HESI A2: Chemistry (Quiz 4) Welcome to your Series 6 Practice Quizzes. Note: We designed four (4) parts of practice quizzes for each Domain. Each part has 25 questions. Domain 2 (part 2): Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives. (25 questions) Please click NEXT to start your Free Series 6 Practice Quizzes right away. Best of Luck! 1. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 A transfer on death (TOD) designation may be made for all of the following account except A) joint tenants with rights of survivorship (JTWROS). B) tenants in common (TIC). C) individual. D) tenants in the entirety. None 2. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 To avoid tax and penalty, an IRA may be rolled over once every A) quarter. B) 3 years. C) 12 months. D) calendar year. None 3. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 All of the following statements concerning IRA contributions are true except A) if you file your taxes on January 15, you may deduct your IRA contribution even if it is not made until April 15. B) between January 1 and April 15, you may make contributions for the current year, the past year, or both. C) you may make contributions for the past year after April 15, provided you have filed an extension on a timely basis. D) you may contribute to this year's IRA from January 1 of this year until April 15 of next year. None 4. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 An agent of a broker-dealer must obtain all of the following when opening a customer account except A) investment objectives. B) date of birth. C) marital status. D) occupational history. None 5. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 All of the following would be acceptable methods for the customer to opt out of allowing the broker-dealer to share his nonpublic personal information except A) opting out electronically. B) checking a box. C) writing a letter. D) calling a toll free number. None 6. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Which of the following describes a limited liability company (LLC)? A) A legal entity that protects the investors from the company's liabilities but functions like a C corporation for taxes B) A legal entity that protects the investors from the company's liabilities and is a separate taxable entity C) A legal entity that does not protect owners from the company's liabilities but functions like a partnership for taxes D) A legal entity that protects the investors from the company's liabilities but functions like a partnership for taxes None 7. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 For a non-U.S. person, all of the following are acceptable documents for a customer identification program except A) an alien ID. B) a local school ID. C) a foreign passport. D) another current, government issued, photo ID. None 8. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Dale would like for his daughter, DeAnna, to manage his brokerage account. He would like her to be able to place trades and request funds be transferred to other accounts or have checks sent to him. Which of the following would be best for Dale? A) Appoint DeAnna as LPOA for the account. B) Appoint DeAnna as FPOA for the account. C) Add DeAnna as a TOD beneficiary to the account. D) Add DeAnna as a joint tenant to the account. None 9. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 A registered representative for a FINRA member firm would like to open a brokerage account at a different member firm. Which of the following must they have to do so? A) Justification, in writing, for the need to open the account B) Verbal authorization from their employer C) A letter they drafted attesting that they may open the account D) Written authorization from their employer None 10. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 An investor who works for the city is ready to retire. The city has operated a Section 457 plan for its employees, in which he has participated. What portion of his withdrawals will be taxable? A) Growth and earnings only B) Cost base only C) The entire amount D) None None 11. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Which of the following is an example of a discretionary trade? A) The customer requests a representative purchase 100 shares of MNO Corp. common stock when they think best. B) The customer requests a representative buy 300 shares of a good tech company. C) The customer requests a representative buy 300 shares of BuyStuff, Inc., stock. D) The customer requests a representative sell 300 shares of BuyStuff, Inc., from their account. None 12. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Which of the following is considered nonpublic personal information under Regulation S-P? A) Customer's alma mater B) Social Security number C) Customer's surname D) State of residence None 13. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Paul has been appointed by the court to be guardian of his sister, Julie, replacing the prior guardian. In order for Paul to take control of the brokerage account, he will need to take which of the following steps? A) Present the court's letter authorizing the change and open a new account B) Present the court's letter authorizing the change and complete a new account form C) Present an LOA from Julie and complete a new account form D) Present an LOA from Julie and open a new account None 14. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Under FINRA rules, the carrying member, after receiving account transfer instructions from the receiving member, must validate the positions in the account within how many business days of receipt? A) five days B) four days C) seven days D) one day None 15. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 The regulation enacted by the Securities and Exchange Commission (SEC) to protect the privacy of customer information is known as A) the Bank Secrecy Act. B) Regulation S-P. C) Regulation D. D) the Trust Indenture act. None 16. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 A customer who has just started an IRA will be vested A) in two years. B) at age 70. C) immediately. D) in five years. None 17. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Your customer purchases 1,000 shares of First Mate Coffee Company at a price of $20 a share in a margin account. How much cash would the customer deposit in order to pay for the trade? A) $10,000 B) $20,000 C) $15,000 D) $5,000 None 18. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Before opening a securities account, which of the following critical information must be obtained to satisfy Department of Treasury requirements to impede money laundering and terrorist activity? A) Customer name, address, tax ID number, cash or margin account B) Customer percentage of ownership in a public company (10%), name, date of birth, occupation C) Customer name, address, Social Security number, date of birth D) Customer name, investment objectives, occupation, citizenship, cash or margin account None 19. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Three brothers open a joint account instructing you that, if they die, they want the cash and securities in the account to go to the remaining parties to the account. The account should be opened A) as a custodial account. B) as tenants in common. C) with rights of survivorship. D) as a TOD account. None 20. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 An account opened under the rules of the Uniform Transfer to Minors Act (UTMA) must include which of the following? A) One or more adult custodians and one minor beneficiary B) One adult custodian and one minor beneficiary C) One adult custodian and one adult or minor beneficiary D) One adult custodian and one or more minor beneficiaries None 21. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 The best account for a married couple who both need access to the account and want to maintain control if one of them should pass away would be which of these? A) Family limited partnership (FLP) B) Tenants-in-common (TIC) C) Family trust D) Joint tenants with rights of survivorship (JTWROS) None 22. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 An employee of a FINRA member firm wishes to open an account at another member firm. The member firm opening the account A) must notify FINRA of the account. B) must obtain permission from FINRA to open the account. C) must obtain the employing firm's permission to open the account. D) must give notice to the employing firm and must inform the employee that his employer will be notified of the account. None 23. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Which of the following would be considered excessive transactions? A) A customer orders 5,000 shares of an over-the-counter stock. The registered representative orders 100 shares for himself before placing the customer's order. B) A registered representative buys and sells the same security for a customer three times during a single day. C) A registered representative places a customer's securities into the firm's investment account. D) A customer orders 100 shares. The registered representative places an order for him for 200 shares. None 24. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Which of the following account types would normally be opened by a court appointed fiduciary on behalf of an adult unable to manage their own affairs? A) Custodial account B) Trust account C) Guardianship account D) Joint tenants account None 25. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Which of the following is not required on a new account form? A) A principal's signature B) The customer's name C) The customer's signature D) The customer's tax identification or social security number None 1 out of 25 Time is Up! Time's up
