FINRA Series 79 Practice Test
FINRA Series 79 Practice Test
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Questions updated at Aug 17, 2026, 10:23 PM CDT
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Today's 10 FINRA Series 79 questions
Use this FINRA Series 79 practice test to review FINRA Investment Banking Representative. Questions rotate daily and each answer links back to the source used to write it.
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Question 1 of 10
Objective Analyze the three core financial statements
1. Collection, Analysis and Evaluation of Data (49%)
A financial analyst is reviewing a company's balance sheet and income statement. The balance sheet shows significant long-term debt and substantial investments in property, plant, and equipment, while the income statement indicates strong revenue growth and operating income. To assess the company's overall financial health and risk profile, which initial step should the analyst take?
The analyst should analyze the debt-to-equity ratio and operating margins to evaluate leverage and profitability. This approach provides a comprehensive view of the company's financial health and risk profile by assessing both its long-term debt and profitability metrics.
Concept tested:
Question 2 of 10
Objective Manage allocation, stabilization, and syndicate economics
2. Underwriting/New Financing Transactions, Types of Offerings and Registration of Securities (27%)
An underwriting syndicate is short because it sold more shares than the base offering. After trading begins, the stock trades below the public offering price. Which action is directly related to managing that short position?
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Concept tested:
Question 3 of 10
Objective Compare financing alternatives, structures, and investors
1. Collection, Analysis and Evaluation of Data (49%)
A dealer plans to resell restricted securities to large institutional investors under Rule 144A. Which investor status is central to the Rule 144A resale safe harbor?
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Question 4 of 10
Objective Apply IPO, fixed-price, and offering-participant requirements
2. Underwriting/New Financing Transactions, Types of Offerings and Registration of Securities (27%)
A member participates in a fixed-price offering at a stated public offering price of $20 per share. While the fixed-price restriction remains in effect, a customer asks the member to rebate part of the selling concession so the customer's effective price is $19.75. What should the member do?
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Concept tested:
Question 5 of 10
Objective Analyze investor priorities in a restructuring
3. Mergers and Acquisitions, Tender Offers and Financial Restructuring Transactions (24%)
A distressed company is preparing to file for Chapter 11 bankruptcy. Given the company's capital structure, which investor group is most likely to receive proceeds first in a reorganization, considering the priority framework and the impact of collateral positions on claimant analysis?
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Question 6 of 10
Objective Distinguish reorganization, liquidation, and Section 363 transactions
3. Mergers and Acquisitions, Tender Offers and Financial Restructuring Transactions (24%)
A distressed retailer has viable operations but cannot meet its debt obligations. Management wants a court-supervised process that can preserve operations while a reorganization plan is developed. Which framework is most consistent with that objective?
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Question 7 of 10
Objective Use Exchange Act schedules, reports, statements, and forms
1. Collection, Analysis and Evaluation of Data (49%)
A financial advisor is preparing a report for a client considering an investment in a publicly traded company. The advisor needs to review filings made by the company under the Exchange Act to assess the company’s financial performance and potential risks. Given the advisor's goal to provide a comprehensive analysis, which of the following sources of information is most critical for the advisor to analyze?
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Concept tested:
Question 8 of 10
Objective Prepare and disclose a fairness opinion
3. Mergers and Acquisitions, Tender Offers and Financial Restructuring Transactions (24%)
A member issuing a fairness opinion knows the opinion will be provided or described to public shareholders. Which item is specifically required by FINRA Rule 5150 when applicable?
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Question 9 of 10
Objective Value the seller and evaluate potential buyers
3. Mergers and Acquisitions, Tender Offers and Financial Restructuring Transactions (24%)
A sell-side advisor is comparing two potential acquirers. Buyer A has abundant cash but limited strategic fit; Buyer B has strong strategic fit but will require committed financing. Which analysis most directly addresses whether each buyer can actually close the transaction?
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Question 10 of 10
Objective Distribute preliminary and final prospectuses
2. Underwriting/New Financing Transactions, Types of Offerings and Registration of Securities (27%)
A syndicate is preparing to distribute the final prospectus for a public offering. Which action is essential to ensure compliance with securities laws and regulations?
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Question 1 A financial analyst is reviewing a company's balance sheet and income statement. The balance sheet shows significant long-term debt and substantial investments in property, plant, and equipment, while the income statement indicates strong revenue growth and operating income. To assess the company's overall financial health and risk profile, which initial step should the analyst take?
Answer choices
- A. Calculate the current ratio to assess short-term liquidity
- B. Perform a discounted cash flow (DCF) analysis to determine intrinsic value
- C. Conduct a sensitivity analysis on key revenue assumptions
- D. Analyze the debt-to-equity ratio and operating margins to evaluate leverage and profitability
Correct answer
Analyze the debt-to-equity ratio and operating margins to evaluate leverage and profitability
The analyst should analyze the debt-to-equity ratio and operating margins to evaluate leverage and profitability. This approach provides a comprehensive view of the company's financial health and risk profile by assessing both its long-term debt and profitability metrics.
Wrong-answer review
- A. Calculate the current ratio to assess short-term liquidity: Incorrect. This choice does not satisfy the controlling fact in the scenario. Primary-source basis: Balance-sheet analysis covers current and long-term assets, current and long-term liabilities, and stockholders equity or net worth. Income-statement analysis covers revenue, COGS, operating expenses, depreciation and amortization, operating income, interest, taxes, and net income; cash-flow analysis separates operating, investing, and financing cash flows.
- B. Perform a discounted cash flow (DCF) analysis to determine intrinsic value: Incorrect. This choice does not satisfy the controlling fact in the scenario. Primary-source basis: Balance-sheet analysis covers current and long-term assets, current and long-term liabilities, and stockholders equity or net worth. Income-statement analysis covers revenue, COGS, operating expenses, depreciation and amortization, operating income, interest, taxes, and net income; cash-flow analysis separates operating, investing, and financing cash flows.
- C. Conduct a sensitivity analysis on key revenue assumptions: Incorrect. This choice does not satisfy the controlling fact in the scenario. Primary-source basis: Balance-sheet analysis covers current and long-term assets, current and long-term liabilities, and stockholders equity or net worth. Income-statement analysis covers revenue, COGS, operating expenses, depreciation and amortization, operating income, interest, taxes, and net income; cash-flow analysis separates operating, investing, and financing cash flows.
Extra learning features
Why candidates miss this
The temptation to simply state ‘calculate the current ratio’ is the distraction. The decisive clue is the phrase ‘assess the company’s overall financial health and risk profile,’ which demands a more holistic approach than a single liquidity ratio. The analyst needs to consider profitability and leverage alongside liquidity, as the scenario explicitly mentions these factors. Likely wrong answer: Calculate the current ratio to assess short-term liquidity Review focus: FINRA Investment Banking Representative Qualification Exam (Series 79) Content Outline
Interview question
Q: The analyst should analyze the debt-to-equity ratio and operating margins to evaluate leverage and profitability. This approach provides a comprehensive view of the company’s financial health and risk profile by assessing both its long-term debt and profitability metrics. Strong answer: The analyst should analyze the debt-to-equity ratio and operating margins to evaluate leverage and profitability. This approach provides a comprehensive view of the company’s financial health and risk profile by assessing both its long-term debt and profitability metrics.
- Leverage
- Profitability
- Risk Profile
- Debt-to-Equity Ratio
- Operating Margins
Caution: Do not restate the multiple-choice stem or ask the learner merely to name a product, rule, or term.
Question 2 An underwriting syndicate is short because it sold more shares than the base offering. After trading begins, the stock trades below the public offering price. Which action is directly related to managing that short position?
Answer choices
- A. Raise the public offering price after settlement
- B. Purchase shares in the market to cover the syndicate short, subject to applicable Regulation M requirements
- C. Exercise the greenshoe solely to increase the management fee
- D. Allocate more shares to restricted persons
Correct answer
Purchase shares in the market to cover the syndicate short, subject to applicable Regulation M requirements
Question 3 A dealer plans to resell restricted securities to large institutional investors under Rule 144A. Which investor status is central to the Rule 144A resale safe harbor?
Answer choices
- A. Accredited investor only
- B. Qualified purchaser only
- C. Retail investor with a suitability letter
- D. Qualified institutional buyer (QIB)
Correct answer
Qualified institutional buyer (QIB)
Question 4 A member participates in a fixed-price offering at a stated public offering price of $20 per share. While the fixed-price restriction remains in effect, a customer asks the member to rebate part of the selling concession so the customer's effective price is $19.75. What should the member do?
Answer choices
- A. Grant the rebate because the customer is institutional
- B. Refuse the rebate because it would confer a reduced price below the stated public offering price
- C. Grant the rebate if the issuer consents
- D. Replace the rebate with a stabilizing bid
Correct answer
Refuse the rebate because it would confer a reduced price below the stated public offering price
Question 5 A distressed company is preparing to file for Chapter 11 bankruptcy. Given the company's capital structure, which investor group is most likely to receive proceeds first in a reorganization, considering the priority framework and the impact of collateral positions on claimant analysis?
Answer choices
- A. Common stock holders
- B. Senior secured debt holders
- C. Mezzanine debt holders
- D. Unsecured creditors
Correct answer
Senior secured debt holders
Question 6 A distressed retailer has viable operations but cannot meet its debt obligations. Management wants a court-supervised process that can preserve operations while a reorganization plan is developed. Which framework is most consistent with that objective?
Answer choices
- A. Tender offer under Schedule TO
- B. Chapter 11 reorganization
- C. Chapter 7 liquidation
- D. Rule 144A resale
Correct answer
Chapter 11 reorganization
Question 7 A financial advisor is preparing a report for a client considering an investment in a publicly traded company. The advisor needs to review filings made by the company under the Exchange Act to assess the company’s financial performance and potential risks. Given the advisor's goal to provide a comprehensive analysis, which of the following sources of information is most critical for the advisor to analyze?
Answer choices
- A. Prospectus filings
- B. Forms 8-K and 10-Q
- C. Rule 13f-1 reports
- D. Schedule 13G filings
Correct answer
Forms 8-K and 10-Q
Question 8 A member issuing a fairness opinion knows the opinion will be provided or described to public shareholders. Which item is specifically required by FINRA Rule 5150 when applicable?
Answer choices
- A. Disclosure of specified advisory relationships, contingent compensation and material relationships in the fairness opinion
- B. Disclosure of every internal discussion held by the deal team
- C. Automatic publication of all valuation models
- D. FINRA pre-approval of the transaction price
Correct answer
Disclosure of specified advisory relationships, contingent compensation and material relationships in the fairness opinion
Question 9 A sell-side advisor is comparing two potential acquirers. Buyer A has abundant cash but limited strategic fit; Buyer B has strong strategic fit but will require committed financing. Which analysis most directly addresses whether each buyer can actually close the transaction?
Answer choices
- A. Assess each buyer's capacity to pay and financing requirements
- B. Calculate the seller's current ratio
- C. Draft the seller's proxy statement
- D. Perform a credit analysis of the seller only
Correct answer
Assess each buyer's capacity to pay and financing requirements
Question 10 A syndicate is preparing to distribute the final prospectus for a public offering. Which action is essential to ensure compliance with securities laws and regulations?
Answer choices
- A. Ensure the prospectus accurately reflects all material information and disclosures.
- B. Include a detailed discussion of the company’s competitive landscape.
- C. Provide a summary of the company’s historical financial performance.
- D. Append a list of potential investors who have expressed interest in the offering.
Correct answer
Ensure the prospectus accurately reflects all material information and disclosures.
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