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SEC EXAM
Contributed by: Goodluckprince
(Original author: College)
  • 1. 1. What is RIBA in Islamic Finance
A) 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
B) Haram forbidden or unlawful. In the case of Islamic finance,
C) all of the above
D) Sukuk Sukuk is the Arabic name for financial certificates, also commonly referred to as "sharia compliant" bonds
  • 2. 2. PEPs, means __________to a CMO
A) a millionaire
B) A high-net-worth individual and a politically exposed person
C) billionaire
D) politician
  • 3. 3. Cum Div Date means _____________
A) the last day of transaction that will qualify for dividend same as qualification date
B) Date in imprisonment
C) Date in borrowing
D) Date in lodgment
  • 4. 4. Which of the following regulates the capital market?
A) The CIBN
B) GTB, Zenith, UBA, and custodians
C) The CBN
D) The SEC
  • 5. 5. Securities and Exchange Commissions Act according to (Okigbo Panel) was __________
A) 1977
B) 1976
C) 1979
D) 1978
  • 6. 6. Investments and Securities Act according to (Odife Panel) was _______
A) 1998
B) 1996
C) 1909
D) 1999
  • 7. 7. one of the function of SEC is to ........................
A) buy big cars and big houses for CMO
B) Act as the apex regulatory body for the Nigerian capital market
C) make Loss and Gain
D) charitable purpose using Fund
  • 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) None of the above
B) Generally accepted accounting price
C) International Financial Reporting Standards, Generally accepted accounting principles
D) International Financial Reporting Standards, Generally accept
  • 10. 10. Capital markets are of _________ major types.
A) three bond, equity and derivatives
B) six bond, equity, derivative pri, sec stock
C) seven six bond, equity, derivative pri, sec stock, capital market money market
D) two primary and secondary
  • 11. 11. The primary market is where __________ are created.
A) second hand
B) securities
C) money
D) goods
  • 12. 12. Examples of financial securities are as following except
A) money
B) bond
C) shares
D) stock
  • 13. 13. ____________ serves as a link between savers and investors.
A) commodity market
B) money market
C) labour market
D) capital market
  • 14. 14. The secondary market is also known as
A) store
B) Agbara Market
C) market
D) aftermarket
  • 15. 15 SEC means...................
A) The Specimen and Exchange Corporation
B) Securities and Exchange Commission
C) The Standard and Exchange Commission
D) The Security 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 61
C) Section 55
D) Section 56
  • 17. 17. Registration of securities is in________section of the ISA 2007
A) Section 61
B) Section 56
C) Section 54 - 66
D) Section 55
  • 18. 18. ___________ supplies funds for fixed capital requirements.
A) money market
B) common market
C) labour market
D) Capital market
  • 19. 19. ___________ involves lending and borrowing for long term finance
A) Common market
B) Capital market
C) Money 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) #60,000
B) #600,000
C) #570,000
D) #30,000
  • 22. 22. _____________ was the year Money Laundering (Prevention & Prohibition) and Terrorism (Prevention & Prohibition) in Nigeria
A) 2035
B) 1999
C) 2022
D) 2024
  • 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) CBN laws
B) SEC rules
C) NGX rules and regulations
D) Section 38 ISA 2007
  • 24. 24. ___________ stipulates that a capital market operator shall maintain separate accounts for transactions carried out on behalf of different clients.
A) CBN laws
B) Section 40 ISA 2007
C) SEC rules
D) Section 38 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 49
D) ISA 44
  • 26. 26. ____________ are the EFFECTS OF ML/TF ML except
A) Discourage FDI, distort international capital flows
B) Negative consequences for a country’s financial stability and macroeconomic performance 
C) Loss of lives and property Social instability, Loss of lives and property Social instability
D) make every citizen super rich in all they do
  • 27. 27. Gross profit is total sales less ___________
A) total sales
B) total costs
C) total amount
D) total revenue
  • 28. 28. What must be deducted from gross profit to arrive at net profit?
A) Purchases
B) Overhead costs
C) Return inwards
D) Sales
  • 29. 29. why ML/CFT occur
A) poverty only
B) greed only
C) unethical system only
D) Lack of Moral Principles, Unethical Capitalism, Greed, Poverty, Ignorance, Injustice (Perceived)
  • 30. 30. what is the usefulness of statement of cash flow ________
A) Sales
B) Discount allowed
C) Make up
D) provide cash movement
  • 31. What are the elements of financial reporting ______
A) Selling
B) buying
C) assets, liabilities, fund balance/net assets, revenues, expenditures, and expenses
D) fund
  • 32. What are Quantitative characteristics of financial reporting____________
A) selfishness
B) violence
C) faithful representatives, relevant
D) greed
  • 33. ___________are the some of the objectives of financial reporting
A) 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
B) sincerity
C) trusthfulness
D) purity
  • 34. some of these are way we prevent corporate failure _______
A) Audited
B) good corporate governance, Audited Account Auditory, accountability, transparency, responsibility, fairness, independence
C) transparency
D) Auditory
  • 35. why is corporate Governance important ________
A) business growth and continuity
B) fair sharing
C) competition
D) more money more problem
  • 36. Derivatives contract help ____
A) relationship in derivatives market
B) To mitigate against prices and loss, market efficiency, liquidity to investors,
C) food shortage
D) liquidity
  • 37. out of the money means ______
A) you gain
B) you are good
C) that you lost in the price
D) you win
  • 38. in the money Is call ----------
A) all of the above
B) gain
C) loss
D) you win
  • 39. in ML/CFT Poverty,

    Ignorance,
    and
    Injustice (Perceived) is a ____________factor
A) PUSH
B) CHOSE
C) LOSE
D) PULL
  • 40. PUT is a ..........
A) buyinger
B) layer
C) casher
D) seller
  • 41. CALL is
A) winner
B) buyer
C) fighter
D) seller
  • 42. Call options means _________
A) predestine
B) all of the above
C) is buying at a predetermined amount of a commodity
D) love calling
  • 43. what is mark to market
A) 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.
B) Kennedy chain
C) luck
D) unfair
  • 44. what is futures,
A) payment that has no futures
B) 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
C) payment of future loan and liabilities
D) loan without payment
  • 45. Futures contracts traded in exchange margin settled ---------------
A) yearly
B) twice a year
C) monthly
D) daily
  • 46. what are OTC
A) over the candided
B) over the conternedd
C) over the conterfit
D) over the counter
  • 47. Forward Contract must have a --------
A) goods
B) delivery date
C) destination
D) cash
  • 48. There are ____types of options types
A) two ----Call options and PUTS options
B) 12
C) 4
D) 3
  • 49. arbitrageurs means__________
A) no debtors
B) no creditors
C) not producing but can buy and sell to make profit they know who need the products buy low sell high
D) no money to buy
  • 50. market speculator are________
A) movers of market
B) market speculator inspectators
C) product that price will go up soon buying and selling taking position, for profit reasons
D) speculator
  • 51. market manipulator are ________ product
A) normal
B) peoples "transactions which create an artificial price or maintain an artificial price for a tradable
C) good price
D) strenge price
  • 52. The three 3 stages of money laundry are ____ _______ and ________
A) programe fund raising, placement in the market, mixing
B) layering placement and integration
C) all of the above
D) programe fund raising, disguising the Fund, procurement of proliferation sensitive material and technology
  • 53. Which of the following is not a type of security traded on the Nigerian Stock Exchange?
A) Real Estate
B) Mutual Funds
C) Stocks
D) Bonds
  • 54. Which regulatory body is responsible for overseeing the Nigerian Stock Exchange?
A) Nigerian Investment Promotion Council
B) Central Bank of Nigeria
C) Nigerian National Assembly
D) Nigerian Securities and Exchange Commission
  • 55. What is the current status of the Nigerian Stock Exchange in terms of demutualization?
A) demutualization
B) In the process of
C) Partially demutualized
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) Consumer Goods
C) Industrial Goods
D) Financial Services
  • 57. Which of the following is not a major stock index tracked by the Nigerian Stock Exchange?
A) NSE 30 Index
B) NSE Banking Index
C) NSE Europe Index
D) NSE Industrial Index
  • 58. these following Nigerian billionaires has a significant stake in the Nigerian Stock Exchange Except?
A) Tony Elumelu Mike Adenuga
B) prince Mase
C) Mike Adenuga Mike Adenuga
D) Femi Otedola Mike Adenuga
  • 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) half billion
B) not less than 50 billion
C) 3.2 billion
D) 1billion
  • 60. Which of the following technologies has the Nigerian Stock Exchange implemented to improve the efficiency of its trading platform?
A) all of the above
B) Augmented Reality
C) Quantum Computing Artificial Intelligence
D) Blockchain
  • 61. Who is the current chairman of the Nigerian Stock Exchange (NSE)
A) Mohammed Garuba
B) Aigboje Aig-Imoukhuede
C) Simdi Okoro
D) Samuel Oni
  • 62. Who is the current chairman of the SEC
A) Samuel Adesujo Ademulegun
B) Samuel Oni
C) Mohammed Garuba
D) Simdi Okoro
  • 63. What is the current market capitalization of the Nigerian Stock Exchange (NSE) as of April 2023?
A) NGN 56.9 trillion
B) NGN 5.9 trillion
C) NGN 6.9 trillion
D) NGN 50 trillion
  • 64. Which Nigerian Tech company became the first African company to list on the New York Stock Exchange (NYSE) in 2019?
A) Zenith
B) Dangote
C) Jumia
D) mtn
  • 65. In which year was the Nigerian Stock Exchange (NSE) established?
A) 1999
B) 1960
C) 1914
D) 1989
  • 66. In which year was SEC established?
A) 1979.
B) 2014
C) 1977
D) 1991
  • 67. What is the name of the Nigerian sovereign wealth fund that invests in Nigerian infrastructure and other projects?
A) all of the above
B) Nigerian Infrastructure Fund (NIF) Nigerian Investment Fund (NIF)
C) Nigeria Sovereign Fund (NSF) Which Nigerian stock brokerage firm was suspe
D) Nigeria Sovereign Investment Authority (NSIA)
  • 68. Which Nigerian stock brokerage firm was suspended by the Nigerian Stock Exchange (NSE) in 2020 for violating market regulations?
A) gtb
B) Dangote
C) zenith
D) Briscoe (Nigeria) Plc, Union Dicon Salt Plc and Capital Oil Plc
  • 69. The document governing public documents is called ------------
A) suspense
B) book
C) A prospectus
D) tool
  • 70. what is Merger Takeover and Acquisition
A) merging group
B) lovetogether
C) 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
D) block chain
  • 71. What is the full meaning FCCPC
A) Federal Protection Commission
B) Federal Competition and Consumer commission
C) Federal Consumer Protection Commission
D) Federal Competition and Consumer Protection Commission
  • 72. crowdfunding Minimum percent of an offer is------------subscription
A) 10%
B) 20%
C) 30%
D) 50%
  • 73. crowdfunding public offer should be between__________
A) 15 weeks
B) 1 week
C) 2 week
D) 4 weeks and other 2 weeks 6 weeks
  • 74. CMOs cash limited is _______with cash transactions
A) 20,000 is the Threshold allowed for cash transaction for CMO
B) 30,000 is the Threshold allowed for cash transaction for CMO
C) 40,000 is the Threshold allowed for cash transaction for CMO
D) 50,000 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) 200,000
B) daily sanction of 12,000
C) 50,000
D) 500,000 is the section for giving out loans to staff to manipulate market.
  • 77. Collective investment scheme financial base -----------
A) 100m, professional fund, building
B) 10m
C) 4m
D) 2m
  • 78. CIS means _______
A) Collective investment scheme
B) Collective invest scheme
C) Collection investment scheme
D) Collective investment school
  • 79. _________is the use of investors protection funds
A) a fund to cater for that issues like professional misconduct …….insurance
B) fund to use
C) fund to spending
D) fund for thief
  • 80. _________is the amount use for small merger
A) 1billion
B) 30billion
C) 2billion
D) below 500,000……
  • 81. __________ is the amount require in large merger
A) 1billion
B) above 5 billion
C) half billiom
D) 2billion
  • 82. how many member forms the IST ……….
A) 9
B) 2
C) 10
D) 5
  • 83. what is IST
A) invest securities tribunal
B) investment securities tribunal
C) insider security
D) all of the above
  • 84. _________can sue SEC yes but Pre action notice ----------
A) 14day
B) 4 day
C) 6 day
D) 1 day
  • 85. what is takeover bid
A) Takeover bid an offer that is use to take control of cmo
B) Takeover bid an offer that is use to take control of someone's wife
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 terrorism
  • 86. what is the full meaning of ML/CFT
A) bad cash Anti-Money Laundering and Combating the Financing
B) Money Laundering and Combating the Financing
C) Hopeful Money Laundering and Combating the Financing
D) cool Anti-Money Laundering and Combating the Financing
  • 87. who are custodians
A) 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
B) financial insgtitions
C) is a securities dealer
D) is a bank
  • 88. Responsibility of company internal control functions rest on ----------
A) you
B) ceo
C) Board of Directors
D) manager
  • 89. -------------are responsible for signing of official audited accounts
A) Auditor
B) SEC
C) manager
D) CFO/ MD
  • 90. what is Fidelity bond
A) Fidelity bond, is an insurance cover over protection
B) fund use for terrorism
C) to finance govt
D) fund keept for investment
  • 91. What is ISPO
A) paper investment
B) money in bank
C) FGovt standing order to pay back in case of default
D) Govt money
  • 92. how many members constitute investor protection fund
A) 9 members
B) 3 members
C) 2 members
D) 5 members
  • 93. how many members constitute the board of SEC
A) 10 members
B) 9 members
C) 2members
D) 5 members
  • 94. What is the amount of sanction a CMO will pay if they cant produce the following record ……………..500,000
A) 500,000
B) 300,000
C) 200,000
D) 400,000
  • 95. what are the funding sources of the Tribunal ……..
A) Subvention from Govt and other donations
B) stolen money
C) tax
D) fid income
  • 96. Market dealers that hold like liquidity two way source is called …..
A) lover
B) killer
C) twin
D) market makers
  • 97. SROs report is to get to SEC in ------days
A) 4 working days
B) 6 working days
C) 7 working days
D) 5 working days
  • 98. what is the full meaning of CSD
A) central securities deposito
B) central securities depository
C) central securities depository CSD
D) central security depository
  • 99. Delivery VS free means ____
A) GDP payment
B) for quadrilateral payment with asset
C) hight payment
D) low payment
  • 100. what is dual listing ________
A) poor listing
B) listed in both side
C) single side listing
D) duplicate listing
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