FINRA Series 6 Practice Test

Câu hỏi luyện tập mẫu

Một vài câu hỏi thực tế từ ngân hàng miễn phí này, kèm giải thích đầy đủ. Dùng công cụ luyện tập ở trên cho toàn bộ.

1. 1. Products

   How is the net asset value (NAV) per share of an open-end investment company calculated?

   • a.Total assets minus total liabilities, divided by the number of shares outstanding
   • b.The market price of the fund's shares at the close of trading on the exchange
   • c.Total assets divided by the number of shares outstanding
   • d.Total assets minus total liabilities, divided by the number of shareholders of record

   Đáp án: a

   Giải thích: NAV per share is the fund's net worth (assets less liabilities) spread over the shares outstanding, computed at least once each business day. Ignoring liabilities overstates value, so the first choice is wrong. Open-end fund shares do not trade on an exchange at a market price, and dividing by shareholders rather than shares produces a meaningless figure.

   Nguồn: Investment Company Act of 1940

2. 2. Products

   An open-end investment company may issue:

   • a.Only one class of voting common stock, with different sales charge arrangements permitted
   • b.Common stock and long-term bonds, but no preferred stock
   • c.Any capital structure approved by a majority of the board
   • d.Both common shares and multiple classes of preferred shares that carry equal voting and liquidation rights

   Đáp án: a

   Giải thích: An open-end fund is limited to a single class of voting stock, though it may offer that stock through different sales charge structures such as Class A, B, and C shares. Senior securities such as preferred stock and bonds may be issued by closed-end funds, not open-end funds. The board cannot vote to override this statutory capital structure limit.

   Nguồn: Investment Company Act of 1940

3. 3. Regulations

   How long must a member firm retain records of its communications with the public?

   • a.Permanently, with no exception, the same standard the SEC applies to a firm's audited financial reports
   • b.One year from the date of first use, after which the material may be discarded from all firm systems
   • c.Five years from the date of creation, consistent with the anti-money-laundering recordkeeping period
   • d.Three years from the date of last use, and the first two years in an easily accessible place

   Đáp án: d

   Giải thích: Communications records must be kept for three years from last use, with the earliest two years readily accessible for examination. The one-year and permanent options misstate the requirement. The five-year period applies to certain anti-money laundering records, not to general communications.

   Nguồn: FINRA Rule 2210 (Communications with the Public)

4. 4. Customer Accounts

   When a customer submits a transfer instruction to move an account from one broker-dealer to another through the automated transfer system, the carrying firm must:

   • a.Validate or take exception to the instruction within one business day and complete the transfer within three business days of validation
   • b.Obtain approval from FINRA before releasing the assets
   • c.Liquidate all positions and transfer cash only
   • d.Complete the transfer within 30 calendar days

   Đáp án: a

   Giải thích: The automated customer account transfer process runs on a tight schedule: validation within one business day, then completion within three business days. Assets transfer in kind whenever the receiving firm can hold them, so wholesale liquidation is incorrect. FINRA sets the timeframes but does not approve individual transfers.

   Nguồn: FINRA Rules

5. 5. Products

   The mortality and expense risk (M&E) charge in a variable annuity compensates the insurer for:

   • a.Guaranteeing the death benefit and the annuity payout rate, and bearing the risk that expenses exceed the contract's guaranteed maximum
   • b.The commission paid to the selling representative only
   • c.The securities transaction costs inside the subaccounts
   • d.The state premium tax on the contract

   Đáp án: a

   Giải thích: The M&E charge covers the insurer's mortality guarantees, such as the death benefit and the promise to pay for life at the guaranteed rate, plus the risk that its expenses run higher than the contract's ceiling. It is not simply the sales commission, nor the subaccounts' internal trading costs, nor state premium tax, which are separate items. M&E is a recurring asset-based charge disclosed in the prospectus.

6. 6. Products

   An open-end fund has a net asset value of $18.60 per share and a maximum sales charge of 7% of the public offering price. What is the public offering price?

   • a.$21.30
   • b.$18.60
   • c.$19.90
   • d.$20.00

   Đáp án: d

   Giải thích: POP equals NAV divided by (100% minus the sales charge percent): $18.60 / 0.93 = $20.00. Adding 7% to the NAV gives $19.90, the classic error, because the sales charge is a percentage of the offering price, not of NAV (FINRA Rule 2341).

7. 7. Products

   In a scheduled-premium variable life insurance policy, if the scheduled premiums are paid:

   • a.The cash value is guaranteed but the death benefit is not
   • b.A minimum death benefit is guaranteed, while the cash value rides on separate-account performance and can fall to zero
   • c.Neither the cash value nor the death benefit can change
   • d.Both the cash value and the death benefit are fully guaranteed by the insurer for as long as the scheduled premiums are paid

   Đáp án: b

   Giải thích: Variable life guarantees a minimum face amount as long as scheduled premiums are paid, but the cash value follows the separate account with no floor. Strong performance can raise the death benefit above the minimum.

8. 8. Products

   A fund may call itself no-load only if:

   • a.It waives only the front-end charge, with no limit on 12b-1 fees
   • b.It has no 12b-1 plan of any kind
   • c.Its combined annual asset-based sales and service charges do not exceed 0.25% of average net assets
   • d.It charges no more than a 3% front-end load

   Đáp án: c

   Giải thích: FINRA Rule 2341 permits the no-load label only when combined 12b-1 sales and service charges stay at or below 0.25% per year. A fund with meaningful ongoing distribution fees is not truly no-load even without a front-end charge.

9. 9. Regulations

   A firm wants to use a customer testimonial in a retail communication. The rule requires that:

   • a.The testimonial be filed with the SEC before use
   • b.The testimonial be notarized by the customer
   • c.Testimonials be prohibited in all securities communications
   • d.The communication disclose that the experience may not be typical and that any compensation paid was made

   Đáp án: d

   Giải thích: Testimonials are allowed with clear disclosure that the experience is not necessarily representative and that any material payment was made (FINRA Rule 2210). Testimonials about technical advice also require disclosure of the speaker's qualifications.

10. 10. Customer Accounts

    For what type of employer is a SIMPLE IRA intended?

    • a.Large corporations with thousands of employees seeking a low-cost alternative to a traditional pension plan
    • b.Individuals who have no earned income
    • c.Small employers, generally those with 100 or fewer employees, funded by employee salary reduction plus an employer contribution
    • d.Government agencies exclusively

    Đáp án: c

    Giải thích: A SIMPLE IRA serves small businesses, generally with 100 or fewer employees, combining employee deferrals with a required employer match or non-elective contribution (Internal Revenue Code). Large employers typically use 401(k) plans.