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Exam Review

Key Facts: SPK Sermaye Piyasası Araçları 1 Exam

25

Official examination multiple-choice questions

SPL Sınav Kılavuzu

45 min

Examination duration

SPL e-LS

50 / 60

Passing thresholds (min 50 module, 60 average)

SPK Tebliğ VII-128.7

TRY 748

2026 Examination sitting fee

SPL Fee Schedule

Independent English-language MCQ study adaptation for SPL Module 1003 Sermaye Piyasası Araçları 1. The official assessment has 25 five-option questions in 45 minutes under the revised five-part curriculum effective October 15, 2026: shares, debt instruments, mutual fund units, derivatives basics, and GVK Geçici 67 tax rules. Passing requires at least 50/100 on the module and a 60/100 composite average.

Sample SPK Sermaye Piyasası Araçları 1 Practice Questions

Try these sample questions to review concepts for the SPK Sermaye Piyasası Araçları 1 exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 24+ question experience with AI tutoring.

1Which right normally gives existing shareholders priority to subscribe proportionately for new shares in a paid capital increase?
A.Liquidation surplus right
B.Rüçhan hakkı
C.A bondholder's coupon claim
D.A usufruct over the company's property
Explanation: Rüçhan hakkı is the pre-emptive subscription right. It helps existing shareholders preserve their ownership percentage when new cash-funded shares are issued, subject to applicable restriction rules.
2A share trades at TRY 40 before a one-for-one rights issue at TRY 10 per new share. Ignoring market movements and costs, what is the theoretical ex-rights price?
A.TRY 20
B.TRY 30
C.TRY 50
D.TRY 25
Explanation: One old share plus one new share has combined theoretical value of TRY 40 + TRY 10. Dividing TRY 50 by two shares gives TRY 25 per share.
3An investor owns 200 shares trading at TRY 60. A 50% bonus issue occurs with no cash contribution. Ignoring other changes, which combination follows?
A.300 shares at TRY 40; total theoretical value remains TRY 12,000
B.300 shares at TRY 60; total value rises to TRY 18,000
C.200 shares at TRY 40; total value falls to TRY 8,000
D.400 shares at TRY 30; the issue ratio is 50%
Explanation: The holding increases by 100 shares to 300, while theoretical price becomes 60/1.5 = TRY 40. A bonus issue reallocates the same theoretical equity value across more shares rather than creating free investment wealth.
4A share's annual gross dividend is TRY 3.50 and its market price TRY 50. What is its gross dividend yield?
A.3.5%
B.14.29%
C.7%
D.5%
Explanation: Dividend yield equals annual dividend per share divided by market price: 3.50/50 = 0.07, or 7%. This measures the dividend component rather than total return including price changes.
5A dividend is stated as 20% of nominal value. An investor owns 2,000 shares with TRY 1 nominal value, purchased at TRY 25 each. What is the gross dividend?
A.TRY 10,000
B.TRY 400
C.TRY 2,000
D.TRY 50,000
Explanation: The stated base is nominal value, so dividend per share is 20% × TRY 1 = TRY 0.20. Multiplying by 2,000 shares gives TRY 400 before any withholding.
6A two-year bond pays TRY 200 at the end of each year and repays TRY 1,000 principal at the second year-end. At a 25% annually compounded required yield, what is its price?
A.TRY 1,000
B.TRY 1,120
C.TRY 960
D.TRY 928
Explanation: Discount the payments: 200/1.25 + 1,200/1.25² = 160 + 768 = TRY 928. The coupon rate is below the required yield, so the bond trades below par.
7A bill bought for TRY 93 pays TRY 100 in 91 days. Using a 365-day year, what is the annualized simple investment yield, to two decimal places?
A.30.19%
B.28.08%
C.7.53%
D.7.00%
Explanation: The holding-period return is 7/93. Annualizing without compounding gives (7/93) × (365/91) = 30.19%; investment yield uses the purchase price as its denominator.
8A bond's clean cash price is TRY 1,020 and its coupon is TRY 150 per 180-day period. Sixty days have accrued. Using the stated period convention and ignoring fees, what settlement price follows?
A.TRY 1,020
B.TRY 970
C.TRY 1,070
D.TRY 1,170
Explanation: Accrued interest is 150 × 60/180 = TRY 50. Dirty price equals clean price plus accrued interest, giving TRY 1,070.
9Which holding ordinarily makes the investor a creditor with a contractual repayment claim rather than an equity owner?
A.An ordinary company share
B.A corporate bond
C.A preferred company share
D.A bonus share issued from reserves
Explanation: A corporate bond represents a debt claim on the issuer under its terms. Ordinary, preferred, and bonus shares remain forms of equity ownership rather than a bond repayment obligation.
10Required market yields rise while a conventional fixed-rate bond's promised payments and credit risk remain unchanged. What normally happens to its price?
A.It rises because the contractual coupon automatically resets
B.It remains at par
C.The issuer must immediately redeem it
D.It falls because the unchanged cash flows are discounted at a higher rate
Explanation: A higher discount rate reduces the present value of fixed future payments. The contractual coupon does not reset merely because market yields have changed.

About the SPK Sermaye Piyasası Araçları 1 Exam

Sermaye Piyasası Araçları 1 (Module 1003) is a core subject assessment in Turkish capital markets covering equity securities, fixed-income debt instruments, mutual funds, derivatives fundamentals, and capital markets taxation under Provisional Article 67. OpenExamPrep provides an independent English-language MCQ study adaptation, not an official translation or a simulation of the Turkish exam's language environment.

Exam sponsor: Sermaye Piyasası Lisanslama Sicil ve Eğitim Kuruluşu A.Ş. (SPL). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Single 45-minute computer-based electronic licensing examination (e-LS) session of 25 multiple-choice questions administered at SPL test centers.

Time Limit

45 minutes

Passing Score

Minimum 50 out of 100 on the module, and an arithmetic average of at least 60 across all modules required for the candidate's target licence

Exam / Certification Fees

TRY 748 per subject sitting; eligible university students pay TRY 548, or TRY 456 under SPL cooperation protocols.

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

Official topic; percentage not published

Pay ve Hisse Senedi Piyasası

Equities, capital increase procedures, rights offerings (rüçhan hakkı), bonus shares (bedelsiz), dividend distributions, and Borsa İstanbul share trading rules.

Official topic; percentage not published

Borçlanma Araçları ve Tahvil Piyasası

Treasury bills, government bonds, corporate bonds, commercial paper (finansman bonosu), Sukuk, clean vs dirty price, and yield to maturity (YTM) calculations.

Official topic; percentage not published

Yatırım Fonu Katılma Payları

Mutual fund categories, portfolio restrictions, founder/custodian roles, TEFAS trading, and daily net asset value (NAV / birim pay değeri) formulas.

Official topic; percentage not published

Türev Araçlar Temel Esasları

Forward, futures, and option contracts, strike prices, settlement mechanisms, and hedging fundamentals on VIOP.

Official topic; percentage not published

Gelir Vergisi Kanunu Geçici 67 Vergilendirme

Withholding tax rates (tevkifat), tax bases, exemption periods, and individual vs corporate taxation for Turkish capital market instruments.

Preparing for the SPK Sermaye Piyasası Araçları 1 Exam

What You Need to Know

  • Passing score: Minimum 50 out of 100 on the module, and an arithmetic average of at least 60 across all modules required for the candidate's target licence
  • Assessment: Single 45-minute computer-based electronic licensing examination (e-LS) session of 25 multiple-choice questions administered at SPL test centers.
  • Time limit: 45 minutes
  • Exam / certification fees: TRY 748 per subject sitting; eligible university students pay TRY 548, or TRY 456 under SPL cooperation protocols. Official sources

Using Our Practice Resources

  • Work through all 24 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

SPK Sermaye Piyasası Araçları 1: Suggested Study Strategy

1Practice calculating theoretical stock prices after rights offerings (rüçhan hakkı) and bonus issues (bedelsiz pay bölünmesi).
2Master bond accrued interest formulas (işlemiş faiz) and the calculation of dirty price (kirli fiyat) from clean price (temiz fiyat).
3Understand mutual fund NAV calculation: (Total Portfolio Value + Other Assets - Liabilities) / Total Number of Circulating Units.
4Use the applicable SPL sitting cutoff and distinguish instrument class, investor status, acquisition date, and holding-period conditions in GVK Geçici 67. Cash dividends follow separate provisions; a hypothetical rate in a calculation is not a quotation of a current fund tax rate.

Frequently Asked Questions

How extensive is this practice bank?

The 24 independent English-language four-option MCQ study questions sample the five topics applicable from 15 October 2026. They include worked calculations and explicitly hypothetical rate or contract inputs. This is focused practice, not comprehensive coverage, an official translation, or a simulation of Turkish five-option delivery.

What is the SPK Sermaye Piyasası Araçları 1 (1003) exam?

Module 1003 is a primary subject examination required for multiple SPL licences, including Sermaye Piyasası Faaliyetleri Düzey 1, Düzey 2, Düzey 3, and Derivatives licences. It assesses foundational knowledge of securities instruments traded in Turkey.

What changes took effect in Module 1003 on October 15, 2026?

Effective October 15, 2026, SPL updated the Module 1003 curriculum into five clearly defined headings: Pay (Shares), Borçlanma Araçları (Debt Instruments), Yatırım Fonu Katılma Payları (Mutual Fund Units), Türev Araçlar (Derivatives Fundamentals), and Gelir Vergisi Kanunu Geçici 67 taxation rules.

Does this exam require mathematical and financial calculations?

Yes. Candidates are tested on quantitative calculations, including bond pricing (clean vs dirty price), yield to maturity, coupon adjustments, rights issue theoretical prices, mutual fund unit value (NAV), and tax withholding calculations under Geçici 67.

How does Module 1003 relate to the full Düzey 1 license?

Module 1003 is one of four distinct subject assessments required for the Düzey 1 license (along with Modules 1001, 1005, and 1012). It is booked, scheduled, and scored independently.

Is this practice bank an official translation?

No. OpenExamPrep provides an independent English-language MCQ study adaptation with four options per question. Official SPL e-LS examinations are administered in Turkish with five options. Standard Turkish financial terminology is preserved.