Block3 · Exam Prep Engine

Series 7 Math Trainer

Procedurally generated drills with fresh numbers every time. Options, yields, margin, conversion, rights, POP, basis and more. Switch between typed answers and multiple choice — the wrong choices are built from the errors the exam actually tests.

Attempted: 0 Correct: 0 Streak: 0

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Pick a topic and hit “New question”.

The Options Matrix

Write this from memory the moment you sit down. All figures are per share — multiply by 100 × # of contracts for dollars. X = strike, P = premium.

Single options — "Call Up, Put Down"

Position	Outlook	Max gain	Max loss	Breakeven
Long Call	Bullish ↑	Unlimited	Premium	X + P
Short Call	Bearish ↓	Premium	Unlimited	X + P
Long Put	Bearish ↓	X − P	Premium	X − P
Short Put	Bullish ↑	Premium	X − P	X − P

Spreads — "CAL / PSH"

Spread	Outlook	Max gain	Max loss	Breakeven
Debit Call	Bull ↑	Diff in X − net debit	Net debit	Lower X + net debit
Credit Call	Bear ↓	Net credit	Diff in X − net credit	Lower X + net credit
Debit Put	Bear ↓	Diff in X − net debit	Net debit	Higher X − net debit
Credit Put	Bull ↑	Net credit	Diff in X − net credit	Higher X − net credit

Straddles & combinations

Position	Outlook	Max gain	Max loss	Breakevens
Long Straddle	Volatility	Unlimited	Total premiums	X ± total premiums (two)
Short Straddle	Neutral	Total premiums	Unlimited	X ± total premiums (two)

Stock + option hedges (SC = stock cost)

Position	Outlook	Max gain	Max loss	Breakeven
Long stock / Short call covered call	Neutral-bull	X − SC + P	SC − P	SC − P
Long stock / Long put protective put	Bullish ↑	Unlimited	SC − X + P	SC + P
Short stock / Long call hedge	Bearish ↓	SC − P	X − SC + P	SC − P
Short stock / Short put covered put	Neutral-bear	SC − X + P	Unlimited	SC + P

Call Up / Put Down: call breakeven adds P to the strike; put breakeven subtracts P.

CAL / PSH: on spreads, Call → Add net premium to the Lower strike; Put → Subtract from the Higher strike. Breakeven always lands between the strikes.

Debit → widen → exercise; Credit → narrow → expire. Max gain + max loss on any spread = the difference in strikes.

EPIC: Exporters buy Puts, Importers buy Calls (foreign-currency hedging).

SLoBS / BLiSS: Sell-Limits & Buy-Stops sit above the market; Buy-Limits & Sell-Stops sit below.

Intrinsic value: call = market − strike; put = strike − market (never below 0). Time value = premium − intrinsic. Index/currency/yield options use a ×100 multiplier.

Exercise basis: call exercised → add P to strike; put exercised → subtract P. The stock's market price is a distractor.

About this trainer

A free, open practice tool for the calculation questions on the Series 7 (and SIE) exam.

What it is & how it's built

74 procedural generators — each randomizes strikes, premiums, prices, and rates, so you get effectively unlimited fresh questions and can't just memorize answers.
One self-contained HTML file — vanilla JavaScript, no accounts, no tracking, no server. It runs entirely in your browser and works offline once loaded.
Sourced from the Kaplan License Exam Manual and the FINRA content outline — the formats and formulas mirror the official material; the numbers and wording are original.
Worked, step-by-step solutions on every question.

How it stacks up

vs. static question banks: fixed banks repeat, so you start memorizing answers instead of methods. Every draw here has new numbers — you drill the process.

Distractors are real traps: in multiple-choice mode the wrong answers are built from the exact errors the exam exploits — forgot the ×100 multiplier, swapped max gain and max loss, used NAV instead of POP, wrong breakeven direction — not random filler.

Honest scope: this is a math drill — breakevens, spreads, margin, yields, ratios, basis. It does not cover rules, suitability, or concept questions. Pair it with a full prep course (Kaplan, STC, Achievable, etc.).

Features

Type-answer mode — enter the figures yourself; tolerant checking plus a worked solution.
Multiple-choice mode — four options with error-based distractors, like the real exam.
Timed options quiz — a 20-question options block at exam pace, scored with a question-by-question review.
Options matrix — the breakeven / max-gain / max-loss cheat sheet and mnemonics, savable as a PDF so you can rehearse writing it down at the test center.
Glossary — fast definitions of the terms these questions use.
Topic picker + Mixed mode — drill one question type or shuffle all 74.
Live stats — attempted, correct, and current streak.

Glossary

The terms that show up most in Series 7 math questions.

Options

Call / Put: A call is the right to buy stock at the strike; a put is the right to sell at the strike.
Long / Short (Holder / Writer): Long = you bought it and hold the right (pay premium). Short = you wrote/sold it and have the obligation (collect premium).
Strike (exercise price): The price at which the option can be exercised. Shown as X in the matrix.
Premium: The price of the option, quoted per share. One contract = 100 shares, so total premium = premium × 100 × # contracts.
Breakeven: The stock price where the position makes $0. Call: strike + premium; put: strike − premium ("Call Up, Put Down").
Intrinsic value: How far in the money: call = market − strike, put = strike − market, never below 0.
Time value: premium − intrinsic value — what you pay for time remaining.
In / At / Out of the money: Whether exercising has value now (in), none (out), or breaks even at the strike (at).
Spread: Long one option and short another of the same class. A debit spread costs net premium; a credit spread collects net premium.
Straddle / Combination: A call and a put together. Straddle = same strike & expiration; combination = different strike and/or expiration.
Covered call / Protective put / Collar: Stock + a short call (income), stock + a long put (insurance), or both at once (a floor and a ceiling).

Margin

Reg T: The Federal Reserve's initial margin requirement — currently 50% of the purchase (or short sale) value.
LMV / DR / EQ: Long market value, debit balance (loan), and equity. The long identity: LMV − DR = EQ.
SMV / CR: Short market value and credit balance. The short identity: CR − SMV = EQ.
Maintenance: Minimum equity to avoid a call: 25% of LMV (long), 30% of SMV (short).
SMA: Special Memorandum Account — a line of credit from excess equity. Buying power = SMA × 2 at 50% Reg T.
Excess equity: Equity above the Reg T requirement; it creates SMA.

Bonds & yields

Par / Point: Par = $1,000 face. A bond quoted as a percent of par (e.g. 102.50 = $1,025). One point = $10 per bond.
Nominal (coupon) yield: The fixed rate stated on the bond — a percent of par.
Current yield: annual interest ÷ current market price.
YTM / YTC: Yield to maturity / to call — total return accounting for the gain or loss vs. par (or the call price) over time.
Accrued interest: Interest owed to the seller since the last coupon. Corporates/munis use 30/360; Treasuries use actual/365.
Amortization / Accretion: Adjusting a premium bond's basis down (amortize) or a discount bond's basis up (accrete) toward par.
Parity / Conversion ratio: Conversion ratio = $1,000 ÷ conversion price; parity = the bond and converted shares having equal value.

Funds & analysis

NAV / POP: Net asset value per share; public offering price = NAV ÷ (1 − sales charge %).
Sales charge %: (POP − NAV) ÷ POP — a percent of the POP, never the NAV.
Dollar cost averaging: Investing a fixed dollar amount each period; average cost per share is always below the average price.
EPS / P/E: Earnings per share = earnings to common ÷ shares; price-to-earnings = market price ÷ EPS.
Working capital / Current / Quick ratio: CA − CL; CA ÷ CL; (CA − inventory) ÷ CL — measures of liquidity.
Beta / Alpha: Beta = volatility vs. the market (S&P 500 = 1.0); alpha = return above what beta predicted.
Tax-equivalent yield: muni yield ÷ (1 − tax bracket) — the taxable yield needed to match a muni after tax.
Cumulative preferred: Preferred whose skipped dividends accumulate and must all be paid before common gets any.

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