Finra Series-6 Exam - Topic 8 Question 58 Discussion

Actual exam question for Finra's Series-6 exam

Question #: 58
Topic #: 8

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.

Show Suggested Answer

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.

by Rickie at Mar 28, 2023, 07:41 PM

Limited Time Offer

25%

Off

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

Contribute your Thoughts:

Submit Cancel

Cordell

4 months ago

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

upvoted 0 times

...

Delila

4 months ago

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

upvoted 0 times

...

Lucina

4 months ago

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

upvoted 0 times

...

Penney

4 months ago

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

upvoted 0 times

...

Ailene

4 months ago

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

upvoted 0 times

...

Pearly

5 months ago

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

upvoted 0 times

...

Crista

5 months ago

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

upvoted 0 times

...

My

5 months ago

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

upvoted 0 times

...

Gertude

5 months ago

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

upvoted 0 times

...

Timothy

5 months 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.

upvoted 0 times

...

Tasia

5 months 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.

upvoted 0 times

...