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FINRA Series 6 Investment Company and Variable Contracts Products Representative Exam

3. Products and recommendations / Statements and records: practice questions

Our FINRA Series 6 bank has 14 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1

Under Rule 4530(a), a member must report specified events, such as a written complaint alleging theft or forgery against an associated person, within:

  1. 10 business days
  2. 30 calendar days
  3. 60 calendar days
  4. One year
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B. 30 calendar days — Rule 4530(a): promptly, but in any event not later than 30 calendar days after the member knows or should have known.

Question 2

How often must a general securities member send account statements to customers whose accounts had positions, balances or activity?

  1. At least once a year
  2. At least once every calendar quarter
  3. Every month, without any exception
  4. Only on request
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B. At least once every calendar quarter — Rule 2231(a): a statement at least once every calendar quarter.

Question 3

Under Rule 4530(d), firms must report statistical information on written customer complaints to FINRA by:

  1. The last day of each year
  2. Within 24 hours of each complaint
  3. The first day of each month
  4. The 15th of the month after each quarter
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D. The 15th of the month after each quarter — Rule 4530(d): by the 15th day of the month following the calendar quarter in which complaints were received.

Question 4

Under Rule 11870 (ACATS), after receiving a transfer instruction, the carrying member must validate it or take exception within:

  1. Three business days
  2. Five
  3. One business day
  4. Ten business days
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C. One business day — Rule 11870: within one business day following receipt of the transfer instruction, the carrying member must validate it or take exception.

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