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FINRA SIE — free MCQ practice

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FINRA SIE subjects

Finance (65)

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Investment Products and RisksSavings and Deposit ProductsSaving and Investing BasicsSpending and Saving Plans

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With compound interest, what exactly earns interest?Read the answer and worked solution →What protection applies to money invested in securities and mutual funds?Read the answer and worked solution →How much do some careful savers keep aside for emergencies like sudden unemployment?Read the answer and worked solution →What is the long-run danger of leaving all your money in a savings account?Read the answer and worked solution →

Worked practice questions

With compound interest, what exactly earns interest?

  1. Both your savings and the interest they earn
  2. Only the money you originally deposited
  3. Only the interest, never the deposit
  4. Whatever exceeds the insured limit only
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Correct answer: A. Both your savings and the interest they earn

1. Compounding is the growth engine of saving. 2. With compound interest you earn interest on the money you save and on the interest that money earns. 3. Over time even a small amount saved can add up to big money. _Source: "Saving and Investing: A Roadmap to Your Financial Security" (US SEC, public domain), section Investing_

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What protection applies to money invested in securities and mutual funds?

  1. Full FDIC insurance up to a limit
  2. Typically no federal insurance at all
  3. A government guarantee of the principal
  4. Automatic refunds from the exchange
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Correct answer: B. Typically no federal insurance at all

1. Saving and investing carry different protections. 2. Money invested in securities and mutual funds typically is not federally insured. 3. You could lose your principal, the amount invested, in exchange for the chance to earn more. _Source: "Saving and Investing: A Roadmap to Your Financial Security" (US SEC, public domain), section Investing_

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How much do some careful savers keep aside for emergencies like sudden unemployment?

  1. One week of income
  2. A single month's rent
  3. Up to six months of income
  4. Ten years of expenses
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Correct answer: C. Up to six months of income

1. After clearing high-interest debt, smart investors fund an emergency cushion first. 2. Some make sure they have up to six months of their income in savings. 3. The cushion must absolutely be there when it is needed, so it stays in savings, not securities. _Source: "Saving and Investing: A Roadmap to Your Financial Security" (US SEC, public domain), section Investing_

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