Series 6 Domain 2 (Quiz 1): 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 1): 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 Communication rules under the Employee Retirement Income Security Act (ERISA) require that statements of account be provided to employees how often? A) Annually B) Every three years C) Quarterly D) Semi-annually None 2. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 A person wishing to grant a registered representative the right to make investment decisions for his account does so by A) providing a full power of attorney to someone other than the registered representative who will then instruct the representative as to investment decisions. B) providing a limited power of attorney giving discretionary powers. C) calling the representative each time he wants to place an order. D) providing a letter from an attorney. None 3. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Under what circumstances must an employee be given an opportunity to participate in a nonqualified deferred compensation plan? A) The employee has worked full time for the company for at least one year. B) The employee is not covered by an individual plan, such as an IRA or an annuity. C) The company is the employee's only source of income. D) It is solely up to the company who may participate in this type of plan. None 4. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 A client and her spouse own shares in the ACE Fund as tenants in common. She has a 60% ownership interest in the account and her spouse has the balance. If the client dies, what happens to the shares in the account? A) Her spouse would automatically own all the shares. B) Fifty percent of the shares would belong to her spouse and the remaining half would be distributed to her estate. C) Ownership of the shares would be determined by probate court. D) Forty percent of the shares would belong to her spouse and the remaining balance would be distributed to her estate. None 5. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Morgan and Mackenzie have a joint tenants with rights of survivorship account with your firm. Unfortunately Mackenzie passes away. Morgan would like the funds to be in his name only. What paperwork will the firm need to accomplish the task? A) The firm may not make any changes to the account until estate paperwork is completed. B) Morgan will need to provide a death certificate and a letter authorizing the removal of the decedent's name. C) Morgan will need to open a new account and request a journal transfer of the assets to the new account. D) Morgan will need to open a new account and complete a letter of authorization to transfer the assets. None 6. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 All of the following addresses are acceptable to open an account for a partnership except A) any physical location. B) a Post Office Box. C) a principal place of business. D) a local office. None 7. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 When and how often is your firm required to provide a privacy notice describing its privacy policies to customers? A) Only when the customer indicates a change be made in information previously supplied B) When a new account is opened and annually thereafter C) Every third year after the account has been opened D) When a new account is opened only None 8. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Addison is interested in opening an individual account but is concerned about what happens to the money if she should die. Specifically she wants the funds to go to a particular grandchild and not be part of the general distribution of the estate. Which of the following accounts would best meet Addison's needs? A) An individual account with a transfer on death (TOD) designation B) A tenants in common account with the adult grandchild C) An LLC account with the adult grandchild as a signatory D) A joint tenants with rights of survivorship with the adult grandchild None 9. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 The child of one of your recently deceased clients comes to your office with several properly signed stock certificates inherited from a parent. The child does not have an account and wishes to sell the securities. An account is opened for the purpose of the liquidation. Regulation S-P would refer to this child as A) a customer. B) a covered person. C) a consumer. D) a beneficiary. None 10. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Information received from a customer upon opening a new account must be confirmed with the customer when? A) Within 30 days of account opening B) No later than account opening C) Within 60 days of account opening D) Within 90 days of account opening None 11. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Contribution limits for qualified plans A) are established by the government and adjusted periodically. B) are established by the employer and are adjusted periodically. C) are established by the employer and may not change after the plan is established. D) are not set; there are no such limits. None 12. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Lightning Bug Transport Corporation has undergone a change of the corporation's name. What forms are needed to reflect this name change on the company's account? A) A letter of authorization from the board to make the change B) A new account will need to be opened and the funds journal transferred C) A new account under a new tax ID number will be required D) A new account will need to be opened and the funds transferred via ACATs None 13. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 When may a firm release nonpublic personal information to a nonaffiliated company? A) When the customer has an opportunity to opt out B) When the customer has chosen to opt out C) When proper disclosures are made only D) When proper disclosures are made to the customer and a customer has an opportunity to opt out None 14. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Under Regulation S-P, nonpublic personal information would not include a customer's A) Social Security number. B) information collected through an internet cookie. C) alma mater. D) account balance. None 15. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Employee Retirement Income Security Act (ERISA) rules on participation require that employers include employees age 21 or older and with A) two years of service (4,000 hours). B) two years of service (3,000 hours). C) one year of service (2,000 hours). D) one year of service (1,000 hours). None 16. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Which of the following government-issued documents would not be considered acceptable proof of identity? A) A current U.S. passport B) A current military identification issued by the U.S. Department of Defense C) A current drivers license issued by the State of Ohio D) A current birth certificate issued by Los Angeles County, California None 17. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Rowan and Rory have a joint tenants with rights of survivorship account with your firm. Unfortunately Rory has passed away. Rowan would like the funds to be in individual only. What paperwork will the firm need to accomplish the task? A) Rowan will need to open a new account and complete a letter of authorization to transfer the assets. B) Rowan will need to open a new account and request a journal transfer of the assets to the new account. C) The firm may not make any changes to the account until estate paperwork is completed. D) Rowan will need to provide a death certificate and a letter authorizing the removal of the decedent's name. None 18. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 A client and his spouse own shares in the ACE Fund as tenants in common. If each has a 50% ownership interest in the account and the client dies, what happens to the shares in the account? A) Ownership of the shares would be determined by probate court. B) His spouse would automatically own all the shares. C) The account would have to be liquidated. D) Fifty percent of the shares would belong to his spouse and the remaining half would be distributed to his estate. None 19. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Cam and Casey own C&Cs Flowers, a small, unincorporated florist. They are looking to open an account to invest for the business. What sort of account should Cam and Casey open? A) Corporate account B) Joint tenants account C) Sole proprietor account in both names D) Partnership account None 20. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Employer sponsored qualified retirement plans A) may be a trust. B) must be sponsored by a corporation. C) may not be a trust. D) must be a trust. None 21. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 A durable full power of attorney (FPOA) continues until A) the grantor becomes incapacitated. B) the grantor makes a verbal request to revoke the power. C) the grantor dies. D) five years later. None 22. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Taylor is an active trader that believes they can achieve higher return by moving in and out of the market. Taylor is best described as which of the following? A) Taylor is a buy-and-hold investor. B) Taylor is a conservative investor. C) Taylor is likely a mutual fund investor. D) Taylor is an aggressive investor. None 23. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 ERISA regulations apply to which of the following? A) Public sector retirement plans B) Armed forces retirement plans C) Federal government employee retirement plans D) Private sector retirement plans None 24. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Firms are required to institute a customer identification program (CIP) under the provisions of which of these? A) Securities Exchange Act B) The Uniting and Strengthening America by Providing Appropriate Tools to Intercept and Obstruct Terrorism Act (USA PATRIOT) C) Bank Secrecy Act (BSA) D) Anti-Money Laundering Act None 25. Series 6, Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives,Series 6 Assets may be transferred from one account to a different account within the same firm by use of which of these? A) Transmittal notation B) Transfer initiation form C) Journal letter D) Transfer notice None 1 out of 25 Time is Up! Time's up
