Series 7 Exam Question 39: Answer and Explanation

Question: 39

Which of the following IS NOT a type of municipal note?

• A. AON
• B. TRAN
• C. PN
• D. GAN

Correct Answer: A

Explanation:

A. Municipal notes are short-term (one year or less) debt securities issued by municipalities to cover a short-term need. These include TANs, RANs, TRANs, GANs, BANs, CLNs, PNs, and tax-exempt commercial paper. AON (all or none) is an order qualifier and not a type of municipal note.