SEC filings are public documents that companies file with the U.S. Securities and Exchange Commission, and learning to read them is a useful skill for any investor. This guide explains the Read the Filing game and what it can teach you.
What the Read the Filing game is
The Read the Filing game asks ten questions. Each one describes something you want to know. You choose which SEC document answers it. You also learn where to find these documents.
It is free and has no timer. It is a friendly way to learn the names and jobs of the most common forms.
How to play
- Read the question and picture the information you want.
- Look at the four choices.
- Choose one. You will see right away if it is correct.
- Read the short explanation. It tells you why the answer fits.
- Finish all ten and check your score. Play again to improve.
What each type of question teaches
Each form has one main job. The game helps you match the job to the form. Here are some examples.
The 10-K and the 10-Q
Example: you want audited yearly financial statements and a list of risk factors. The answer is the 10-K. It is the annual report filed with the SEC. It includes audited numbers, a description of the business, and a section on risks.
Example: you want the latest quarterly results. The answer is the 10-Q. It is filed for the first three quarters of the year. It is shorter than a 10-K and is not audited.
The 8-K
Example: a company leader resigns and you want the official notice. The answer is the 8-K. Companies use it to report major events soon after they happen, such as leadership changes, large deals, or bankruptcy.
The proxy statement
Example: you want to see executive pay and what shareholders will vote on. The answer is the proxy statement, also called DEF 14A. It explains pay, board candidates, and the items on the ballot for the annual meeting.
Form 4
Example: you want to see when company directors and officers bought or sold their own shares. The answer is Form 4. Insiders must file it within two business days of a trade. Keep in mind that insiders sell for many reasons, so one trade rarely tells the full story.
The game also covers the S-1, which registers an IPO, the 13F, which lists large fund holdings at quarter end, and Schedule 13D and 13G, which show owners of more than 5 percent of a company. It also asks where to find all of these. The answer is EDGAR, the free database at sec.gov.
Tips for scoring higher
- Think about timing. Yearly points to the 10-K. Quarterly points to the 10-Q. Sudden points to the 8-K.
- Think about who is filing. A person inside the company files a Form 4. A large fund files a 13F.
- Link forms to words. Pay and votes mean proxy. Going public means S-1. Over 5 percent means 13D or 13G.
- Remember the 13F delay. It shows holdings as of the quarter end, so it is always a look back.
- Use elimination. If you are unsure, remove the choices you know are wrong.
- Read the explanation. It often gives one extra fact you can use next time.
How to use the game to learn
Play once and note the forms you mixed up. Then visit EDGAR and search for a well-known company. Find its latest 10-K and open it. You do not need to read all of it. Look at the table of contents and find the risk factors section.
Next, look for a recent 8-K and a 10-Q from the same company. Notice how different they feel. The 8-K is short and focused. The 10-K is long and detailed.
Use the glossary for any word you do not know. Then try the calculators to work with numbers you find in a filing, such as revenue growth or a simple ratio.
For more practice, try Stockvert and Stock Jeopardy. If you are just starting out, the free starter guide explains the basics in plain words.
Play again in a few days. Repeating the game helps the names and jobs of the forms stick.
A note on reading with a purpose
Filings can look long and heavy at first. The trick is to read with a question in mind. If you want to know how a business makes money, go to the business section of the 10-K. If you want to know why the numbers changed, read management’s discussion. If you want to know who runs the company and how they are paid, open the proxy statement.
It also helps to remember that every filing has a date. A 10-K from three years ago tells you about the past, not today. Always check the filing date and the period it covers before you rely on it. The game builds this habit by tying each form to a clear purpose and a clear timing.
Common questions
Are SEC filings free to read?
Yes. EDGAR at sec.gov is free to use. You can search by company name or ticker and read any public filing without an account.
Do I need to read the whole 10-K?
No. Most people read parts. The business description, risk factors, and management’s discussion are good places to begin.
What is the difference between a 13D and a 13G?
Both show an owner with more than 5 percent of a company. A 13D is generally used by owners who may want to influence the company. A 13G is a shorter form for more passive owners.
Do all companies file these forms?
Companies that sell stock to the public in the U.S. generally do. Private companies usually do not file them unless they are raising money from the public.
Does the game tell me what to buy?
No. It teaches where information lives and what each form means. It does not tell you to buy or sell anything.
Keep reading the source
Knowing your way around SEC filings gives you a direct view of how a business reports on itself. Take it one form at a time, and be patient with yourself. A few minutes of practice each week adds up.
For free, neutral basics from the government, the SEC runs Investor.gov.
Positive Stocks is for education only. It is not investment advice. Investing involves risk, including loss of money. Do your own research and speak with a licensed professional.
