Ken has a variable life policy and recently learned that he can borrow against its cash value to help pay for some of the expenses he's incurring while pursuing a graduate degree.Which of the following statements about the loan he can get is true?
Answer(s): C
The true statement is that Ken never has to repay the loan, but if he chooses not to do so, his wife, Barbie, won't get as much when he dies. He can borrow up to at least 75% of the cash value, but there is interest charged on the loan. (In essence, he's paying interest to himself, though.)
The compensation records that FINRA member firms are required to maintain must include which of the following?I). the names of the persons that have provided the compensationII). names of the associated persons receiving the compensationIII). the amount of cash receivedIV). the nature and value (if known) of any non-cash compensation received
Answer(s): D
The compensation records that FINRA member firms are required to maintain must include the names of the persons that have provided the compensation (the offerors), the names of the associated persons receiving the compensation, the amount of cash received, and the nature and value (if know) of any non-cash compensation received.
Mandatory guidelines for the prospectuses of which of the following are dictated by the Investment Company Act of 1940?I). mutual fundsII). closed-end investment companiesIII). unit investment trustsIV). variable contracts
Mandatory guidelines for the prospectuses of all of the selections are dictated by the Investment Company Act of 1940.
Which of the following statements regarding a Coverdell Education Savings Plan (ESA) are true?I). There are income limitations regarding those who may contribute to an ESA.II). There is a maximum annual aggregate amount that can be contributed to a single beneficiary's account.III). Contributions to an ESA are tax deductible.IV). The monies must be used prior to the beneficiary's 30th birthday for education-related expenses in order to avoid paying both taxes and a penalty.
Only Statements I, II, and IV regarding an ESA are true. The ability to establish one is limited to those with an adjusted gross income specified by government guidelines, and there is a maximum annual aggregate amount that can be contributed to a single beneficiary's account regardless of how many contributors there are to that account. If the monies are not used for education-related expenses prior to the beneficiary's 30th birthday, there is a mandatory distribution requirement, at which point the distribution will be taxed as ordinary income and a 10% penalty will be assessed.
Post your Comments and Discuss FINRA Series 6 exam with other Community members:
asl commented on September 14, 2023 all are relatable questions CANADA upvote
Av dey commented on August 16, 2023 can you please upload the dumps for 1z0-1096-23 for oracle INDIA upvote
myyadav commented on September 26, 2023 ALL ARE RELATABLE QUESTIONS. all in in exam paper Anonymous upvote
asl commented on September 14, 2023 ALL ARE RELATABLE QUESTIONS CANADA upvote
azmera abebe commented on August 25, 2023 it is a good questions ,so go on head Anonymous upvote
Av dey commented on August 16, 2023 Can you please upload the dumps for 1z0-1096-23 for oracle INDIA upvote
Our website is free, but we have to fight against bots and content theft. We're sorry for the inconvenience caused by these security measures. You can access the rest of the Series 6 content, but please register or login to continue.