders from Customers
Designated Market Maker and the Super Display Book (SDBK)
Chapter 15: Making Sure the IRS Gets Its Share
Everything in Its Place: Checking Out Tax and Income Categories
Noting Taxes on Investments
Presenting Gift and Estate Tax Rules
Exploring Retirement Plans
Chapter 16: No Fooling Around: Rules and Regulations
The Market Watchdogs: Securities Regulatory Organizations
Following Protocol When Opening Accounts
Trading by the Book When the Account Is Open
Committing Other Important Rules to Memory
Part 5: A Couple Practice Exams
Chapter 17: Practice Exam 1
Practice Exam 1 Answer Sheet
Chapter 18: Answers and Explanations to Practice Exam 1
Making the Grade
Answer Key for Practice Exam 1
Chapter 19: Practice Exam 2
Practice Exam Part 2 Answer Sheet
Chapter 20: Answers and Explanations to Practice Exam 2
Knowing the Score
Answer Key for Practice Exam 2
Part 6: The Part of Tens
Chapter 21: Ten Series 7 Exam Traps to Avoid
Easing Up on the Studying
Assuming the Question’s Intent
Reading into the Question
Becoming Distracted When Others Finish
Not Dressing for Comfort
Forgetting to Breathe
Trying to Work Out Equations in Your Head Instead of Writing Them Down
Spending Too Much Time on One Question
Changing Your Answers for the Wrong Reasons
Calculating Your Final Score Prematurely
Chapter 22: Ten Ways to Start Your Career Off Right
Win at the Numbers Game
Be an Apprentice
Do Your Homework
Treat the Minnow like a Whale
Smile When You Dial
When a Security Falls, Don’t Be a Stranger
Put In the Hours
Broaden Your Horizons
Pay Yourself First
Set Some Goals: The Brass Ring
Appendix: Important Figures and Formulas
Index
About the Author
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End User License Agreement
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