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Personal Finance FAQs

  1.

    What is authorized stock?

  2. Do underwriters make guarantees to sell an entire IPO issue?

  3. What are the advantages and disadvantages for a company going public?

  4. Is it possible to fund limited partnership interests with SEP contributions?

  5. What's the difference between a savings account and a Roth IRA?

  6. I have just been laid off. Can I use my 401(k) for living expenses now and report it as income next year?

  7. How many attempts at the Series 7 exam are permitted?

  8. Do I need to take the Series 6 examination after I have already successfully completed the Series 7?

  9. I am not a resident of the United States, but would like to be qualified as a registered representative in the U.S. Is it still possible for me to write the Series 7 exam?

  10. If an employee is paid by commission, who is responsible for withholding taxes?

  11. Can my spouse and I use our IRAs to purchase our first home?

  12. I passed my Series 7 exam, but I terminated employment at my sponsoring firm before I received my license. Is my exam still valid?

  13. Do I have to complete all exams within a certain period of time to receive the CFA charter?

  14. How do I become a CFA charterholder?

  15. I did not receive my Bachelor's degree in the United States. How can I determine whether my Bachelor's degree is comparable to a U.S. Bachelor's degree?

  16. What financial certifications or exams do I need to complete in order to qualify for registration as an Investment Advisor Representative?

  17. What possible past activities will prevent me from becoming a Registered Representative?

  18. Which States do not require a Representative to write the Series 63 exam?

  19. Do I have to reach a certain age before I can write an NASD exam?

  20. What are some commonly missed deductions for business owners?

  21. How do I receive sponsorship from a member firm in order to write a Series 7 exam?

  22. I hold a professional degree. Am I eligible to sit for the Certified Financial Planner (CFP)certification examination?

  23. Do I need to be a U.S. citizen to sit for any NASD examinations?

  24. I failed the Series 6 exam. How long must I wait before I can re-take it?

  25. Is it possible to take the Series 6 exam without being sponsored?

  26. I sold my house. Can I exclude the gain from my income?

  27. Can I still set up an SEP if one of my employees refuses to participate?

  28. Can I return funds to my Roth IRA after I have taken it as a distribution?

  29. Are there special benefits for U.S. armed forces personnel?

  30. Since I do not have a certificate of completion, where can I get a copy of my exam score(s)?

  31. What are the exceptions to the early distribution penalty for a non-qualified Roth IRA distribution?

  32. Do I need to be sponsored or employed by a member firm in order to write the Series 66 exam?

  33. When must the required three years of qualifying work experience be completed in order to become a CFA charterholder?

  34. What personal items am I allowed to bring with me into the CFA exam testing room?

  35. Can I bring food and drink into the CFA testing room?

  36. If I do not have a U.S. Bachelor's Degree or equivalent, can I still qualify for registration in the CFA program?

  37. If I already hold a professional certification am I eligible for any exemptions from CFA Program requirements?

  38. I am interested in pursing the CFA charter, but I do not have a degree in business and have not worked within the financial or investment environment. Do I still have a chance of successfully completing the course?

  39. Is there any difference between a holder of a Chartered Financial Analyst Designation and a Certified Financial Analyst?

  40. What type of work experience can count towards the work experience required in order to obtain the CFA charter?

  41. What forms of ID are acceptable for admittance into the CFA examination room?

  42. How many attempts at each CFA exam is a candidate permitted?

  43. What is the maximum amount of time that can elapse between CFA examinations?

  44. Is it required to order the CFA guides in order to prepare for the CFA?

  45. I have a CFA designation. Do I qualify for any exemptions from FINRA licensing exams?

  46. What careers are popular among CFA charterholders?

  47. Can I obtain my CFA charter without U.S. work experience?

  48. What activities can an Investment Company Products/Variable Contracts Limited Representative perform?

  49. I have already obtained my Series 7; however, I am no longer working for a member firm. How do I prevent my license from expiring?

  50. I lost my share certificate. Do I still own the stock?

  51. How long will my Series 7 license last after my employment has been terminated at a member firm?

  52. I have not received my Series 7 exam certificate. Where can I obtain it?

  53. What education is required from me to write the Series 7 examination?

  54. I've noticed executives buy a lot of stock below market value, and then they sell it for a large gain. How can they do this?

  55. Why does the majority of my mortgage payment start out as interest and gradually move toward mostly principal?

  56. At what point in the ordering process does a broker charge commission?

  57. How do I find a testing facility in my area?

  58. If I have passed the Series 7 exam, do I need to write the 6 and 63 exams as well?

  59. If I have already completed the Series 6 examination, do I have to complete the entire Series 7, or can I take a modified version?

  60. Where are the testing centers for the Series 7 examination?

  61. Are there any continuing education requirements after I pass the Series 7 examination?

  62. Does FINRA make any allowances for people whose first language is not English?

  63. Do I need to be a U.S. resident to take the Series 63 exam as an individual?

  64. If my employment with my current firm terminates relatively soon, do I have two years before my FINRA exams expire no matter how long I was with the last member firm?

  65. Do I need to have my Series 7 license for at least 36 months before I take the Series 9/10 exam?

  66. Am I qualified once I complete my FINRA certification exam?

  67. Where can I find a copy of an old Series 7 exam?

  68. What is the difference between Series 9/10 and Series 24 qualification exams?

  69. What happens if there are no places available for me to sit for my exam within my window?

  70. I failed the Series 7 exam. How long must I wait before I can take it again?

  71. I am not currently employed at a member firm, but I have independently written the Series 63 exam. How do I keep this status valid?

  72. Which popular professional certification exams do not require sponsorship?

  73. Is it possible to take the Series 7 exam without being sponsored?

  74. Do I have to successfully complete the Series 7 exam before I can register for the Series 63 exam?

  75. What is a trailing commission?

  76. What is happening during a risk repricing?

  77. What is the difference between a collateralized mortgage obligation (CMO) and a collateralized bond obligation (CBO)?

  78. What is the difference between a 2/28 and a 3/27 ARM?

  79. What is securitization?

  80. Are mortgage-backed securities backed by any guarantees?

  81. How does a credit crunch occur?

  82. What is a subprime mortgage?

  83. I have a small business (LLC), which I operate part-time. I also work full time for a company and am enrolled in a 401(k) plan. Am I still eligible to make contributions to an individual 401(k) from earnings of my part-time LLC?

  84. How can I withdraw from my CFA Level 1 exam?

  85. What is Black Friday?

  86. How should I estimate my income from fixed sources like bonds, CDs and stocks?

  87. How can I budget for both short-term expenses and long-term goals?

  88. Why should I bother creating a budget?

  89. What is the best way to budget for holiday and special event spending?

  90. How does online banking assist with budgeting?

  91. What is the difference between bad credit and no credit?

  92. How can I improve my credit score?

  93. Which is better, a fixed or variable rate loan?

  94. What is the highest achievable FICO score?

  95. How does the number of credit card accounts I have affect my credit score?

  96. What education is required from me to write the Series 7 examination?

  97. How do I register for the CFA program for the first time?

  98. How can I prevent commissions and fees from eating up my trading profits?

  99. What is a typical day in the life of someone in M&A? How long does a project last?

  100. Is there any time I would want to have a zero-principal mortgage?

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    If I want to have some cash in a liquid account for unexpected emergencies, what is best? A savings account or another type?

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