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FINRA Series 6 Practice Test

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Question 1 of 10

Objective Distinguish market, limit, stop, and stop-limit order behavior 4. Obtains and Verifies Customers Purchase and Sales Instructions; Processes, Completes and Confirms Transactions (10%)

A customer owns a security at $52 and enters a sell stop at $48. The market gaps down and the stop is triggered. What execution risk should be explained?

Concept tested:

Source:Investor.gov: Types of Orders

Question 2 of 10

Objective Apply Regulation Best Interest care and disclosure obligations 2. Opens Accounts After Obtaining and Evaluating Customers Financial Profile and Investment Objectives (16%)

A retail customer wants retirement income but may need access to a substantial portion of the money within three years. The representative is comparing a deferred variable annuity carrying a long surrender schedule with lower-cost mutual-fund alternatives. Which approach BEST reflects Regulation Best Interest's Care Obligation?

Concept tested:

Question 3 of 10

Objective Obtain required supervisory review and approval for account activity 2. Opens Accounts After Obtaining and Evaluating Customers Financial Profile and Investment Objectives (16%)

A representative notices that a proposed account registration change would alter account ownership, but the supporting legal documentation is incomplete. What is the MOST appropriate action?

Concept tested:

Question 4 of 10

Objective Interpret customer confirmations and required transaction information 3. Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records (50%)

A confirmation for an NMS stock transaction omits the settlement date. Which rule-specific issue should the firm recognize?

Concept tested:

Question 5 of 10

Objective Escalate potentially misleading, unapproved, or noncompliant sales material 1. Seeks Business for the Broker-Dealer from Customers and Potential Customers (24%)

A representative discovers that an unapproved mutual fund sales piece already being circulated says the product 'cannot lose principal' even though the statement is not true. What is the MOST appropriate immediate response?

Concept tested:

Question 6 of 10

Objective Apply tax rules to investment income, capital gains, losses, and fund distributions 3. Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records (50%)

A representative is asked whether a customer's contemplated sale will create a specific federal tax bill of exactly $8,420. The customer's basis records and other tax facts are incomplete. What is the BEST response?

Concept tested:

Question 7 of 10

Objective Apply product-specific communication standards for investment companies and variable contracts 1. Seeks Business for the Broker-Dealer from Customers and Potential Customers (24%)

A variable-annuity brochure describes the contract as 'ideal for money you may need next year' because partial withdrawals are permitted. The contract imposes surrender charges for early withdrawals and the separate account can decline in value. What change is required before use?

Concept tested:

Question 8 of 10

Objective Record and escalate written customer complaints 4. Obtains and Verifies Customers Purchase and Sales Instructions; Processes, Completes and Confirms Transactions (10%)

For how long must customer complaint records covered by FINRA Rule 4513 generally be preserved?

Concept tested:

Question 9 of 10

Objective Distinguish permissible offering communications from a prospectus or prohibited offer 1. Seeks Business for the Broker-Dealer from Customers and Potential Customers (24%)

A private company is relying on Rule 506(c) and intends to advertise an offering broadly. Before a representative treats an interested person as a purchaser, which condition is central to the exemption?

Concept tested:

Question 10 of 10

Objective Gather the customer investment profile before making a recommendation 2. Opens Accounts After Obtaining and Evaluating Customers Financial Profile and Investment Objectives (16%)

Before recommending an investment strategy to a 67-year-old retiree whose stated goal is monthly income and capital preservation, what should the representative do FIRST?

Concept tested:

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Cheat Sheets

Question 1 A customer owns a security at $52 and enters a sell stop at $48. The market gaps down and the stop is triggered. What execution risk should be explained?

Answer choices

A. The order is guaranteed to execute at exactly $48.
B. Once triggered, the stop order becomes a market order and can execute materially below $48 in a fast or gapping market.
C. The stop order becomes a limit order at $48.
D. The stop order cannot execute if the first trade is below $48.

Correct answer

Once triggered, the stop order becomes a market order and can execute materially below $48 in a fast or gapping market.

A stop order becomes a market order when the stop price is reached. It may therefore execute at a price different from the stop price.

Wrong-answer review

A. The order is guaranteed to execute at exactly $48.: Incorrect. The stop price is a trigger, not a guaranteed execution price.
C. The stop order becomes a limit order at $48.: Incorrect. A standard stop does not become a limit order.
D. The stop order cannot execute if the first trade is below $48.: Incorrect. A gap through the stop can trigger the order and lead to a lower execution.

Extra learning features

Why candidates miss this

The learner may be tempted by the 'guaranteed to execute at exactly $48' distractor because it seems straightforward. The decisive clue is the phrase 'gapping market,' which highlights the potential for price movement beyond the stop price, making the execution uncertain. Likely wrong answer: The order is guaranteed to execute at exactly $48. Review focus: Investor.gov: Types of Orders

Interview question

Q: A stop order becomes a market order when the stop price is reached. It may therefore execute at a price different from the stop price. Strong answer: The stop price is a trigger, not a guaranteed execution price.

stop price trigger
market order execution
price difference

Caution: The learner may be confused about the difference between a stop order and a market order.

Objective/domain: 4. Obtains and Verifies Customers Purchase and Sales Instructions; Processes, Completes and Confirms Transactions (10%)

Question 2 A retail customer wants retirement income but may need access to a substantial portion of the money within three years. The representative is comparing a deferred variable annuity carrying a long surrender schedule with lower-cost mutual-fund alternatives. Which approach BEST reflects Regulation Best Interest's Care Obligation?

A. Recommend the annuity if the customer signs a form acknowledging the surrender schedule.
B. Choose the annuity if its living-benefit rider is attractive, without considering less restrictive alternatives.
C. Recommend whichever product has the highest historical return because the customer's liquidity need is separate from product selection.
D. Evaluate the annuity and reasonably available alternatives in light of the customer's liquidity need, time horizon, risks, rewards, costs, and overall investment profile before making the recommendation.

Evaluate the annuity and reasonably available alternatives in light of the customer's liquidity need, time horizon, risks, rewards, costs, and overall investment profile before making the recommendation.

Objective/domain: 2. Opens Accounts After Obtaining and Evaluating Customers Financial Profile and Investment Objectives (16%)

Source: SEC Regulation Best Interest Compliance Guide

Question 3 A representative notices that a proposed account registration change would alter account ownership, but the supporting legal documentation is incomplete. What is the MOST appropriate action?

A. Do not process the change until the required documentation and supervisory review under the firm's procedures are complete.
B. Process the change immediately if the customer gives verbal confirmation.
C. Have the trusted contact approve the ownership change.
D. Make the change and backfill the documentation at the next annual review.

Do not process the change until the required documentation and supervisory review under the firm's procedures are complete.

Source: FINRA Rule 3110: Supervision

Question 4 A confirmation for an NMS stock transaction omits the settlement date. Which rule-specific issue should the firm recognize?

A. Settlement date may never appear on a confirmation.
B. Only the fund prospectus can disclose settlement information.
C. FINRA Rule 2232 requires the settlement date to be disclosed on confirmations for covered NMS stock transactions.
D. The omission is irrelevant if the customer knows the trade date.

FINRA Rule 2232 requires the settlement date to be disclosed on confirmations for covered NMS stock transactions.

Objective/domain: 3. Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records (50%)

Source: FINRA Rule 2232: Customer Confirmations

Question 5 A representative discovers that an unapproved mutual fund sales piece already being circulated says the product 'cannot lose principal' even though the statement is not true. What is the MOST appropriate immediate response?

A. Continue using it until a principal formally orders a stop because the representative cannot alter approved marketing.
B. Add the representative's initials to the piece to show who delivered it.
C. Tell customers verbally that the statement may be overstated while continuing to distribute the written piece.
D. Stop using or distributing the piece and promptly escalate it through the firm's supervisory/compliance process so the misleading claim can be corrected before further use.

Stop using or distributing the piece and promptly escalate it through the firm's supervisory/compliance process so the misleading claim can be corrected before further use.

Objective/domain: 1. Seeks Business for the Broker-Dealer from Customers and Potential Customers (24%)

Source: FINRA Rule 2210: Communications with the Public

Question 6 A representative is asked whether a customer's contemplated sale will create a specific federal tax bill of exactly $8,420. The customer's basis records and other tax facts are incomplete. What is the BEST response?

A. Give the exact figure anyway because securities representatives are responsible for preparing tax returns.
B. State that taxes are irrelevant to investment recommendations.
C. Explain the general tax concepts that are within the representative's competence, avoid guaranteeing a tax result, and recommend that the customer consult an appropriate tax professional for the personalized calculation.
D. Guarantee that no tax is due if proceeds are reinvested.

Explain the general tax concepts that are within the representative's competence, avoid guaranteeing a tax result, and recommend that the customer consult an appropriate tax professional for the personalized calculation.

Source: IRS Publication 551 (12/2025): Basis of Assets

Question 7 A variable-annuity brochure describes the contract as 'ideal for money you may need next year' because partial withdrawals are permitted. The contract imposes surrender charges for early withdrawals and the separate account can decline in value. What change is required before use?

A. Keep the statement if the contract technically allows a withdrawal within one year.
B. Add only the phrase 'subject to contract terms' in a footnote.
C. Call the product a mutual fund account instead, because the separate account invests in securities.
D. Remove the short-term-liquidity implication and clearly explain surrender charges, possible tax consequences, market risk, and the possibility of receiving less than the amount invested.

Remove the short-term-liquidity implication and clearly explain surrender charges, possible tax consequences, market risk, and the possibility of receiving less than the amount invested.

Source: FINRA Rule 2211: Communications with the Public About Variable Life Insurance and Variable Annuities

Question 8 For how long must customer complaint records covered by FINRA Rule 4513 generally be preserved?

A. At least 30 days.
B. At least four years.
C. Exactly one year.
D. Only until the complaint is resolved.

At least four years.

Source: FINRA Rule 4513: Records of Written Customer Complaints

Question 9 A private company is relying on Rule 506(c) and intends to advertise an offering broadly. Before a representative treats an interested person as a purchaser, which condition is central to the exemption?

A. All purchasers must be accredited investors, and the issuer must take reasonable steps to verify accredited investor status.
B. The issuer may sell to up to 35 non-accredited investors if each signs a risk acknowledgement.
C. General solicitation is prohibited under Rule 506(c).
D. The issuer must first obtain SEC approval of the offering.

All purchasers must be accredited investors, and the issuer must take reasonable steps to verify accredited investor status.

Source: SEC: Exempt Offerings

Question 10 Before recommending an investment strategy to a 67-year-old retiree whose stated goal is monthly income and capital preservation, what should the representative do FIRST?

A. Develop and document a reasonable understanding of the customer's investment profile, including relevant facts such as limited liquidity and low risk tolerance, financial situation, tax status, objectives, and existing holdings.
B. Select the firm's highest-performing fund and then ask whether the customer is comfortable with it.
C. Obtain a signed acknowledgement that the customer accepts all investment risk, making further profile analysis unnecessary.
D. Rely only on age because it is the most objective suitability factor.

Develop and document a reasonable understanding of the customer's investment profile, including relevant facts such as limited liquidity and low risk tolerance, financial situation, tax status, objectives, and existing holdings.

FINRA Series 6 Practice Test

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A customer owns a security at $52 and enters a sell stop at $48. The market gaps down and the stop is triggered. What execution risk should be explained?

A representative notices that a proposed account registration change would alter account ownership, but the supporting legal documentation is incomplete. What is the MOST appropriate action?

A confirmation for an NMS stock transaction omits the settlement date. Which rule-specific issue should the firm recognize?

A representative discovers that an unapproved mutual fund sales piece already being circulated says the product 'cannot lose principal' even though the statement is not true. What is the MOST appropriate immediate response?

A representative is asked whether a customer's contemplated sale will create a specific federal tax bill of exactly $8,420. The customer's basis records and other tax facts are incomplete. What is the BEST response?

A variable-annuity brochure describes the contract as 'ideal for money you may need next year' because partial withdrawals are permitted. The contract imposes surrender charges for early withdrawals and the separate account can decline in value. What change is required before use?

For how long must customer complaint records covered by FINRA Rule 4513 generally be preserved?

A private company is relying on Rule 506(c) and intends to advertise an offering broadly. Before a representative treats an interested person as a purchaser, which condition is central to the exemption?

Before recommending an investment strategy to a 67-year-old retiree whose stated goal is monthly income and capital preservation, what should the representative do FIRST?

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