Securities Industry Essentials Exam For Dummies with Online Practice

Chapter 20

Answers & Explanations to Practice Exam 2

Congratulations! You’ve just completed the second exam (unless you’re just randomly flipping through the book). After grading both the first and second exams, you should have an idea of where you stand regarding the SIE exam. Kudos if you did really well on both practice exams.

As with the first exam, review all the questions that you got wrong and the ones you struggled with. Test yourself again by answering all the questions you highlighted and the questions you answered incorrectly, and make sure you get them right this time! Please give yourself a few days to a week before taking the same test again. Memorizing answers can give you a false sense of security, and you won’t get an accurate forecast of how well you’ll do on the SIE exam (you certainly don’t want your score to be as unpredictable as the weather). I encourage you to take as many SIE practice exams as possible (there will be more available online). I could only cover so many potential practice test questions in this book. Make sure you have a good handle on everything in the book, even if you didn't see it in the practice tests. FINRA’s test banks have thousands of questions and the test will spit them out randomly, so be prepared.

If you’re short on time but just can’t wait to see how well you did, you can check out the abbreviated answer key (without the explanations) at the end of this chapter. I explain how the SIE is scored in the section “Knowing the Score ...