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By Steven M. Rice

Part of Series 7 Exam For Dummies Cheat Sheet

To be successful on the Series 7 exam, you have to master the concepts that form the basis of the questions and, equally importantly, you need to develop your test-taking skills. Examining the different types of questions on the exam and how to answer them is a smart way to achieve your goal of passing the Series 7.

  • Read the question carefully.

  • Underline or highlight key words to avoid tricky detractors (except, unless, not).

  • Identify the facts you need to answer the question and ignore the information you don’t need.

  • Use scrap paper to write down formulas and key points from the question, perform calculations, and draw diagrams.

  • When you’re unsure of the correct answer, eliminate as many wrong answers as possible.

  • Work with the facts presented in the question and don’t make the question more difficult than it is.

  • If you don’t know the answer, don’t obsess. Take your best guess and mark it for review to return to later. As you go through the exam, another question may trigger your memory. If you still aren’t sure of the answer when you return, remember these tips:

    • Select a more precise answer more often than a less precise answer.

    • Select a longer answer over a shorter answer.

    • When answering multiple choice questions, if you see two opposing answer choices, one must be right.

    • Cannot be determined is almost never the correct answer on the Series 7 exam.

    • In complex (two-tiered) questions, an answer choice of none of the above is almost always wrong; you can usually eliminate it.

  • Keep track of time.