If you find yourself feeling frustrated that the exam material has "nothing to do with the real world," you might enjoy visiting some "real world" sources such as http://www.sec.gov/, http://www.finra.org/, http://www.nasaa.org/, http://www.federalreserve.gov/, http://www.cboe.com/ and http://www.cboe.org/, http://www.msrb.org/, http://www.bondbuyer.com/, and http://www.morningstar.com/.
If you're studying for the Series 7, http://www.msrb.org/ and http://www.bondbuyer.com/ can help you take your understanding of municipal securities to a much higher level. Use the MSRB's glossary to study. I suggest typing in vocabulary words that pop up in practice questions and the textbook to see how the so-called "real world" regulators define terms such as "general obligation," or "broker's broker."
At http://www.finra.org/ you can find (after many clicks) the outline to your exam. You can also download the recent enforcement actions taken against firms, principals, and agents over violations of NASD/FINRA/SEC rules and securities laws.