SEC EXAM
  • 1. 1. What is RIBA in Islamic Finance
A) Sukuk Sukuk is the Arabic name for financial certificates, also commonly referred to as "sharia compliant" bonds
B) Haram forbidden or unlawful. In the case of Islamic finance,
C) all of the above
D) interest, In Islamic finance, riba refers to interest charged on loans or deposits. Religious practice forbids riba, even at low interest rates, as both illegal and unethical
  • 2. 2. PEPs, means __________to a CMO
A) a millionaire
B) billionaire
C) politician
D) A high-net-worth individual and a politically exposed person
  • 3. 3. Cum Div Date means _____________
A) Date in lodgment
B) Date in borrowing
C) the last day of transaction that will qualify for dividend same as qualification date
D) Date in imprisonment
  • 4. 4. Which of the following regulates the capital market?
A) GTB, Zenith, UBA, and custodians
B) The SEC
C) The CBN
D) The CIBN
  • 5. 5. Securities and Exchange Commissions Act according to (Okigbo Panel) was __________
A) 1978
B) 1977
C) 1976
D) 1979
  • 6. 6. Investments and Securities Act according to (Odife Panel) was _______
A) 1999
B) 1996
C) 1998
D) 1909
  • 7. 7. one of the function of SEC is to ........................
A) charitable purpose using Fund
B) buy big cars and big houses for CMO
C) make Loss and Gain
D) Act as the apex regulatory body for the Nigerian capital market
  • 8. 8. IFRS is _____________ base
A) rules
B) prinpal rate time equal to 100
C) rule
D) principles
  • 9. 9. IFRS and GAAP means ____________
A) International Financial Reporting Standards, Generally accepted accounting principles
B) Generally accepted accounting price
C) International Financial Reporting Standards, Generally accept
D) None of the above
  • 10. 10. Capital markets are of _________ major types.
A) seven six bond, equity, derivative pri, sec stock, capital market money market
B) two primary and secondary
C) six bond, equity, derivative pri, sec stock
D) three bond, equity and derivatives
  • 11. 11. The primary market is where __________ are created.
A) securities
B) goods
C) second hand
D) money
  • 12. 12. Examples of financial securities are as following except
A) shares
B) money
C) stock
D) bond
  • 13. 13. ____________ serves as a link between savers and investors.
A) capital market
B) labour market
C) commodity market
D) money market
  • 14. 14. The secondary market is also known as
A) Agbara Market
B) aftermarket
C) market
D) store
  • 15. 15 SEC means...................
A) The Specimen and Exchange Corporation
B) The Security and Exchange Commission
C) The Standard and Exchange Commission
D) Securities and Exchange Commission
  • 16. 16. public companies are required to file with the Commission on a periodic or annual basis, their audited financial statements and other returns which may be prescribed by the Commission from time to time, this is in which section
A) Section 60
B) Section 56
C) Section 61
D) Section 55
  • 17. 17. Registration of securities is in________section of the ISA 2007
A) Section 54 - 66
B) Section 61
C) Section 56
D) Section 55
  • 18. 18. ___________ supplies funds for fixed capital requirements.
A) money market
B) labour market
C) Capital market
D) common market
  • 19. 19. ___________ involves lending and borrowing for long term finance
A) Money market
B) Common market
C) Capital market
D) Commodity market
  • 20. 20. A retailer bought 10 refrigerators at #60,000 each with 5% discount allowed, calculate the discount allowed.
A) #30,000
B) #60,000
C) #45,000
D) #3,000
  • 21. 21. A retailer bought 10 refrigerators at #60,000 each with 5% discount allowed by seller. Calculate the amount payable by the retailer.
A) #600,000
B) #30,000
C) #60,000
D) #570,000
  • 22. 22. _____________ was the year Money Laundering (Prevention & Prohibition) and Terrorism (Prevention & Prohibition) in Nigeria
A) 2022
B) 1999
C) 2024
D) 2035
  • 23. 23. ---------------provides that no person shall operate in the Nigerian capital market as an expert or professional or in any other capacity without being registered with the Commission.
    .
A) Section 38 ISA 2007
B) SEC rules
C) CBN laws
D) NGX rules and regulations
  • 24. 24. ___________ stipulates that a capital market operator shall maintain separate accounts for transactions carried out on behalf of different clients.
A) SEC rules
B) Section 38 ISA 2007
C) CBN laws
D) Section 40 ISA 2007
  • 25. 25. ______________what section allows the SEC to Inspections, Investigations and use Commission powers to intervene in the affairs of a distressed capital market.
A) ISA 47
B) ISA 45 – 53
C) ISA 44
D) ISA 49
  • 26. 26. ____________ are the EFFECTS OF ML/TF ML except
A) make every citizen super rich in all they do
B) Loss of lives and property Social instability, Loss of lives and property Social instability
C) Negative consequences for a country’s financial stability and macroeconomic performance 
D) Discourage FDI, distort international capital flows
  • 27. 27. Gross profit is total sales less ___________
A) total amount
B) total sales
C) total revenue
D) total costs
  • 28. 28. What must be deducted from gross profit to arrive at net profit?
A) Overhead costs
B) Purchases
C) Return inwards
D) Sales
  • 29. 29. why ML/CFT occur
A) Lack of Moral Principles, Unethical Capitalism, Greed, Poverty, Ignorance, Injustice (Perceived)
B) greed only
C) poverty only
D) unethical system only
  • 30. 30. what is the usefulness of statement of cash flow ________
A) provide cash movement
B) Sales
C) Make up
D) Discount allowed
  • 31. What are the elements of financial reporting ______
A) fund
B) buying
C) Selling
D) assets, liabilities, fund balance/net assets, revenues, expenditures, and expenses
  • 32. What are Quantitative characteristics of financial reporting____________
A) faithful representatives, relevant
B) greed
C) selfishness
D) violence
  • 33. ___________are the some of the objectives of financial reporting
A) sincerity
B) trusthfulness
C) Managing cash flow Financial reporting Regulatory compliance Enhanced Transparency Decision-making Preparing financial statements Assess financial performance and position Kickstarting budgets and forecasts Meeting regulatory requirements
D) purity
  • 34. some of these are way we prevent corporate failure _______
A) transparency
B) Auditory
C) Audited
D) good corporate governance, Audited Account Auditory, accountability, transparency, responsibility, fairness, independence
  • 35. why is corporate Governance important ________
A) competition
B) business growth and continuity
C) fair sharing
D) more money more problem
  • 36. Derivatives contract help ____
A) liquidity
B) food shortage
C) To mitigate against prices and loss, market efficiency, liquidity to investors,
D) relationship in derivatives market
  • 37. out of the money means ______
A) you win
B) that you lost in the price
C) you gain
D) you are good
  • 38. in the money Is call ----------
A) you win
B) gain
C) all of the above
D) loss
  • 39. in ML/CFT Poverty,

    Ignorance,
    and
    Injustice (Perceived) is a ____________factor
A) PULL
B) LOSE
C) PUSH
D) CHOSE
  • 40. PUT is a ..........
A) buyinger
B) layer
C) seller
D) casher
  • 41. CALL is
A) fighter
B) seller
C) winner
D) buyer
  • 42. Call options means _________
A) all of the above
B) love calling
C) predestine
D) is buying at a predetermined amount of a commodity
  • 43. what is mark to market
A) Kennedy chain
B) luck
C) Mark-to-market or fair value accounting is accounting for the "fair value" of an asset or liability based on the current market price, or the price for similar assets and liabilities, or based on another objectively assessed "fair" value.
D) unfair
  • 44. what is futures,
A) In finance, a futures contract is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The asset transacted is usually a commodity or financial instrument
B) loan without payment
C) payment that has no futures
D) payment of future loan and liabilities
  • 45. Futures contracts traded in exchange margin settled ---------------
A) daily
B) yearly
C) monthly
D) twice a year
  • 46. what are OTC
A) over the conterfit
B) over the counter
C) over the candided
D) over the conternedd
  • 47. Forward Contract must have a --------
A) cash
B) delivery date
C) goods
D) destination
  • 48. There are ____types of options types
A) 4
B) 3
C) two ----Call options and PUTS options
D) 12
  • 49. arbitrageurs means__________
A) not producing but can buy and sell to make profit they know who need the products buy low sell high
B) no money to buy
C) no debtors
D) no creditors
  • 50. market speculator are________
A) product that price will go up soon buying and selling taking position, for profit reasons
B) speculator
C) movers of market
D) market speculator inspectators
  • 51. market manipulator are ________ product
A) strenge price
B) normal
C) good price
D) peoples "transactions which create an artificial price or maintain an artificial price for a tradable
  • 52. The three 3 stages of money laundry are ____ _______ and ________
A) programe fund raising, disguising the Fund, procurement of proliferation sensitive material and technology
B) all of the above
C) programe fund raising, placement in the market, mixing
D) layering placement and integration
  • 53. Which of the following is not a type of security traded on the Nigerian Stock Exchange?
A) Mutual Funds
B) Bonds
C) Real Estate
D) Stocks
  • 54. Which regulatory body is responsible for overseeing the Nigerian Stock Exchange?
A) Central Bank of Nigeria
B) Nigerian Securities and Exchange Commission
C) Nigerian Investment Promotion Council
D) Nigerian National Assembly
  • 55. What is the current status of the Nigerian Stock Exchange in terms of demutualization?
A) Partially demutualized
B) demutualization
C) In the process of
D) Fully demutualized
  • 56. Which of the following sectors had the highest market capitalization on the Nigerian Stock Exchange as of April 2023?
A) Oil and Gas
B) Financial Services
C) Consumer Goods
D) Industrial Goods
  • 57. Which of the following is not a major stock index tracked by the Nigerian Stock Exchange?
A) NSE Industrial Index
B) NSE Europe Index
C) NSE Banking Index
D) NSE 30 Index
  • 58. these following Nigerian billionaires has a significant stake in the Nigerian Stock Exchange Except?
A) Tony Elumelu Mike Adenuga
B) Mike Adenuga Mike Adenuga
C) Femi Otedola Mike Adenuga
D) prince Mase
  • 59. What is the minimum market capitalization required for a company to be listed on the Nigerian Stock Exchange’s Main Board?


    D. N
A) not less than 50 billion
B) 1billion
C) 3.2 billion
D) half billion
  • 60. Which of the following technologies has the Nigerian Stock Exchange implemented to improve the efficiency of its trading platform?
A) Blockchain
B) all of the above
C) Quantum Computing Artificial Intelligence
D) Augmented Reality
  • 61. Who is the current chairman of the Nigerian Stock Exchange (NSE)
A) Aigboje Aig-Imoukhuede
B) Simdi Okoro
C) Samuel Oni
D) Mohammed Garuba
  • 62. Who is the current chairman of the SEC
A) Mohammed Garuba
B) Samuel Oni
C) Simdi Okoro
D) Samuel Adesujo Ademulegun
  • 63. What is the current market capitalization of the Nigerian Stock Exchange (NSE) as of April 2023?
A) NGN 6.9 trillion
B) NGN 5.9 trillion
C) NGN 50 trillion
D) NGN 56.9 trillion
  • 64. Which Nigerian Tech company became the first African company to list on the New York Stock Exchange (NYSE) in 2019?
A) Dangote
B) Zenith
C) Jumia
D) mtn
  • 65. In which year was the Nigerian Stock Exchange (NSE) established?
A) 1914
B) 1960
C) 1999
D) 1989
  • 66. In which year was SEC established?
A) 1979.
B) 1977
C) 1991
D) 2014
  • 67. What is the name of the Nigerian sovereign wealth fund that invests in Nigerian infrastructure and other projects?
A) Nigeria Sovereign Fund (NSF) Which Nigerian stock brokerage firm was suspe
B) Nigeria Sovereign Investment Authority (NSIA)
C) Nigerian Infrastructure Fund (NIF) Nigerian Investment Fund (NIF)
D) all of the above
  • 68. Which Nigerian stock brokerage firm was suspended by the Nigerian Stock Exchange (NSE) in 2020 for violating market regulations?
A) Dangote
B) Briscoe (Nigeria) Plc, Union Dicon Salt Plc and Capital Oil Plc
C) gtb
D) zenith
  • 69. The document governing public documents is called ------------
A) tool
B) A prospectus
C) book
D) suspense
  • 70. what is Merger Takeover and Acquisition
A) merging group
B) block chain
C) lovetogether
D) Mergers and acquisitions are business transactions in which the ownership of companies, business organizations, or their operating units are transferred to or consolidated with another company or business organization. This could happen through direct absorption, a merger, a tender offer or a hostil
  • 71. What is the full meaning FCCPC
A) Federal Protection Commission
B) Federal Consumer Protection Commission
C) Federal Competition and Consumer commission
D) Federal Competition and Consumer Protection Commission
  • 72. crowdfunding Minimum percent of an offer is------------subscription
A) 20%
B) 30%
C) 10%
D) 50%
  • 73. crowdfunding public offer should be between__________
A) 1 week
B) 15 weeks
C) 2 week
D) 4 weeks and other 2 weeks 6 weeks
  • 74. CMOs cash limited is _______with cash transactions
A) 50,000 is the Threshold allowed for cash transaction for CMO
B) 20,000 is the Threshold allowed for cash transaction for CMO
C) 30,000 is the Threshold allowed for cash transaction for CMO
D) 40,000 is the Threshold allowed for cash transaction for CMO
  • 75. _____section stipulates that a securities dealer, investment adviser, underwriter or an associated person of a securities dealer should disclose any likely conflict of interest with respect to the securities he is dealing with
A) Section 50
B) Section 100
C) Section 10
D) Section 80
  • 76. the Sanction for manipulating market is_______
A) 50,000
B) daily sanction of 12,000
C) 500,000 is the section for giving out loans to staff to manipulate market.
D) 200,000
  • 77. Collective investment scheme financial base -----------
A) 2m
B) 4m
C) 100m, professional fund, building
D) 10m
  • 78. CIS means _______
A) Collective investment school
B) Collective invest scheme
C) Collective investment scheme
D) Collection investment scheme
  • 79. _________is the use of investors protection funds
A) fund to spending
B) a fund to cater for that issues like professional misconduct …….insurance
C) fund to use
D) fund for thief
  • 80. _________is the amount use for small merger
A) 30billion
B) below 500,000……
C) 2billion
D) 1billion
  • 81. __________ is the amount require in large merger
A) above 5 billion
B) half billiom
C) 1billion
D) 2billion
  • 82. how many member forms the IST ……….
A) 9
B) 2
C) 10
D) 5
  • 83. what is IST
A) insider security
B) all of the above
C) investment securities tribunal
D) invest securities tribunal
  • 84. _________can sue SEC yes but Pre action notice ----------
A) 14day
B) 1 day
C) 4 day
D) 6 day
  • 85. what is takeover bid
A) Takeover bid an offer that is use to take control terrorism
B) Takeover bid an offer that is use to take control of cmo
C) Takeover bid an offer that is use to take control of company usually 51 percent above
D) Takeover bid an offer that is use to take control of someone's wife
  • 86. what is the full meaning of ML/CFT
A) Money Laundering and Combating the Financing
B) cool Anti-Money Laundering and Combating the Financing
C) Hopeful Money Laundering and Combating the Financing
D) bad cash Anti-Money Laundering and Combating the Financing
  • 87. who are custodians
A) is a bank
B) financial insgtitions
C) A custodian bank, or simply custodian, is a specialized financial institution responsible for providing securities services. It provides post-trade services and solutions for asset owners, asset managers, banks and broker-dealers. It is not engaged in "traditional" commercial or consumer/retail bank
D) is a securities dealer
  • 88. Responsibility of company internal control functions rest on ----------
A) manager
B) ceo
C) Board of Directors
D) you
  • 89. -------------are responsible for signing of official audited accounts
A) CFO/ MD
B) SEC
C) Auditor
D) manager
  • 90. what is Fidelity bond
A) fund use for terrorism
B) fund keept for investment
C) to finance govt
D) Fidelity bond, is an insurance cover over protection
  • 91. What is ISPO
A) paper investment
B) Govt money
C) FGovt standing order to pay back in case of default
D) money in bank
  • 92. how many members constitute investor protection fund
A) 2 members
B) 5 members
C) 3 members
D) 9 members
  • 93. how many members constitute the board of SEC
A) 2members
B) 5 members
C) 10 members
D) 9 members
  • 94. What is the amount of sanction a CMO will pay if they cant produce the following record ……………..500,000
A) 300,000
B) 400,000
C) 200,000
D) 500,000
  • 95. what are the funding sources of the Tribunal ……..
A) fid income
B) stolen money
C) tax
D) Subvention from Govt and other donations
  • 96. Market dealers that hold like liquidity two way source is called …..
A) twin
B) lover
C) killer
D) market makers
  • 97. SROs report is to get to SEC in ------days
A) 7 working days
B) 4 working days
C) 5 working days
D) 6 working days
  • 98. what is the full meaning of CSD
A) central securities deposito
B) central security depository
C) central securities depository CSD
D) central securities depository
  • 99. Delivery VS free means ____
A) for quadrilateral payment with asset
B) low payment
C) hight payment
D) GDP payment
  • 100. what is dual listing ________
A) duplicate listing
B) poor listing
C) single side listing
D) listed in both side
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