Investment Company and Variable Contracts Products Representative Examination (IR): Series6 Exam Premium File as PDF & Test Engine

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

1. Mr. Schaker hasn't been seeing a lot of clients these days with the recent market downturn-which means
he hasn't been generating any commissions, and commissions are his bread and butter. So, Mr. Schaker
does some Googling on his computer and notes that a prominent family of load funds has just introduced
a new global fund. Scribbling the name and contact information of the fund family on his notepad, he
begins calling his existing clients and promoting the new fund, encouraging his clients to redeem some
shares in their existing funds to invest in this fund. Has Mr. Schaker violated any securities laws?

A) Yes. A registered representative should always refrain from recommending shares of a load fund;
trades involving load funds should always be "unsolicited."
B) No. In FINRA's rules regarding fair dealing with customers, the SRO clearly states that "This does not
mean that legitimate sales efforts in the securities business are to be discouraged. . . "
C) No. Research indicates that new funds tend to offer abnormally high returns for the first 12 months of
their existence, so Mr. Schaker is doing his clients a favor even if he himself stands to profit.
D) Yes. Mr. Schaker is recommending the fund to his existing clients to benefit himself, not them.

2. Private placements are exempt from the registration requirements of the Securities Act of 1933 under the
rules contained in:

A) Regulation E.
B) Regulation D.
C) Regulation
D) the Securities Exchange Act of 1934.

3. Which of the following statements regarding variable life insurance policies is false?

A) Most policies have an expense guarantee provision that establishes a firm limit on how much the
insurance company can increase administrative charges.
B) Policyholders have voting rights similar to those of mutual fund investors.
C) The surrender value of a variable life insurance policy will always be less than its cash value.
D) Insurance companies are required to give variable life policyholders at least 24 months from the date of
purchase to switch to a traditional whole life policy without having to prove insurability.

4. NewWave Investments, a family of mutual funds, hires the star of a new motion picture about the
workings of Wall Street to provide a testimonial as part of NewWave's new television ad campaign. The
actor's financial adviser has, in fact, invested some of the actor's monies in NewWave's funds. NewWave
provides the actor with a script in which the actor explains the concept of dollar cost averaging to the
viewers. At the conclusion of the actor's explanation, the viewers are informed that the actor has been
paid for his testimonial, that his experience may not be representative of that of other clients, and that past
performance is no guarantee of future performance. Based on these facts:

A) NewWave has violated a FINRA rule stipulating that testimonial providers can receive no payment for
their testimonies.
B) NewWave has violated no rules; it has complied with all of FINRA's disclosure requirements.
C) NewWave has violated a FINRA rule requiring that any testimonial that contains a technical aspect
related to investing must be given by someone who has both the knowledge and experience to hold a
valid opinion on the topic.
D) NewWave has violated a FINRA rule that prohibits testimonials of public figures from being used in
advertisements.

5. Mr. B. Beard started making regular investments in a mutual fund with the goal of financing a five-year
circumnavigation on his 40-foot sailboat, "Pirate's Lady." He is getting ready to depart and wants to set up
an automatic withdrawal plan such that the money he has invested will see him through his
circumnavigation, with nothing remaining in the account at the end. Which of the systematic withdrawal
plans will best fit his needs?

A) fixed-time plan
B) fixed-percentage plan
C) fixed-dollar plan
D) fixed-share plan

Solutions: