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Finra Exam Series-6 Topic 5 Question 91 Discussion

Actual exam question for Finra's Series-6 exam
Question #: 91
Topic #: 5
[All Series-6 Questions]

Connie Serve placed an order to purchase five, $1,000 Treasury bonds in the secondary market on Tuesday, October 12th.

Connie will be required to pay for this purchase on which day?

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Suggested Answer: D

The true statement is that the separate account must register as an investment company under the Investment Company Act of 1940. The premiums paid by investors for variable life insurance (less numerous charges) are invested in subaccounts within the separate account, and the earnings of the subaccounts are used, in turn, to make payments to the owners of variable life insurance policies, but not to any of the other policyholders of the company, such as the fixed annuity investors. The insurance company pays its operating expenses out of its general account.


by Willow at Sep 19, 2024, 06:20 PM

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Buddy
29 days ago
I'm going with D. Two business days after the trade date sounds about right, even though I'm more familiar with stock market settlements.
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Novella
23 hours ago
B) Wednesday, October 13th.
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Natalie
7 days ago
A) Tuesday, October 12th.
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Zana
30 days ago
Well, if Connie is buying on Tuesday, I'd assume the settlement would be on Thursday, not Friday. These bond market rules are tricky.
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Dominga
1 months ago
Haha, Connie must be a bond trader or something. I'm just a regular Joe, so this stuff is Greek to me!
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Jacqueline
3 days ago
C) Thursday, October 14th.
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Viola
22 days ago
A) Tuesday, October 12th.
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Denae
1 months ago
B) Wednesday, October 13th.
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Lynette
1 months ago
A) Tuesday, October 12th.
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Lynsey
2 months ago
I'm not sure, but I think it's Thursday, October 14th. Can someone explain why it's not Wednesday?
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Stephaine
2 months ago
I agree with Latosha, because T+1 settlement means payment is due the next business day.
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Latosha
2 months ago
I think Connie will have to pay on Wednesday, October 13th.
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Lilli
2 months ago
The correct answer is D) Friday, October 15th. Bonds are usually settled two business days after the trade date.
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Willow
4 days ago
D) Friday, October 15th.
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Telma
5 days ago
C) Thursday, October 14th.
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Leota
8 days ago
B) Wednesday, October 13th.
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Georgeanna
15 days ago
A) Tuesday, October 12th.
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