FINRA Series6 : Investment Company and Variable Contracts Products Representative Examination (IR)

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FINRA Investment Company and Variable Contracts Products Representative Examination (IR) Sample Questions:

1. Which of the following persons would not fall under the definition of "investment adviser," under federal
guidelines?

A) a Denver-based, broker-dealer that is registered as a broker-dealer with the SEC and provides
investment advice to members of the Denver Broncos, the Colorado Rockies, the Denver Nuggets, and
the Colorado Avalanche organizations in exchange for box seats at their games. No monetary
compensation is expected or given.
B) None of the above would fall under the definition of "investment adviser," as defined by the Investment
Advisers Act of 1940.
C) an individual who works as an agent for a broker and occasionally gives investment advice to clients
who request it, but receives no additional compensation for doing so
D) an individual who advises only Oprah Winfrey on her investment portfolio and receives a nice salary for
doing so

2. Mr. Donald is the owner and CEO of Just Ducky Broker-Dealers. His wife, Ms. Daisy handles all the
ministerial duties for the firm. The firm has three other employees. Huey is the municipal bond specialist
and handles client trades in municipal securities only; Dewey handles only mutual fund sales for clients;
Louie handles all aspects of client trading in stocks, corporate bonds, and options. Which of the following
statements regarding the minimum FINRA registration requirements for these individuals is true?

A) Under FINRA rules, Mr. Donald must register as a principal, Dewey must be registered as a limited
securities representative, and Louie must be registered as a general securities representative. Daisy and
Huey need not be registered.
B) Mr. Donald, Ms. Daisy, Dewey and Louie must be registered as general securities representatives, and
Huey must be registered as a limited securities representative under FINRA rules.
C) Mr. Donald, Huey, Dewey and Louie must all be registered as general securities representatives in
accordance with FINRA rules.
D) Mr. Donald and Ms. Daisy must be registered as principals, and the other three must be registered as
general securities representatives under FINRA rules.

3. Commercial paper is:

A) issued with maturities of 1 to 2 years.
B) short-term debt that is backed by stocks and bonds that the issuing firm owns.
C) long-term debt issued by commercial banks.
D) short-term, unsecured debt issued by large corporations.

4. 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, II, III, and IV
B) I, II, and IV only
C) I and IV only
D) II, III, and IV only

5. An advertisement that provides performance data for which of the following mutual funds would not need
to include a statement warning that the principal value of the investment will fluctuate such that the
investor's shares may be worth either more or less when redeemed than what the investor originally paid
for them?

A) a municipal bond fund
B) a money market fund
C) a U.S. government bond fund
D) Neither choices A nor B would need to include the stated warning.

Solutions: