Deal of The Day! Hurry Up, Grab the Special Discount - Save 25% - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions
Mail Us support@pass4success.com
Location US
Mob_nav_barsMENU

Finra Series-6 Exam - Topic 8 Question 7 Discussion

Which of the following statements regarding both a Uniform Gifts to Minors account (UGMA) and a Uniform Transfers to Minors account (UTMA) is false?
D) The assets must be re-registered in the minor child's name when the child turns 18.
A) There can be only one custodian named on the account.
B) The account must be established in the name of one minor child only.
C) Once established, the account is irrevocable.

Finra Series-6 Exam - Topic 8 Question 7 Discussion

Actual exam question for Finra's Series-6 exam
Question #: 7
Topic #: 8
[All Series-6 Questions]

Which of the following statements regarding both a Uniform Gifts to Minors account (UGMA) and a Uniform Transfers to Minors account (UTMA) is false?

Show Suggested Answer Hide Answer
Suggested Answer: D

The false statement regarding both a UGMA and a UTMA is that the assets must be re-registered in the minor child's name when the child turns 18. The rule differs between the two types of accounts. The UGMA requires that the assets must be re-registered when the child reaches the ''age of majority,'' as defined by the state, and the definition differs among states. Under the UTMA, the transfer of the account can be delayed until the minor child has reached the age of 25.


by Ceola at May 07, 2022, 11:44 AM

Limited Time Offer

25%

Off

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

Contribute your Thoughts:

0/2000 characters
Submit Cancel
Ligia
9 months ago
I disagree with C, I thought accounts could be revoked under certain conditions.
upvoted 0 times
...
Lynelle
10 months ago
Wait, the assets have to be re-registered at 18? That’s surprising!
upvoted 0 times
...
Lashunda
10 months ago
B is correct, only one minor per account.
upvoted 0 times
...
Sharee
10 months ago
I thought you could have multiple custodians?
upvoted 0 times
...
Goldie
10 months ago
A is true, only one custodian allowed.
upvoted 0 times
...
Taryn
10 months ago
I vaguely recall that the assets don't have to be re-registered at 18 for UTMA, so D might be the false statement here.
upvoted 0 times
...
Donette
11 months ago
I practiced a question similar to this, and I think all accounts are irrevocable once set up, so C could be the false one.
upvoted 0 times
...
Rosio
11 months ago
I'm not entirely sure, but I feel like the account can only be for one minor child, which makes B seem true.
upvoted 0 times
...
Marylin
11 months ago
I think I remember that there can actually be more than one custodian for these accounts, so A might be the false statement.
upvoted 0 times
...
Yong
11 months ago
This question seems straightforward, but I want to make sure I get it right. I believe the three types of transport nodes are NSX Edges, NSX Controllers, and Physical routers. I'll carefully review the options to confirm.
upvoted 0 times
...
Haydee
11 months ago
Okay, I've got this. The question is asking for a way to express the concept that outputs depend on all the inputs. Option A, "Y = f(Xn)," is the mathematical representation of that relationship. I'm confident that's the correct answer.
upvoted 0 times
...
Verlene
11 months ago
Okay, I've got this. Organizational units responsible for producing products or services and controlling their costs would be production cost centers. That's option A.
upvoted 0 times
...

Save Cancel