Series 7 Exam
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About the Exam

About The Series 7 Exam

The Series 7 exam is a 250-question multiple-choice test divided into two 125-question segments. Three hours are given to complete each segment which most students find to be ample.

Each question on the exam has four choices: A,B,C or D. All questions are given equal weighting and every question should be answered. There is no penalty for a question answered incorrectly.

A score of 72% or better is passing. This means you must answer at least 180 questions correctly. It also means that you can miss 70 questions and still pass the exam. For a sampling of some test questions, you can go to our Series 7 exam samples section.

Sample Question Formats

There are five basic multiple-choice formats found on the Series 7 examination.

1. The Incomplete Sentence Format: This type of format requires you to choose the best conclusion to complete the sentence.


The Federal Reserve Board (FRB) regulates:

a. Exchanges

b. Margin

c. Municipal securities industry

d. Futures market

(The correct answer is b.)

2. The Closed Stem Format In this format, you are asked a question and must select the best response.


General Obligation bonds are secured by which of the following?

a. User fees

b. Project revenue

c. Taxes

d. Moral obligations

(The correct answer is c.)

3. The EXCEPT Format: This format requires you to select the one incorrect response from among the choices presented.


All of the following are characteristics of Treasury notes EXCEPT:

a. They have a maximum maturity of ten years

b. They are sold at auctions

c. They are interest bearing securities

d. They are sold at discount

(The correct answer is d.)

4. Most / Least / Best Format: This type requires you to select an item that is either better or worse than the others.


Which of the following best describes T-bills?:

a. Long-term Treasury obligations

b. Short-term treasury obligations

c. Interest bearing securities

d. Non-marketable debt of the federal government

(The correct answer is b.)

5. Roman Numeral Format: This type requires determining the proper sequence or ranking of a set of items or when there is more than one correct response.


Place the following Moody ratings from highest to lowest:

I. Baa



IV. Aa

a.) II, I, III, IV

b.) I, II, IV, III

c.) III, II, IV, I

d.) IV, III, I, II

(The correct answer is d.)

Example 2 (Roman Numeral Format):

Which two of the following are on the down side of the market?:

I. Holder of a call

II. Writer of a call

III. Holder of a put

IV Writer of a put

a.) I & III

b.) I & IV

c.) II & III

d.) II & IV

(The correct answer is c.)

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