Open Exam Prep

Open Exam Prep

By Ran Chen, EA, CFP®EducationCourses
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Open Exam Prep episodes

  • [Series 65] 8, Financial Statements and Accounting Fundamentals
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - The purpose and key components of the income statement, including the difference between revenue and net income.
    - How the balance sheet provides a snapshot of a company's financial health through the accounting equation: Assets = Liabilities + Shareholders' Equity.
    - The function of the statement of cash flows and its relationship to the income statement, particularly concerning non-cash expenses like depreciation.
    - The distinction between cash and accrual accounting, and why GAAP mandates the use of the accrual method for public companies.
    - A simple mnemonic to help you remember the core function of each of the three main financial statements.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • [Series 65] 7, International Economics and Balance of Payments
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - How a strengthening U.S. dollar negatively impacts U.S. exporters and benefits U.S. importers.
    - The direct relationship between a strong dollar and a U.S. trade deficit.
    - How a weakening U.S. dollar can help reduce a trade deficit by making exports cheaper and imports more expensive.
    - The concept of the balance of payments, including the current account and the difference between debits (money out) and credits (money in).
    - The connection between Federal Reserve monetary policy, interest rates, currency strength, and the balance of trade.
    4 min
  • [Series 65] 6, Interest Rates and Yield Curves
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - The inverse relationship between interest rates and bond prices, often visualized as a seesaw.
    - A normal, upward-sloping yield curve typically signals expectations of economic expansion.
    - An inverted, downward-sloping yield curve is a classic indicator of a potential economic recession.
    - The Federal Funds Rate is the volatile overnight lending rate between banks, which is targeted by the Federal Reserve to conduct monetary policy.
    - The Prime Rate is the benchmark rate banks charge their best corporate clients and is directly influenced by, and higher than, the Federal Funds Rate.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • [Series 65] 5, Inflation Deflation and the Consumer Price Index
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - How the Series 65 exam tests the Consumer Price Index (CPI) and the concept of real, inflation-adjusted returns.
    - The critical difference between demand-pull and cost-push inflation, with clear, exam-style examples.
    - Why deflation is a significant risk to the economy and how it impacts different asset classes like stocks and bonds.
    - How to identify common exam traps, such as confusing deflation with disinflation.
    - A simple mnemonic to remember the distinction between the two main types of inflation.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    5 min
  • [Series 65] 4, Fiscal Policy and Government Spending
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - The core difference between fiscal policy (Congress/President) and monetary policy (Federal Reserve) for the Series 65 exam.
    - How expansionary fiscal policy (increased spending, tax cuts) is used to combat recessions.
    - How contractionary fiscal policy (decreased spending, tax hikes) is used to fight inflation.
    - The relationship between deficit spending, the issuance of government securities, and the national debt.
    - The concept of "crowding out" where government borrowing increases interest rates and reduces private investment.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • [Series 65] 3, The Federal Reserve and Monetary Policy
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - How the Federal Open Market Committee (FOMC) uses open market operations as its primary tool to influence the money supply.
    - The direct impact of the Fed buying government securities to expand the money supply and selling them to contract it.
    - The distinction between the discount rate, which the Fed sets for loans to banks, and the federal funds rate, which banks charge each other.
    - How changes in the reserve requirement affect the amount of money banks can lend out.
    - To identify the correct Fed monetary policy action (expansionary vs. contractionary) for different economic scenarios like recessions or high inflation.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • [Series 65] 2, Leading Lagging and Coincident Indicators
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - Leading indicators, such as the S&P 500 and building permits, are forward-looking and aim to predict the economy's future direction.
    - Lagging indicators, including the CPI and GDP, confirm economic trends after they have already taken place.
    - A critical Series 65 exam trap is the distinction between 'initial unemployment claims' (a leading indicator) and the 'average duration of unemployment' (a lagging indicator).
    - The stock market is considered a primary leading indicator because it reflects investor expectations of future corporate earnings and economic activity.
    - GDP is tested as a lagging indicator because it reports on economic output for a quarter that has already concluded.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • [Series 65] 1, Business Cycles and Economic Phases
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - The four phases of the business cycle are expansion, peak, contraction, and trough.
    - A recession is defined as two consecutive quarters of declining GDP, while a depression is six consecutive quarters of declining GDP.
    - Leading economic indicators predict future economic activity, coincident indicators show the current state, and lagging indicators confirm past trends.
    - Real GDP is adjusted for inflation and is the primary measure of economic growth, unlike nominal GDP which can be distorted by price changes.
    - The Series 65 exam tests your ability to identify the current phase of the business cycle based on given economic indicators.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • [Series 6] 30, Anti-Money Laundering and Ethics
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the Series 6 Exam.
    In this episode you will learn:
    - The three stages of money laundering: placement, layering, and integration.
    - Key requirements of a Customer Identification Program (CIP) and Know Your Customer (KYC) rules.
    - The specific rules for filing a Suspicious Activity Report (SAR), including the $5,000 threshold and 30-day deadline.
    - How to identify the prohibited practice of churning through excessive trading to generate commissions.
    - The difference between authorized trading and unauthorized trading, and the requirement for written discretionary authority.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    5 min
  • [Series 6] 29, Advertising and Sales Literature Rules
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the Series 6 Exam.
    In this episode you will learn:
    - Learn the key differences between retail communications, correspondence, and institutional communications.
    - Understand the strict principal pre-approval rule for all retail communications.
    - Discover the separate filing obligations with FINRA for new firms and specific investment products.
    - Identify prohibited claims and exaggerated language that are frequent exam traps.
    - Master a simple mnemonic to remember the "25 investor" rule for communication classification.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min

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