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Series 7 Stockbroker (Series7 ) Practice Tests & Test Prep by Exam Edge - Topics



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Understanding what is on the Series 7 Stockbroker exam is crucial step in preparing for the exam. You will need to have an understanding of the testing domain (topics covered) to be sure you are studying the correct information.

  • Directs your study efforts toward the most relevant areas.
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There is no doubt that this is a strategic step in achieving certification and advancing your career.

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Series 7 General Securities Representative Exam Exam Blueprint

Understanding the exact breakdown of the Series 7 General Securities Representative Exam test will help you know what to expect and how to most effectively prepare. The Series 7 General Securities Representative Exam has 250 multiple-choice questions The exam will be broken down into the sections below:

Series 7 General Securities Representative Exam Exam Blueprint
Domain Name % Number of
Questions
Seeks Business for the Broker-Dealer through Customers and Potential Customers 27% 68
Evaluates Customers’ Other Security Holdings, Financial Situation and Needs, Financial Status, Tax Status, and Investment Objectives 11% 28
Opens Accounts, Transfers Assets, and Maintains Appropriate Account Records 11% 28
Provides Customers with Information on Investments and Makes Suitable Recommendations 28% 70
Obtains and Verifies Customer’s Purchase and Sales Instructions, Enters Orders, and Follows Up 23% 58

Series 7 General Securities Representative Exam - Exam Topics Sample Questions

How many banks comprise the Federal Reserve?

Correct Answer:
12 district banks
the federal reserve system, often referred to as the federal reserve or simply "the fed," is the central banking system of the united states. it was established on december 23, 1913, with the enactment of the federal reserve act. the primary purpose of the federal reserve is to regulate the u.s. monetary and financial system.

the federal reserve is structured to be a decentralized central bank, meaning it blends both public and private elements. this structure is evident in its composition, which includes 12 regional federal reserve banks located in major cities across the united states. these cities are boston, new york, philadelphia, cleveland, richmond, atlanta, chicago, st. louis, minneapolis, kansas city, dallas, and san francisco. each of these banks serves a specific geographic region or district, covering all 50 states and the territories of the united states.

the governance of each district bank involves a board of nine directors, which plays a crucial role in the functioning and oversight of the federal reserve's operations within their respective district. these directors are divided into three classes—designated as a, b, and c. class a directors are elected by member banks and represent the banking sector. class b and class c directors, although also elected by member banks, are chosen to represent the public with the aim of ensuring a fair and equitable system. specifically, the board of governors in washington, d.c., appoints three of these nine directors (all from classes b and c) to each district bank's board to represent broader societal interests.

the federal reserve's structure, with its regional banks, allows it to address economic and financial conditions specific to different parts of the country. this decentralized structure ensures a diverse range of views and local expertise are brought into national monetary policy decisions, which are primarily made by the federal open market committee (fomc). the fomc includes the board of governors, the president of the federal reserve bank of new york, and presidents from four other regional federal reserve banks who serve on a rotating basis.

in summary, the federal reserve system is composed of 12 regional banks, each serving a distinct geographic area of the united states. these banks play a vital role in their regions and collectively help to implement national monetary policy aimed at promoting economic stability and growth.