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Curious about Actual Finra Products Representative Qualification (Series-6) Exam Questions?
Here are sample Finra Investment Company and Variable Contracts Products Representative (Series-6) Exam questions from real exam. You can get more Finra Products Representative Qualification (Series-6) Exam premium practice questions at TestInsights.
Question 1
Which of the following payout options would provide an annuity owner with the biggest monthly check?
Correct : B
The straight life payout option would provide an annuity owner with the biggest monthly check. Under this option, the annuity payments stop upon the death of the owner. All of the other options would require that the insurance company stand ready to continue payments beyond the owner's death.
This means more risk to the insurance company and, ergo, lower payments to the owner.
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Question 2
Ms. Newbie's client, Mr. Nomad, has decided that he wants to go on an extended backpack trip through the Amazon. Since he'll be out of touch, he has given a friend of his limited power attorney to act on his behalf. Based on this, Mr. Nomad's friend can:
i. present Ms. Newbie with an order to purchase securities on Mr. Nomad's behalf.
ii. present Ms. Newbie with an order to sell securities on Mr. Nomad's behalf.
iii. request a check be issued to him so that he can send Mr. Nomad some money.
Correct : B
Mr. Nomad's friend can engage in the activities described in Selections I and II only. A limited power of attorney gives Mr. Nomad's friend the authority to buy and sell securities on Mr. Nomad's behalf, but not to make any cash withdrawals. He would need a full power of attorney to be able to do so.
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Question 3
Which of the following persons is not permitted to open an investment account?
i. a general partnership
ii. a corporation
iii. the executor of an estate
IV. a 16-year-old entrepreneur
Correct : D
Only the 16-year-old entrepreneur is not permitted to open an investment account. As a minor, he is not a legal person. All the other selections are legal persons and can establish investment accounts.
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Question 4
The Bank Secrecy Act (BSA) requires any financial institution to:
i. file a suspicious activity report (SAR) when a possible violation of a law is suspected.
ii. inform its customer that it is filing the SAR.
iii. provide any customer that is suspected of engaging in an illegal transaction the opportunity to explain himself prior to filing an SAR.
IV. obtain specified information on any party sending or receiving a wire transfer of $3,000 or more.
Correct : C
Only Selections I and IV are accurate statements. The BSA requires any financial institution to file a suspicious activity report when a possible violation of the law is suspected, and it also requires that specified information on any party sending or receiving a wire transfer of $3,000 or more be obtained and kept. The customer remains uninformed.
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Question 5
A broker-dealer is required to file a Currency Transaction Report with the Treasury Department for:
Correct : B
A broker dealer is required to file a Currency Transaction Report with the Treasury Department for any cash transaction exceeding $10,000. The report does not need to be filed if the transaction simply has a market value of $10,000, but does not involve cash (aka, currency.)
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