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

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Caitlin

6 months ago

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

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Reuben

6 months ago

Why would a general partnership be restricted? Seems odd!

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Cecilia

6 months ago

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

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Cherrie

6 months ago

Totally agree, IV is definitely the right answer!

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Oretha

7 months ago

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

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Mirta

7 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.

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Roosevelt

7 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.

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Rosendo

7 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.

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Desmond

7 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.

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Amos

8 months ago

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

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Krissy

8 months ago

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

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Talia

8 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.

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Barrie

8 months ago

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

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Herman

8 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.

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Launa

8 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.

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Lorrine

8 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.

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