Finra Series-6 Exam - Topic 3 Question 46 Discussion

Actual exam question for Finra's Series-6 exam

Question #: 46
Topic #: 3

[All Series-6 Questions]

Which of the following persons is not permitted to open an investment account?

i. a general partnership

ii. a corporation

iii. the executor of an estate

IV. a 16-year-old entrepreneur

AI and II only

BI, II, and III only

CI, II, and IV only

DIV only

Show Suggested Answer

Suggested Answer: D

Only the 16-year-old entrepreneur is not permitted to open an investment account. As a minor, he is not a legal person. All the other selections are legal persons and can establish investment accounts.

by Donette at Jul 30, 2022, 01:52 PM

Limited Time Offer

25%

Off

Get Premium Series-6 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Caitlin

4 months ago

I thought corporations could open accounts, but I guess not?

upvoted 0 times

...

Reuben

4 months ago

Why would a general partnership be restricted? Seems odd!

upvoted 0 times

...

Cecilia

5 months ago

Wait, can’t a 16-year-old have a custodial account?

upvoted 0 times

...

Cherrie

5 months ago

Totally agree, IV is definitely the right answer!

upvoted 0 times

...

Oretha

5 months ago

A 16-year-old can't open an investment account, that's a fact.

upvoted 0 times

...

Mirta

5 months ago

I'm a little confused by this question. I'll need to double-check the rules around minors and investment accounts to make sure I have the right understanding before answering.

upvoted 0 times

...

Roosevelt

6 months ago

I'm pretty confident the answer is D. A 16-year-old would not be allowed to open an investment account on their own, even if they are an entrepreneur. The other options seem to be permitted under the rules.

upvoted 0 times

...

Rosendo

6 months ago

Okay, let me think this through. A general partnership and a corporation can definitely open investment accounts, so those are out. The executor of an estate should be able to as well. That leaves the 16-year-old entrepreneur as the only one not permitted. I'll go with that.

upvoted 0 times

...

Desmond

6 months ago

Hmm, I'm a bit unsure about this one. I'll need to review the rules around who can open investment accounts to make sure I get this right.

upvoted 0 times

...

Amos

6 months ago

This question seems straightforward. I'll carefully read through the options and think about which one is the correct answer.

upvoted 0 times

...

Krissy

6 months ago

I’m leaning towards option D because I think minors usually can’t open investment accounts, but I’m not entirely confident.

upvoted 0 times

...

Talia

6 months ago

I feel like I’ve seen a question like this before, and I think the executor of an estate can open an account, but I could be wrong.

upvoted 0 times

...

Barrie

6 months ago

I remember something about partnerships and corporations being able to open accounts, but I can't recall the specifics for executors.

upvoted 0 times

...

Herman

6 months ago

I think the 16-year-old entrepreneur might not be able to open an account since they’re underage, but I’m not completely sure.

upvoted 0 times

...

Launa

6 months ago

Okay, I got this. The first priority is to make sure the digital evidence isn't tampered with or damaged. So option B is the way to go - document everything with photos first, then decide if you need to capture live data. Removing power or taking the devices could risk losing important information.

upvoted 0 times

...

Lorrine

6 months ago

If I recall, to ensure the hub is the designated router, you'd want to set its OSPF priority higher than the other remote sites. Definitely greater than 1, I think.

upvoted 0 times

...