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Series 66 Exam Lesson 23 Quiz: Municipal Debt 2024
Series 66 Exam Lesson 23 Quiz
This is a Series 66 Exam Lesson Free Quiz Series 66 Exam Lesson 23 Quiz, Series 66 Exam Lesson 23 Quiz which is covering Municipal Debt. Try it and see how you do if you need help listen to the lesson over.
Series 66 Lesson 23 Quiz
This is a Series 66 Lesson 23 Quiz which is covering Municipal Debt. Try it and see how you do if you need help listen to the lesson over.
Questions covered include
Questions:
Below are questions based on the previous lesson. Choose the letter of the correct answer.
To take the quiz online, click here.
1. Which is NOT a characteristic of municipal bonds?
A. They are issued by the states, local government, and political subdivisions.
B. They are issued in fully registered or book-entry forms.
C. They do not obtain legal opinion when they are issued.
D. All of the above are characteristics of municipal bonds.
2. How are municipal bonds issued today?
A. They are issued as bearer bonds.
B. They are issued as serial bonds.
C. They are issued both as bearer bonds and serial bonds.
D. They are issued neither as bearer bonds nor serial bonds.
3. The interest on qualified municipal bonds are always exempted from federal tax.
A. True
B. False
4. It is done by a bond counsel who examines the issue to determine if the municipal bond is legally binding on the issuer and that the interest is exempt from federal tax under the current law.
A. constitutional limiting
B. feasibility study
C. legal opinion
D. trust indenture
5. A bond counsel giving a qualified legal opinion says that there may be problems with the issue of the municipal bond such as the exemption from federal tax.
A. True
B. False
6. Which of the following is a municipal bond?
A. moral obligation bond
B. special assessment bond
C. industrial development bond
D. all of the above
7. Which of the following does NOT secure a special tax bond?
A. ad valorem tax
B. cigarette tax
C. gasoline tax
D. liquor tax
8. The issuance of this bond is backed up by a revenue source (other than an ad valorem tax or property tax) and by the full faith and credit of the taxing authority.
A. double-barreled bond
B. general obligation bond
C. limited tax bond
D. Public Housing Authority bond
9. Short-term municipal notes have a life of less than twelve months up to three years.
A. True
B. False
10. These notes are issued at the end of the year and the taxes received at the beginning of the year will be used to pay off the issued notes.
A. grant anticipation notes
B. revenue anticipation notes
C. tax anticipation notes
D. tax exempt commercial paper
11. Step up or step down variable interest notes have interest rate that goes up or down and keeps the value of the bond basically at par.
A. True
B. False
12. Which of the following does NOT contribute to a state’s income?
A. income tax
B. real property tax
C. sales tax
D. All of the above contribute to a state’s income.
13. Which of the following is NOT a characteristic of a general obligation bond?
A. It carries the full faith and credit of the issuing municipality.
B. It carries the highest ratings and therefore the highest yield.
C. It is serviced by ad valorem taxes.
D. All of the above are characteristics of a general obligation bond.
14. Which of the following is NOT a revenue bond?
A. hospital bond
B. sewer bond
C. special assessment bond
D. water bond
15. These are used for the protection of the investor in the bonds.
A. deed covenant
B. nondiscrimination covenant
C. protective covenant
D. revenue pledge covenant
16. The element of a municipal bond that allows, but not obliges, the issuer to call the bonds usually after a certain date.
A. call feature
B. mandatory redemption provision
C. optional redemption provision
D. refund feature
17. Which insurance company insure municipal bond debt?
A. American Municipal Bond Assurance Corporation (AMBAC)
B. Financial Guarantee Insurance Corporation (FGIC)
C. Municipal Bond Insurance Association Corporation (MBIA)
D. all of the above
18. A negative carry happens when the interest rate on the money borrowed to buy municipal bonds is less than the interest rate earned.
A. True
B. False
19. When a municipality sets its ___, it cannot issue additional general obligation bonds except by the majority approval of a public referendum.
A. constitutional limit
B. municipal limit
C. state limit
D. statutory limit
20. In order to issue a revenue bond, this is conducted to see if the projected revenues, the cost of the project, and whether the projected revenues are going to be able pay off the debt that will be issued.
A. bond counseling
B. feasibility study
C. revenue anticipation
D. special assessment
We hope you did well on this Series 66 Lesson 23 Free Quiz
———————————
The Series 66 Exam which can lead to the candidate being licensed as an Investment Advisor Representative.
The other possible exam would be the series 65 examination.
The Series 66 exam — the NASAA Uniform Combined State Law Examination — is a North American Securities Administrators Association (NASAA) exam administered by FINRA.
The exam consists of 100 scored questions. Candidates have 150 minutes to complete the exam. In order for a candidate to pass the Series 66 Exam, he/she must correctly answer at least 73 of the 100 scored questions.
There is no prerequisite for the Series 66 examination. However, the SIE and the Series 7 examination are co-requisites to the Series 66 Examination.
What is the Series 65 Exam?
The Series 65 is another path to becoming an Investment Advisor Representative (IAR)
Sometimes called the IAR in a box
Unlike the Series 66 Exam the Series 65 exam does not have the Series 7 Requirement
The Series 65 unlike broker-dealer exams (think the Series 7 Exam) the Series 65 Exam requires no company sponsor.
When taking the Series 66 to join an RIA firm as a IAR, candidates must complete the exam within 150 minutes. A passing score is 73%, which translates to correctly answering 73 of the 100 scored questions. The NASAA, which administers the exam, does not release Series 66 pass rates. But this is a TOUGH exam, many people do not pass on the first try.
Again requisites for this exam are the SIE Exam and the Series 7 Exam Top Off
The test covers financial industry regulation, securities law, ethics, investments and economics. All these topics factor into a financial advisor’s day-to-day work. Most candidates devote considerable time to studying for the Series 65.
Different States have different requirements in become an Investment Advisor Representative (IAR) so check your states department of securities licensing to find out its requirements.
Series 66 Exam Free Audio Lesson 13
Series 66 Exam Free Audio Lesson 13 is a lesson for the Series 66 Exam which can lead to the candidate being licensed as an Investment Advisor Representative.
The Series 66 Exam consists of 100 questions. When taking the Series 66 to join an RIA firm as a IAR, candidates must complete the exam within 150 minutes. A passing score is 73%, which translates to correctly answering 73 of the 100 scored questions. The Financial Industry Regulatory Authority, which administers the exam, does not release Series 66 pass rates. But this is a TOUGH exam, many people do not pass on the first try.
The test covers financial industry regulation, securities law, ethics, investments and economics. All these topics factor into a financial advisor’s day-to-day work. Most candidates devote considerable time to studying for the Series 66.
The other possible exam path to become a IAR would be the series 65 examination.
What is the Series 65 Exam?
Unlike the Series 66 Exam the Series 65 exam does not have the Series 7 Requirement
The Series 65 unlike broker-dealer exams (think the Series 7 Exam) the Series 65 Exam requires no company sponsor.
Different States have different requirements in become an Investment Advisor Representative (IAR) so check your states department of securities licensing to find out its requirements.
Series 65 vs Series 66 Exam
The Series 65 exam is designed for those who do not have a Series 7 license. The content of both exams are similar though the Series 65 will be more heavily concentrated on Investment products and economics (like you would need to learn for the SIE and Series 7 Exam). … The Series 66 exam has a little more State law (such as what you will find in the Series 63 Exam) and some esoteric investment products.
Our audio lessons for both the Series 65 and Series 66 cover the material you would need to learn for the SIE and Series 7 exam so it may be a little more than you need for the Series 66 but we want you to be fully prepared!
The only difference between the two series of exam lessons (the 65 and 66) is that the Series 66 exam also covers the material needed for the Series 63 exam.
Our other website s for FINRA and other certification Exams include:
https://www.siepodcast.com
https://www.series7podcast.com
https://series66podcast.com
https://series65podcast.com
https://www.series7podcast.com
https://series6lessons.com
https://series22podcast.com
https://insuranceexampodcast.com
https://www.siepodcast.com
https://series79podcast.com
https://insuranceexampodcast.com
https://www.reexampodcast.com/
The post Series 66 Exam Lesson 23 Quiz: Municipal Debt 2024 appeared first on Audio Lessons for the Series 65 Exam.
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By Franz Amussen
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Series 66 Exam Lesson 23 Quiz
This is a Series 66 Exam Lesson Free Quiz Series 66 Exam Lesson 23 Quiz, Series 66 Exam Lesson 23 Quiz which is covering Municipal Debt. Try it and see how you do if you need help listen to the lesson over.
Series 66 Lesson 23 Quiz
This is a Series 66 Lesson 23 Quiz which is covering Municipal Debt. Try it and see how you do if you need help listen to the lesson over.
Questions covered include
Questions:
Below are questions based on the previous lesson. Choose the letter of the correct answer.
To take the quiz online, click here.
1. Which is NOT a characteristic of municipal bonds?
A. They are issued by the states, local government, and political subdivisions.
B. They are issued in fully registered or book-entry forms.
C. They do not obtain legal opinion when they are issued.
D. All of the above are characteristics of municipal bonds.
2. How are municipal bonds issued today?
A. They are issued as bearer bonds.
B. They are issued as serial bonds.
C. They are issued both as bearer bonds and serial bonds.
D. They are issued neither as bearer bonds nor serial bonds.
3. The interest on qualified municipal bonds are always exempted from federal tax.
A. True
B. False
4. It is done by a bond counsel who examines the issue to determine if the municipal bond is legally binding on the issuer and that the interest is exempt from federal tax under the current law.
A. constitutional limiting
B. feasibility study
C. legal opinion
D. trust indenture
5. A bond counsel giving a qualified legal opinion says that there may be problems with the issue of the municipal bond such as the exemption from federal tax.
A. True
B. False
6. Which of the following is a municipal bond?
A. moral obligation bond
B. special assessment bond
C. industrial development bond
D. all of the above
7. Which of the following does NOT secure a special tax bond?
A. ad valorem tax
B. cigarette tax
C. gasoline tax
D. liquor tax
8. The issuance of this bond is backed up by a revenue source (other than an ad valorem tax or property tax) and by the full faith and credit of the taxing authority.
A. double-barreled bond
B. general obligation bond
C. limited tax bond
D. Public Housing Authority bond
9. Short-term municipal notes have a life of less than twelve months up to three years.
A. True
B. False
10. These notes are issued at the end of the year and the taxes received at the beginning of the year will be used to pay off the issued notes.
A. grant anticipation notes
B. revenue anticipation notes
C. tax anticipation notes
D. tax exempt commercial paper
11. Step up or step down variable interest notes have interest rate that goes up or down and keeps the value of the bond basically at par.
A. True
B. False
12. Which of the following does NOT contribute to a state’s income?
A. income tax
B. real property tax
C. sales tax
D. All of the above contribute to a state’s income.
13. Which of the following is NOT a characteristic of a general obligation bond?
A. It carries the full faith and credit of the issuing municipality.
B. It carries the highest ratings and therefore the highest yield.
C. It is serviced by ad valorem taxes.
D. All of the above are characteristics of a general obligation bond.
14. Which of the following is NOT a revenue bond?
A. hospital bond
B. sewer bond
C. special assessment bond
D. water bond
15. These are used for the protection of the investor in the bonds.
A. deed covenant
B. nondiscrimination covenant
C. protective covenant
D. revenue pledge covenant
16. The element of a municipal bond that allows, but not obliges, the issuer to call the bonds usually after a certain date.
A. call feature
B. mandatory redemption provision
C. optional redemption provision
D. refund feature
17. Which insurance company insure municipal bond debt?
A. American Municipal Bond Assurance Corporation (AMBAC)
B. Financial Guarantee Insurance Corporation (FGIC)
C. Municipal Bond Insurance Association Corporation (MBIA)
D. all of the above
18. A negative carry happens when the interest rate on the money borrowed to buy municipal bonds is less than the interest rate earned.
A. True
B. False
19. When a municipality sets its ___, it cannot issue additional general obligation bonds except by the majority approval of a public referendum.
A. constitutional limit
B. municipal limit
C. state limit
D. statutory limit
20. In order to issue a revenue bond, this is conducted to see if the projected revenues, the cost of the project, and whether the projected revenues are going to be able pay off the debt that will be issued.
A. bond counseling
B. feasibility study
C. revenue anticipation
D. special assessment
We hope you did well on this Series 66 Lesson 23 Free Quiz
———————————
The Series 66 Exam which can lead to the candidate being licensed as an Investment Advisor Representative.
The other possible exam would be the series 65 examination.
The Series 66 exam — the NASAA Uniform Combined State Law Examination — is a North American Securities Administrators Association (NASAA) exam administered by FINRA.
The exam consists of 100 scored questions. Candidates have 150 minutes to complete the exam. In order for a candidate to pass the Series 66 Exam, he/she must correctly answer at least 73 of the 100 scored questions.
There is no prerequisite for the Series 66 examination. However, the SIE and the Series 7 examination are co-requisites to the Series 66 Examination.
What is the Series 65 Exam?
The Series 65 is another path to becoming an Investment Advisor Representative (IAR)
Sometimes called the IAR in a box
Unlike the Series 66 Exam the Series 65 exam does not have the Series 7 Requirement
The Series 65 unlike broker-dealer exams (think the Series 7 Exam) the Series 65 Exam requires no company sponsor.
When taking the Series 66 to join an RIA firm as a IAR, candidates must complete the exam within 150 minutes. A passing score is 73%, which translates to correctly answering 73 of the 100 scored questions. The NASAA, which administers the exam, does not release Series 66 pass rates. But this is a TOUGH exam, many people do not pass on the first try.
Again requisites for this exam are the SIE Exam and the Series 7 Exam Top Off
The test covers financial industry regulation, securities law, ethics, investments and economics. All these topics factor into a financial advisor’s day-to-day work. Most candidates devote considerable time to studying for the Series 65.
Different States have different requirements in become an Investment Advisor Representative (IAR) so check your states department of securities licensing to find out its requirements.
Series 66 Exam Free Audio Lesson 13
Series 66 Exam Free Audio Lesson 13 is a lesson for the Series 66 Exam which can lead to the candidate being licensed as an Investment Advisor Representative.
The Series 66 Exam consists of 100 questions. When taking the Series 66 to join an RIA firm as a IAR, candidates must complete the exam within 150 minutes. A passing score is 73%, which translates to correctly answering 73 of the 100 scored questions. The Financial Industry Regulatory Authority, which administers the exam, does not release Series 66 pass rates. But this is a TOUGH exam, many people do not pass on the first try.
The test covers financial industry regulation, securities law, ethics, investments and economics. All these topics factor into a financial advisor’s day-to-day work. Most candidates devote considerable time to studying for the Series 66.
The other possible exam path to become a IAR would be the series 65 examination.
What is the Series 65 Exam?
Unlike the Series 66 Exam the Series 65 exam does not have the Series 7 Requirement
The Series 65 unlike broker-dealer exams (think the Series 7 Exam) the Series 65 Exam requires no company sponsor.
Different States have different requirements in become an Investment Advisor Representative (IAR) so check your states department of securities licensing to find out its requirements.
Series 65 vs Series 66 Exam
The Series 65 exam is designed for those who do not have a Series 7 license. The content of both exams are similar though the Series 65 will be more heavily concentrated on Investment products and economics (like you would need to learn for the SIE and Series 7 Exam). … The Series 66 exam has a little more State law (such as what you will find in the Series 63 Exam) and some esoteric investment products.
Our audio lessons for both the Series 65 and Series 66 cover the material you would need to learn for the SIE and Series 7 exam so it may be a little more than you need for the Series 66 but we want you to be fully prepared!
The only difference between the two series of exam lessons (the 65 and 66) is that the Series 66 exam also covers the material needed for the Series 63 exam.
Our other website s for FINRA and other certification Exams include:
https://www.siepodcast.com
https://www.series7podcast.com
https://series66podcast.com
https://series65podcast.com
https://www.series7podcast.com
https://series6lessons.com
https://series22podcast.com
https://insuranceexampodcast.com
https://www.siepodcast.com
https://series79podcast.com
https://insuranceexampodcast.com
https://www.reexampodcast.com/
The post Series 66 Exam Lesson 23 Quiz: Municipal Debt 2024 appeared first on Audio Lessons for the Series 65 Exam.
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