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FINRA Series 6 Practice Test

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Question 1 of 10

Objective Apply the current standard settlement cycle and delivery expectations 4. Obtains and Verifies Customers Purchase and Sales Instructions; Processes, Completes and Confirms Transactions (10%)

Which statement correctly distinguishes trade date from settlement date?

Concept tested:

Source:FINRA: Understanding Settlement Cycles

Question 2 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 wants downside protection at a specified trigger but refuses to sell below a stated minimum price. What trade-off should be explained about a stop-limit order?

Concept tested:

Question 3 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 4 of 10

Objective Evaluate reasonably available alternatives for a retail-customer recommendation 2. Opens Accounts After Obtaining and Evaluating Customers Financial Profile and Investment Objectives (16%)

While developing a college-savings recommendation, a representative initially reviews only a single 529 plan option. What additional step is MOST consistent with SEC staff guidance on the Care Obligation?

Concept tested:

Question 5 of 10

Objective Compare equity, debt, Treasury, and money-market characteristics used inside packaged products 3. Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records (50%)

A fund owns lower-rated corporate bonds. Which risk should a representative emphasize beyond ordinary interest-rate risk?

Concept tested:

Question 6 of 10

Objective Apply content standards to retail communications, correspondence, and institutional communications 1. Seeks Business for the Broker-Dealer from Customers and Potential Customers (24%)

A retail presentation for a high-yield bond fund states that the fund offers 'bond-like stability with stock-like income potential.' The deck accurately lists the current distribution rate but omits the possibility of issuer default and material liquidity constraints in stressed markets. What is the BEST correction?

Concept tested:

Question 7 of 10

Objective Apply customer identification program requirements before opening an account 2. Opens Accounts After Obtaining and Evaluating Customers Financial Profile and Investment Objectives (16%)

A new individual customer wants to open a brokerage account. Before the firm can complete its Customer Identification Program process, which set of identifying information must the firm generally obtain from the customer?

Concept tested:

Question 8 of 10

Objective Interpret core financial-statement relationships and disclosures 3. Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records (50%)

A company reports $12 million of net income available to common shareholders and 6 million weighted-average common shares outstanding. Ignoring dilution, what is basic earnings per share?

Concept tested:

Question 9 of 10

Objective Escalate transaction discrepancies, errors, cancels, and rebills 4. Obtains and Verifies Customers Purchase and Sales Instructions; Processes, Completes and Confirms Transactions (10%)

A representative realizes immediately after execution that a customer order may have been entered with the wrong quantity. What should the representative do FIRST?

Concept tested:

Question 10 of 10

Objective Describe mutual funds and variable annuities accurately without misleading claims 1. Seeks Business for the Broker-Dealer from Customers and Potential Customers (24%)

Jordan tells a customer that an open-end mutual fund can be sold back to the fund at a price based on the next NAV calculation after a properly received redemption order. Which assessment is BEST?

Concept tested:

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Cheat Sheets

Question 1 Which statement correctly distinguishes trade date from settlement date?

Answer choices

A. They are always the same date, for the described technical objective and its associated operational control requirements, for the described technical objective and its associated operational control requirements.
B. Trade date is when the order executes; settlement date is when the transaction is finalized and payment and securities are due for delivery under the applicable settlement terms, within organization-wide risk-and-accountability boundaries.
C. Settlement date is when the customer first receives a prospectus, for the described technical objective and its associated operational control requirements, for the required operational result and control objective.
D. Trade date occurs after settlement, for the described technical objective and its associated operational control requirements, for the described technical objective and its associated operational control requirements, in this situation.

Correct answer

Trade date is when the order executes; settlement date is when the transaction is finalized and payment and securities are due for delivery under the applicable settlement terms, within organization-wide risk-and-accountability boundaries.

Execution and settlement are distinct events. Under T+1, most covered transactions settle on the next business day after trade date.

Wrong-answer review

A. They are always the same date, for the described technical objective and its associated operational control requirements, for the described technical objective and its associated operational control requirements.: Incorrect. The dates can differ under the standard cycle.
C. Settlement date is when the customer first receives a prospectus, for the described technical objective and its associated operational control requirements, for the required operational result and control objective.: Incorrect. Prospectus delivery is a separate disclosure issue.
D. Trade date occurs after settlement, for the described technical objective and its associated operational control requirements, for the described technical objective and its associated operational control requirements, in this situation.: Incorrect. Execution precedes settlement.

Extra learning features

Why candidates miss this

The choice of 'They are always the same date' is tempting because it simplifies the concept. The decisive clue is the explicit mention of 'settlement terms' in the correct answer, highlighting the contractual obligations that govern the timing of payment and delivery. Likely wrong answer: They are always the same date. Review focus: FINRA: Understanding Settlement Cycles

Interview question

Q: What is the key difference between trade date and settlement date? Strong answer: The trade date is the moment the order is executed, while the settlement date is when the securities and payment are actually transferred under the settlement terms. This distinction is crucial for understanding when a transaction is fully completed.

trade date
settlement date
T+1
execution
delivery

Caution: Focus on the distinct events and the T+1 cycle.

Why this matters

Understanding the difference between trade and settlement dates is critical for managing cash flow and accurately tracking investment positions. Failure to recognize this distinction can lead to discrepancies in account balances and potential operational errors, ultimately impacting a firm's financial reporting and regulatory compliance. This directly affects the firm's ability to accurately report its financial position and performance.

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

Question 2 A customer wants downside protection at a specified trigger but refuses to sell below a stated minimum price. What trade-off should be explained about a stop-limit order?

A. It guarantees both execution and a specific price, for the described technical objective and its associated operational control requirements, for the described technical objective and its associated operational control requirements, within the documented operational, security, ownership, and validation requirements.
B. It becomes an unrestricted market order once triggered, for the described technical objective and its associated operational control requirements, as the recommended implementation across the complete governed service lifecycle.
C. It can provide a limit on the acceptable execution price after the stop is triggered, but the order may fail to execute if the market moves through the limit, within the documented operational, security, ownership, and validation requirements.
D. It can only be used to buy securities, never to sell them, for the described technical objective and its associated operational control requirements, for the described technical objective and its associated operational control requirements, within the documented operational, security, ownership, and validation requirements.

It can provide a limit on the acceptable execution price after the stop is triggered, but the order may fail to execute if the market moves through the limit, within the documented operational, security, ownership, and validation requirements.

Source: Investor.gov: Types of Orders

Question 3 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, within the documented scope, ownership, and validation boundaries.
B. Add the representative's initials to the piece to show who delivered it, for the described technical objective and its associated operational control requirements, for the affected environment.
C. Tell customers verbally that the statement may be overstated while continuing to distribute the written piece, for the described technical objective and its associated operational control requirements, as presented.
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, for the specified implementation requirement.

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, for the specified implementation requirement.

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

Source: FINRA Rule 2210: Communications with the Public

Question 4 While developing a college-savings recommendation, a representative initially reviews only a single 529 plan option. What additional step is MOST consistent with SEC staff guidance on the Care Obligation?

A. Consider a reasonable range of alternatives available through the firm that could meet the customer's objectives, comparing relevant risks, rewards, costs, and fit with the customer's profile, under the stated technical, operational, and governance constraints.
B. Evaluate every investment product available anywhere in the market before making any recommendation, for the described technical objective and its associated operational control requirements, within the defined security and accountability boundaries.
C. Document why the first product is acceptable and skip alternatives because documentation cures the omission, for the described technical objective and its associated operational control requirements, for this task.
D. Choose the least expensive alternative automatically, even if its risks or features do not fit the customer, for the described technical objective and its associated operational control requirements.

Consider a reasonable range of alternatives available through the firm that could meet the customer's objectives, comparing relevant risks, rewards, costs, and fit with the customer's profile, under the stated technical, operational, and governance constraints.

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

Source: SEC Staff Bulletin: Standards of Conduct—Care Obligations

Question 5 A fund owns lower-rated corporate bonds. Which risk should a representative emphasize beyond ordinary interest-rate risk?

A. Credit/default risk that an issuer may fail to make promised payments or that deteriorating credit quality may reduce market value, within the stated policy framework.
B. The bonds are guaranteed by the U.S. Treasury, for the described technical objective and its associated operational control requirements, for the required operational result and control objective.
C. The fund cannot experience price changes until a bond actually defaults, for the described technical objective and its associated operational control requirements, under the proposed approach.
D. Corporate bonds eliminate reinvestment risk, for the described technical objective and its associated operational control requirements, in the described situation.

Credit/default risk that an issuer may fail to make promised payments or that deteriorating credit quality may reduce market value, within the stated policy framework.

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

Source: FINRA: Brush Up on Bonds—Interest Rate Changes and Duration

Question 6 A retail presentation for a high-yield bond fund states that the fund offers 'bond-like stability with stock-like income potential.' The deck accurately lists the current distribution rate but omits the possibility of issuer default and material liquidity constraints in stressed markets. What is the BEST correction?

A. Keep the presentation because the distribution rate is accurate and no specific future return is promised, as the recommended implementation across the complete governed service lifecycle.
B. Add a generic statement that investments involve risk without changing the comparative claim, for the described technical objective and its associated operational control requirements, in this situation.
C. Move the credit-risk discussion to a separate document available only if a customer asks for it, for the stated security, delivery, and accountability requirements.
D. Revise the comparative claim and present the fund's potential income together with a fair, prominent discussion of credit, liquidity, and other material risks, in context.

Revise the comparative claim and present the fund's potential income together with a fair, prominent discussion of credit, liquidity, and other material risks, in context.

Question 7 A new individual customer wants to open a brokerage account. Before the firm can complete its Customer Identification Program process, which set of identifying information must the firm generally obtain from the customer?

A. Name, annual income, liquid net worth, and investment objective, for the described technical objective and its associated operational control requirements.
B. Name, date of birth, address, and an identification number, together with the other steps required by the firm's risk-based CIP, under end-to-end security-and-governance requirements.
C. Name and Social Security number only; address and date of birth are optional if the customer is a U.S. citizen, under the organization’s defined implementation and exception-management process.
D. Name, trusted-contact information, employer name, and a signed risk-tolerance questionnaire, as the selected approach for the stated technical and business outcome.

Name, date of birth, address, and an identification number, together with the other steps required by the firm's risk-based CIP, under end-to-end security-and-governance requirements.

Source: FINRA: Anti-Money Laundering Frequently Asked Questions

Question 8 A company reports $12 million of net income available to common shareholders and 6 million weighted-average common shares outstanding. Ignoring dilution, what is basic earnings per share?

A. $0.50 per share, in practice.
B. $2.00 per share, within the described operational context.
C. $6.00 per share, for the required outcome.
D. $72.00 per share, for this task.

$2.00 per share, within the described operational context.

Source: SEC: Beginners' Guide to Financial Statements

Question 9 A representative realizes immediately after execution that a customer order may have been entered with the wrong quantity. What should the representative do FIRST?

A. Enter an opposite trade in the customer's account without approval, for the described technical objective and its associated operational control requirements, for the stated scenario.
B. Notify the appropriate supervisor or error-resolution function promptly and provide the order details so the discrepancy can be investigated and resolved under firm procedures, as the recommended response to this scenario.
C. Change the order ticket after the fact so it matches the execution, for the described technical objective and its associated operational control requirements, as the recommended response to this scenario.
D. Wait to see whether the market moves in the customer's favor before reporting the error, for the described technical objective and its associated operational control requirements, for consideration.

Notify the appropriate supervisor or error-resolution function promptly and provide the order details so the discrepancy can be investigated and resolved under firm procedures, as the recommended response to this scenario.

Source: FINRA Series 6 Content Outline

Question 10 Jordan tells a customer that an open-end mutual fund can be sold back to the fund at a price based on the next NAV calculation after a properly received redemption order. Which assessment is BEST?

A. The explanation is wrong because open-end funds trade intraday on exchanges at negotiated market prices, within the described operational context.
B. The explanation is wrong because every redemption must occur at the previous day's NAV, under the stated technical, operational, and governance constraints.
C. The explanation is generally accurate and reflects forward pricing for open-end mutual fund redemptions, in context.
D. The explanation is wrong because open-end fund shares cannot be redeemed with the fund, for the specified implementation requirement.

The explanation is generally accurate and reflects forward pricing for open-end mutual fund redemptions, in context.

Source: FINRA: Mutual Funds

FINRA Series 6 Practice Test

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Which statement correctly distinguishes trade date from settlement date?

A customer wants downside protection at a specified trigger but refuses to sell below a stated minimum price. What trade-off should be explained about a stop-limit order?

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?

While developing a college-savings recommendation, a representative initially reviews only a single 529 plan option. What additional step is MOST consistent with SEC staff guidance on the Care Obligation?

A fund owns lower-rated corporate bonds. Which risk should a representative emphasize beyond ordinary interest-rate risk?

A new individual customer wants to open a brokerage account. Before the firm can complete its Customer Identification Program process, which set of identifying information must the firm generally obtain from the customer?

A company reports $12 million of net income available to common shareholders and 6 million weighted-average common shares outstanding. Ignoring dilution, what is basic earnings per share?

A representative realizes immediately after execution that a customer order may have been entered with the wrong quantity. What should the representative do FIRST?

Jordan tells a customer that an open-end mutual fund can be sold back to the fund at a price based on the next NAV calculation after a properly received redemption order. Which assessment is BEST?

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