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Finra Series-6 Exam - Topic 6 Question 8 Discussion

Actual exam question for Finra's Series-6 exam
Question #: 8
Topic #: 6
[All Series-6 Questions]

Eddie and Edith open a JTWROS account with you. This means that:

i. You can accept a buy or sell order from either Eddie or Edith.

ii. Any check that is drafted upon a request to withdraw funds can be written to either Eddie or Edith, or both.

iii. If either Eddie or Edith die, the account assets will pass to that individual's estate, based on his or her percentage ownership of the account.

IV. Correspondence concerning the account can be sent to either Eddie or Edith.

Show Suggested Answer Hide Answer
Suggested Answer: C

Only Selections I and IV are true statements. If Eddie and Edith open a JTWROS account with you, you can accept a buy or sell order from either one of them, and any correspondence concerning the account can be sent to either one of them. However, a check must be made out to both of them, in the same manner that the account is titled. A JTWROS account is a ''joint tenants with rights of survivorship'' account, which means that if either Eddie or Edith die, the account assets pass directly to the other one and do not go into the deceased's estate.


by Ryan at May 08, 2022, 10:32 AM

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Kate
4 months ago
I think all four statements are true, so D is the answer!
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Julene
4 months ago
Yup, checks can be written by either party.
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Aracelis
4 months ago
Wait, if one dies, the assets go to their estate? That sounds off.
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Sue
4 months ago
Totally agree, it's super flexible!
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Essie
5 months ago
JTWROS means both can manage the account.
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Beckie
5 months ago
I feel like all four statements might be true, especially since JTWROS accounts have specific rules about ownership and access.
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Simona
5 months ago
I'm not entirely sure about the part regarding the estate. I thought the assets would go directly to the surviving owner, not the estate.
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Olive
5 months ago
I remember that JTWROS accounts allow either party to act on the account, so I think I and II are definitely correct.
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Melinda
5 months ago
I practiced a similar question where it was clear that both parties can access the account, so I think I and IV are safe bets.
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Irving
5 months ago
Hmm, I'm not entirely sure about this one. I'll have to think it through carefully before answering.
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Jarod
5 months ago
Ledgers and journals seem too traditional for a knowledge management strategy, right? I lean towards choosing the intranet, groupware, and maybe the internet for broader reach.
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Elbert
5 months ago
Hmm, I'm not entirely sure about this one. I remember discussing service inventory analysis in class, but I can't recall the specific deliverable. I'll have to think this through carefully.
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