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Series 6 – Practice Test 4

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Question 1 of 10

1. Question

FINRA’s registration regulations call for a variety of forms associated with registration of personnel. Which of the following is not untrue regarding Form U-6?

It is used to initially register representatives
Correct Incorrect Correct answer

It is used to notify FINRA of the termination of a registered rep
Correct Incorrect Correct answer

It is used to document the disciplinary record of registered personnel
Correct Incorrect Correct answer

It is used by FINRA to support its Broker-check online service
Correct Incorrect Correct answer

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Question 2 of 10

2. Question

According to FINRA’s By-laws, the term ‘executive representative’ shall apply to:

A registered representative who has been delegated certain supervisory responsibilities within a branch office operation
Correct Incorrect Correct answer

A registered representative who has been delegated certain supervisory responsibilities within an office of supervisory jurisdiction
Correct Incorrect Correct answer

A principal of the member firm who is the liaison between the firm and FINRA
Correct Incorrect Correct answer

An individual who has passed the Series 9 and 10 qualification examinations
Correct Incorrect Correct answer

Correct

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Question 3 of 10

3. Question

FINRA’s Rule 3110 governing supervision:

Prohibits one individual from being appointed the OSJ manager of two OSJs at the same time
Correct Incorrect Correct answer

Permits one individual to be appointed OSJ manager of two OSJs at the same time
Correct Incorrect Correct answer

Prohibits the use of materially misleading sales literature and advertising
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Prohibits an agent from representing two unaffiliated member firms at the same time
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Correct

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Question 4 of 10

4. Question

In accordance with the Investment Company Act of 1940, which of the below is not defined as a category of investment company?

Closed-end fund
Correct Incorrect Correct answer

Unit investment trust
Correct Incorrect Correct answer

Face amount certificate company
Correct Incorrect Correct answer

Management Company
Correct Incorrect Correct answer

Correct

Incorrect
Question 5 of 10

5. Question

Section 22c of the Act of 40 refers to pricing of redeemable securities for each of the following with the exception of:

Distribution to investors
Correct Incorrect Correct answer

Liquidation by investors
Correct Incorrect Correct answer

Repurchase by broker-dealers
Correct Incorrect Correct answer

None of these
Correct Incorrect Correct answer

Correct

Incorrect
Question 6 of 10

6. Question

SEC Rule 135 refers to generic advertising. This type of communication need not be filed with FINRA for approval, and would include:

Red herrings
Correct Incorrect Correct answer

Statutory prospectuses
Correct Incorrect Correct answer

Free writing prospectuses
Correct Incorrect Correct answer

Tombstones
Correct Incorrect Correct answer

Correct

Incorrect
Question 7 of 10

7. Question

FINRA Rule 5130 specifically refers to restriction on the sale of IPO Equity offerings. It identifies each of these as restricted persons except:

Employees of limited business broker-dealers
Correct Incorrect Correct answer

Limited business broker-dealers
Correct Incorrect Correct answer

Portfolio managers
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Immediate family members of registered representatives
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Question 8 of 10

8. Question
The Series 6 qualification exam qualifies an individual to sell which of the following?
1. Closed-end offering on the IPO
2. Open-end offerings at closing NAV
3. Equity-lined annuities
4. 529 plans
All of the above
Correct Incorrect Correct answer

II only
Correct Incorrect Correct answer

I, II and IV
Correct Incorrect Correct answer

II and IV
Correct Incorrect Correct answer
Correct

Incorrect
Question 9 of 10

9. Question

FINRA reserves the right to require a member firm to tape record its registered personnel when:

5% of its registered personnel previously worked for disciplined firms
Correct Incorrect Correct answer

20% of its registered personnel previously worked for disciplined firms
Correct Incorrect Correct answer

40% of its registered personnel previously worked for disciplined firms
Correct Incorrect Correct answer

On a case by case basis, personnel at the member firm are subject to heightened supervision
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Question 10 of 10

10. Question

When a sales representative is presenting a mutual fund whose primary portfolio assets are comprised of CMOs, FINRA requires:

That the rep may state that CMOs are basically the same things as Ginnie Mae or Fannie Mae mortgage-backed securities.
Correct Incorrect Correct answer

That the rep may compares CMOs to Government-sponsored mortgage-backed securities as long as the rep makes it clear CMOs are not backed by the government.
Correct Incorrect Correct answer

No comparisons are permitted to be made between CMOs and Government backed or Government-sponsored mortgage-back securities.
Correct Incorrect Correct answer

That full disclosure needs to be made that these products have a lower interest-rate risk than debt instruments in general.
Correct Incorrect Correct answer

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Quiz Summary

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1. Question

FINRA’s registration regulations call for a variety of forms associated with registration of personnel. Which of the following is not untrue regarding Form U-6?

2. Question

According to FINRA’s By-laws, the term ‘executive representative’ shall apply to:

3. Question

FINRA’s Rule 3110 governing supervision:

4. Question

In accordance with the Investment Company Act of 1940, which of the below is not defined as a category of investment company?

5. Question

Section 22c of the Act of 40 refers to pricing of redeemable securities for each of the following with the exception of:

6. Question

SEC Rule 135 refers to generic advertising. This type of communication need not be filed with FINRA for approval, and would include:

7. Question

FINRA Rule 5130 specifically refers to restriction on the sale of IPO Equity offerings. It identifies each of these as restricted persons except:

8. Question

The Series 6 qualification exam qualifies an individual to sell which of the following?

9. Question

FINRA reserves the right to require a member firm to tape record its registered personnel when:

10. Question

When a sales representative is presenting a mutual fund whose primary portfolio assets are comprised of CMOs, FINRA requires: