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.
A is correct. Alpha is the difference between a fund's actual return and the return expected for the risk it took. The expected return is commonly found with the Capital Asset Pricing Model. A positive alpha means that the fund earned more than expected for its risk, and a negative alpha means that it earned less.
Question 2
Medium
What is the purpose of an ABLE account?
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Correct Answer: C
Solution
C is correct. Internal Revenue Code Section 529A(b)(1)(A) provides that an ABLE account is established to meet the qualified disability expenses of its eligible designated beneficiary. It is not a general education, family medical, or retirement account.
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 escalating a senior customer's suspicious disbursement are all permitted. Under FINRA Rule 2165, the temporary hold itself may be placed only on a Specified Adult's account and only by a person the firm designates in a supervisory, compliance or legal capacity.
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