Category: Series 6

June Study Question of the Month

*Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.* Continue reading

Congratulations to Veronika J., this month’s Study Question of the Month winner!

***Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.***

Question (Relevant to the Series 6, Series 7, Series 65, Series 66)

In her junior year in college, Kim’s grandmother dies and leaves Kim several thousand dollars. Kim wants to put some of the money she received from her grandmother into a retirement account. Given Kim’s young age and status as a full-time college student, what would be her best option?

A. Traditional IRA
B. Roth IRA
C. SIMPLE IRA
D. None of the choices listed

Answer: D. You can only contribute earned income to an IRA or tax-deferred retirement plan and so unless Kim has earned income, she cannot contribute to a tax-deferred retirement plan. A SIMPLE IRA, which stands for Savings Incentive Match Plan for Employees, is an employer-sponsored retirement plan and not available to individuals.

April Study Question of the Month

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Congratulations to Margaret C., this month’s Study Question of the Month winner! 

See the answer below!

***Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.***

Question (Relevant to the Series 6, Series 7, Series 62, Series 65, Series 66, Series 82)

To qualify as a long-term capital gain or loss, stock must be held for more than one year. At purchase, the holding period clock begins:

A. On the trade date
B. One day after the trade date
C. On the settlement date
D. One day after the settlement date

Answer: B. According to the IRS, the holding period clock begins the day after the shares were purchased.

It’s Settled: SEC Shortens Regular-Way to T+2

If you’ve ever traded securities or studied for a securities licensing exam, then you’ve probably come across T+3. No, it’s not an herbal supplement or an embarrassing medical procedure. Continue reading

If you’ve ever traded securities or studied for a securities licensing exam, then you’ve probably come across T+3. No, it’s not an herbal supplement or an embarrassing medical procedure. T+3 refers to the regular-way settlement period for most securities transactions. This means that securities must be paid for and delivered by three business days from the trade date. T+3 also means you don’t become the owner of record of a security until three business days after you purchase it.

Well, add T+3 to the list of things that have gone out of style. Effective May 30, 2017, the SEC will shorten the regular-way settlement period to two business days. And so will begin the age of T+2, which is intended to “increase efficiency and reduce risk for market participants,” according to SEC Acting Chairman Michael Pinowar.

This shorter settlement period for the trading of secondary market securities has been discussed by the SEC for years. The change is expected to lower margin requirements for clearing agency members, reduce liquidity stress when markets are volatile, and harmonize settlement with European markets, which moved to T+2 in 2014.

This settlement period will not apply to every securities transaction, though. T+2, like T+3 before it, will apply to:

  • Stocks
  • Bonds
  • Municipal securities
  • Exchange-traded funds
  • Mutual funds traded through a brokerage firm
  • Unit investment trusts
  • Limited partnerships that trade on an exchange

The securities industry moves fast. Don’t get left behind! Visit www.solomonexamprep.com or call us at 503-601-0212 for more information about the latest securities exam preparation and education.

Solomon has helped thousands pass their Series 6, Series 7, Series 24, Series 26, Series 27, Series 28, Series 50, Series 51, Series 52, Series 53, Series 62, Series 63, Series 65, Series 66, Series 79, Series 82, and Series 99.

Solomon Exam Prep Partners with PreLicense.com!

Solomon Exam Prep is pleased to announce that PreLicense.com has chosen to partner with Solomon Exam Prep to provide an online study program for the Series 6 and Series 63 qualification exams. Continue reading

series-6Solomon Exam Prep is pleased to announce that PreLicense.com has chosen to partner with Solomon Exam Prep to provide an online study program for the Series 6 and Series 63 qualification exams. PreLicense.com’s new Series 6 and Series 63 courses include the Solomon study guide,
practice quizzes, and full-length practice tests.

“We are honored that PreLicense.com has chosen Solomon Exam Prep to partner as their securities exam prep partner,” said Jeremy Solomon, co-founder of Solomon Exam Prep. “A securities exam is not just a regulatory requirement, it’s also an important learning experience. We look forward to educating many more individuals through this series-63exciting partnership.”

For more information about the Series 6 or Series 63 exams, or any other securities licensing exams, go to SolomonExamPrep.com or call 503-601-0212.

Out of This World Savings

If the skies are clear at night where you live, grab a telescope, set it up in your front yard, and peer into the vast and mysterious heavens.

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Focus your gaze to the left of Orion’s blazing belt. Adjust the lens and take in the unending universe. See those beautiful flashes of light? Those are our new Series 6 prices! That’s how far out they are.

Effective today, the Solomon Series 6 Essentials Package is only $99.95! The Essentials Package consists of our plain English Series 6 Exam Study guide and the Solomon Exam Simulator. You won’t find a better deal this side of the Horsehead Nebula!

For more information, visit www.solomonexamprep.com or give us a call at 503-601-0212.

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Study Question of the Month – October 2016

This month’s study question from the Solomon Online Exam Simulator question database is now available! Continue reading

This month’s study question from the Solomon Online Exam Simulator question database is now available!

***Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.***

studyQuestion

Question (Relevant to the Series 6, Series 7, Series 24, Series 26, Series 27, Series 51, Series 52, Series 53, and Series 82):

Which of the following claims would be covered by SIPC?

A. Claims of officers or partners of the failed firm

B. Claims involving nontransferable assets

C. Claims of subordinated lenders

D. Claims of persons who own more than 5% of the failed firm

Answer: B. SIPC only covers losses due to firm bankruptcy. It does not cover market losses. Nontransferable assets, such as proprietary funds and bonds in default, are covered as long as they are within the $500,000 limit for the account.

Additionally, the following claims are excluded from SIPC coverage:

  • Claims of officers or partners of the failed firm
  • Claims of persons who own more than 5% of the failed firm
  • Claims of subordinated lenders

Announcing the Release of the Solomon Exam Prep Android Mobile App!

With the release of the Solomon Exam Prep app, you have full mobile access to your Solomon study materials with the click of a button. Continue reading

Do you need to take a securities licensing exam?

Do you wish you had more time to study?

With the release of the Solomon Exam Prep Android app, you have full mobile access to your Solomon study materials at the click of a button.

  • Easier and quicker—Just click the Solomon Exam Prep icon on your phone to be taken directly to your account.
  • Access all your materials—The app provides full site functionality and access to your study guide, exam simulator, audiobook, and video lecture.
  • No typing on tiny keyboards—Don’t worry about typing in a web address! Our app will take you right where you need to be.

Move into the future of mobile securities exam prep with the Solomon Exam Prep app!

To download the app, please visit: goo.gl/IkNceh

Solomon Exam Prep has helped thousands of financial professionals pass their FINRA, NASAA, and MSRB licensing exams, including the Series 6, Series 7, Series 24, Series 26, Series 27, Series 28, Series 50, Series 51, Series 52, Series 53, Series 62, Series 63, Series 65, Series 66, Series 79, Series 82, and the Series 99.

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Study Question of the Month – September 2016

This month’s study question from the Solomon Online Exam Simulator question database is now available! Continue reading

Congratulations to Nick M., this month’s Study Question of the Month winner! (Nick M. is no relation to last month’s winner.)

See the answer below!

This month’s study question from the Solomon Online Exam Simulator question database is now available!

***Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.***

studyQuestion

Question (Relevant to the Series 6, Series 7, Series 62, Series 65, Series 66, and Series 99):

A single 41-year old who earns $200,000 per year wants to convert his traditional IRA to a Roth IRA. Which of the following is the best answer?

A. He may not convert because his income exceeds the limit permitted for such conversions.

B. He may convert up to $5,500 per year.

C. He may not convert because he younger than 50.

D. He may convert without restrictions.

Answer: D. If your modified adjusted gross income is greater than $133,000 (single filer) or $194,000 (married filing jointly), then you may not contribute to a Roth IRA. However, there are no income or age restrictions on converting funds from a traditional IRA to a Roth IRA. A conversion from a traditional IRA to a Roth IRA is not counted as a “rollover” under the one per year rollover rule.