Discuss Finra Series-6 Exam Topic 8 Question 58

Ms. Newbie's client, Mr. Nomad, has decided that he wants to go on an extended backpack trip through the Amazon. Since he'll be out of touch, he has given a friend of his limited power attorney to act on his behalf. Based on this, Mr. Nomad's friend can:

i. present Ms. Newbie with an order to purchase securities on Mr. Nomad's behalf.

ii. present Ms. Newbie with an order to sell securities on Mr. Nomad's behalf.

iii. request a check be issued to him so that he can send Mr. Nomad some money.

AI only

BI and II only

CI, II, and III

Dnone of the above. Only a relative can hold a power of attorney to engage in financial transactions for the grantor.

Suggested Answer: B

Mr. Nomad's friend can engage in the activities described in Selections I and II only. A limited power of attorney gives Mr. Nomad's friend the authority to buy and sell securities on Mr. Nomad's behalf, but not to make any cash withdrawals. He would need a full power of attorney to be able to do so.

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11 comments · newest first

Cordell 12 months ago

I agree, C seems right! He should be able to do all three.

Delila 1 year ago

Power of attorney covers all those actions if it's properly set up.

Lucina 1 year ago

Wait, can a friend really handle all that? Sounds risky!

Penney 1 year ago

I think he can only do the first two, not the money thing.

Ailene 1 year ago

Mr. Nomad's friend can definitely buy and sell securities for him.

Pearly 1 year ago

I thought only family members could hold power of attorney for financial transactions, but I might be mixing that up with something else.

Crista 1 year ago

This question feels familiar! I think I practiced a similar one where the powers were more restricted.

My 1 year ago

I think the friend can definitely sell and buy securities, but I'm a bit hazy on whether they can request a check.

Gertude 1 year ago

I remember discussing limited power of attorney in class, but I'm not entirely sure if it covers all those actions.

Timothy 1 year ago

Okay, let me think this through. The total dose is 0.9mg/kg for a 68kg patient, so that's 61.2mg. The bolus is 10% of that, which is 6.12mg. The infusion is the remaining 90%, which is 55.08mg. With a concentration of 1mg/ml, that means the bolus is 6.12ml and the infusion is 55.08ml. I'm pretty confident in my answer, but I'll double-check the math just to be sure.

Tasia 1 year ago

The root partition (/) is usually the best choice for the largest partition when installing Linux. That's where the majority of the system files and applications will be stored.

Finra Series-6 Exam - Topic 8 Question 58 Discussion