Free FINRA Series 6 (Investment Company and Variable Contracts Products Representative) Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records Practice Questions
Providing investment information, recommendations, and recordkeeping is the largest section on the FINRA Series 6 exam (FINRA). Questions cover mutual fund share classes and sales charges, breakpoints, net asset value and the public offering price, variable annuities and variable life insurance, 529 plans, taxation of distributions, and required disclosures.
All of the following are municipal fund securities EXCEPT:
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Correct Answer: A
Solution
A is correct. Municipal fund securities, regulated under MSRB rules, include 529 college savings plans, ABLE accounts, and local government investment pools (LGIPs). A banker's acceptance is a money market instrument—a time draft used in trade finance—and is not a municipal fund security.
Question 2
Medium
A registered representative may engage in all of the following activities EXCEPT:
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Correct Answer: C
Solution
C is correct. Selling fund shares in an amount just below a breakpoint so the customer fails to receive a reduced sales charge—a "breakpoint sale"—is a prohibited practice because it generates a higher sales charge at the customer's expense. Reinvesting distributions at NAV, recommending an amount that reaches a breakpoint, and disclosing 12b-1 fees are all proper conduct.
Question 3
Hard
A registered representative servicing customer accounts may do all of the following EXCEPT:
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Correct Answer: B
Solution
B is correct. Deliberately recommending an investment amount just below a breakpoint—so the customer pays a higher sales charge instead of qualifying for the reduction—is a prohibited breakpoint sale. Updating account records, recommending breakpoint-qualifying Class A shares, and placing a temporary hold under FINRA Rule 2165 are all permitted activities.
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