Free FINRA Series 6 (Investment Company and Variable Contracts Products Representative) Opens Accounts After Obtaining and Evaluating Customers' Financial Profile and Investment Objectives Practice Questions
Opening accounts and evaluating the customer profile on the FINRA Series 6 exam covers new account forms, Customer Identification Program (CIP) and anti-money laundering rules, suitability and best-interest obligations under Regulation Best Interest, and retirement and tax-advantaged account types (FINRA).
Sample Questions
Question 1
Easy
All of the following are employer-sponsored retirement plans EXCEPT:
Solution
B is correct. A Coverdell Education Savings Account is an individually established, tax-advantaged vehicle used to fund a beneficiary's education expenses. It is not sponsored or maintained by an employer and is not a retirement plan. The other choices are all retirement arrangements that an employer establishes for its workforce.
Question 2
Medium
When servicing a newly opened account, a registered representative may do all of the following EXCEPT:
Solution
C is correct. Under FINRA Rule 3260, before a representative may exercise discretion over the security, the amount, and whether to buy or sell, the customer must give prior written authorization and a principal must approve the account in writing. Oral consent alone is insufficient to exercise full investment discretion.
Question 3
Hard
A non-spouse beneficiary inherits a traditional IRA in 2026. Under the SECURE Act and current tax rules, all of the following statements are accurate EXCEPT:
Solution
B is correct. Only a surviving spouse beneficiary may treat an inherited IRA as his or her own (including by rolling it into the beneficiary's own IRA). A non-spouse beneficiary cannot do so; the assets must remain in a properly titled inherited IRA. For most non-spouse beneficiaries the account must generally be emptied within ten years, pre-tax distributions are taxed as ordinary income, and the 10% early-withdrawal penalty does not apply to distributions taken because of the original owner's death.