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FINRA Series 6 Investment Company and Variable Contracts Products Representative Exam

4. Orders and transactions / Complaints, disputes and conduct: practice questions

Our FINRA Series 6 bank has 16 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 2165, which records must a firm keep about a temporary hold?

  1. Only the customer's signature
  2. Nothing; holds are informal
  3. Only the trusted contact's phone number
  4. The hold, its basis and notices
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D. The hold, its basis and notices — Rule 2165(d) lists records of the request, the reasonable belief finding, the authorizing person, notifications, the internal review and any extension.

Question 2

Under Rule 3110, a firm's supervisory procedures must require review of incoming and outgoing correspondence in order to identify:

  1. Complaints, instructions, funds
  2. Customers' vacation plans
  3. Representatives' outside hobbies
  4. Market forecasts only
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A. Complaints, instructions, funds — Rule 3110(b)(4)(A): review to properly identify and handle customer complaints, instructions, funds and securities, and communications requiring review.

Question 3

Under Rule 3240, which loan between a registered person and a customer is permitted (if firm procedures allow)?

  1. A loan from any customer for personal expenses
  2. A loan to any customer to buy fund shares
  3. A loan from a customer the representative met last week
  4. A loan from an immediate family member
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D. A loan from an immediate family member — Rule 3240(a)(2) permits arrangements with immediate family, lending institutions, other registered persons of the firm, and certain personal or business relationships, if the firm's procedures allow.

Question 4

Under FINRA Rule 2150, may a representative guarantee a customer against loss?

  1. Yes, in writing
  2. Yes, for retirement accounts
  3. No
  4. Yes, with principal approval
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C. No — Rule 2150(b): no member or associated person shall guarantee a customer against loss.

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