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The entity that serves as the auctioneer for trades conducted on an organized exchange floor is known as a:
A. registered trader.
C. floor broker.
D. commission broker.
Under current tax law, in order for the profits from the sale of any investment to be considered long -term capital gain income, the investment must have been held for:
A. longer than 6 months.
B. longer than 12 months.
C. longer than 18 months.
D. longer than 24 months.
The board of directors of a mutual fund is responsible for:I. authorizing purchases and sales of securities made by the fund.II. approving the fund’s contract with its investment adviser.III. ensuring that the fund complies with federal securities laws regarding such issues as 12b -1 fees.IV. establishing the fund’s dividend and capital gains policy.
A. I and IV only
B. I, II, and IV only
C. II, III, and IV only
D. I, II, III, and IV
You have a client, Richie Rich, who is in the 39.6% marginal tax bracket, and one of his investment goals is to minimize his payments to the IRS.Which of the following instruments would serve this purpose?
A. U.S. Treasury bills
B. general obligation bonds
C. an investment-grade corporate bond
D. Both Selections A and B would serve to minimize his payments to the IRS.
Mr. Shortfall placed a market order to buy 100 shares of Google (GOOG) with GetErDone Broker-Dealers. The market order was executed at $530 a share. In accordance with Regulation T:
A. Mr. Shortfall must pay for the purchased shares within 3 business days.
B. Mr. Shortfall must pay for the purchased shares within 5 business days.
C. GetErDone can request an extension from FINRA or another SRO for Mr. Shortfall if he is unable to pay for the shares within 5 business days.
D. Both B and C are true statements.
A new issue of common stock can be classified in which of the following categories?I. primary marketII. money marketIII. secondary marketIV. capital market
A. I only
B. III only
C. I and IV only
D. II and III only
Main Street Capital Corporation (MAIN) is registered as a non-diversified investment company under the Investment Company Act of 1940.Based on this, which of the following statements regarding MAIN are true? I. MAIN may not invest more than 5% of its investment monies in any single issuer. II. The net asset value of MAIN’s shares is likely to fluctuate more than that of a diversified investment company. III. MAIN’s returns are more likely to be affected by any single, specific economic occurrence or regulatory change.
A. I only
B. I and II only
C. II and III only
D. I, II, and III
Which of the following relationships regarding shares of common stock are necessarily true?I. shares outstanding > issued sharesII. authorized shares issued sharesIII. issued shares = treasury sharesIV. issued shares shares outstanding
A. I and II only
B. II and IV only
C. I, II, and III only
D. II, III, and IV only
Your nephew has asked you to help him formulate a financial plan for his family. Scott is 27 years old and has been employed as an associate with a law firm for two years. Sarah, his wife, is 26 years old and works in the human resources department of a large corporation. The couple is childless now, but they plan to begin a family in a few years. Together, they have accumulated $10,000 in a savings account and recently inherited $40,000 cash. They expect to be able to start saving at least $5,000 annually since their incomes more than meet their current needs. They each have employer-provided health insurance and retirement plans. Both have excellent upward mobility potential in their careers. They currently pay taxes at the marginal rate of 15%. Scott tells you that although they regularly read some of the more popular financial investment magazines, neither feels particularly knowledgeable about the world of investments.Based on this information, which of the following statements is true?
A. A greater than average percentage of their money should be invested in money market mutual funds to meet their needs for liquidity.
B. A greater than average percentage of their money should be invested in municipal bonds to minimize their currently high tax bill.
C. Although some money should be allocated to bond funds for diversification purposes, bond funds should be underweighted in favor of stock funds.
D. Purchasing power risk is not an issue in their situation.
Your client bought a variable annuity contract that has a 5% contingent deferred sales charge with a 7-year surrender period four years ago. He has been reading about bonus annuities and 1035 exchanges and has asked for your advice. You can tell him:
A. that it’s a great idea, and you plan on how you’re going to spend the unexpected income.
B. that although the exchange doesn’t have any tax consequences, he’ll be looking at a new, longer, surrender period.
C. that he’ll have to pay the 5% deferred sales charge if he executes the exchange.
D. both B and C.