Answers and Explanations to Practice Exam Part II
Congratulations! You’ve just completed Part II of the practice exam (unless you’re just randomly flipping through the book). After grading both Parts I and II, you should have a good idea of where you stand regarding the Series 7 exam. Kudos if you did really well on both Parts I and II.
In this part, I decided to step it up a notch and add a few questions with exhibits. Exhibit questions aren’t really any harder, they’re just different, and you need to make sure that seeing one doesn’t throw you off your game.
As with the first part, 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 week or two 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 Series 7 exam (you certainly don’t want your score to be as unpredictable as the weather). I encourage you to take as many Series 7 practice exams as possible.
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 Series 7 is scored in the section “Knowing the Score,” just before the answer key. But I strongly suggest you come back later ...