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Finra Exam Series-6 Topic 10 Question 78 Discussion

Actual exam question for Finra's Series-6 exam
Question #: 78
Topic #: 10
[All Series-6 Questions]

A discretionary account authorization permits a registered representative to decide:

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Suggested Answer: B

A broker dealer is required to file a Currency Transaction Report with the Treasury Department for any cash transaction exceeding $10,000. The report does not need to be filed if the transaction simply has a market value of $10,000, but does not involve cash (aka, currency.)


by Marya at May 20, 2024, 12:08 PM

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Tenesha
21 days ago
Discretionary account? More like a 'whatever-I-feel-like' account. As long as the broker doesn't go on a spending spree, it should be fine.
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Mitzie
27 days ago
Discretionary account, huh? Sounds like a blank check for the broker to do whatever they want. I hope they use it responsibly!
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Mammie
29 days ago
This is a trick question! The answer is clearly D, but I bet the test writers are trying to see if we're paying attention.
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Rolland
15 days ago
B) what specific asset to purchase or sell.
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Eric
18 days ago
A) whether to make a purchase or a sale.
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Annice
1 months ago
I thought B was the right answer. Isn't that the whole point of a discretionary account, to let the rep decide what assets to trade?
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Michal
1 months ago
Option D is the correct answer. A discretionary account allows the representative to make all the decisions, from what to buy or sell to how much to trade.
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Danilo
2 months ago
I'm not sure, but I think it might be A) whether to make a purchase or a sale.
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Barabara
2 months ago
I agree with Aleshia, because a discretionary account authorization gives the registered representative full control.
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Aleshia
2 months ago
I think the answer is D) all of the above.
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