Potential Test Questions Flashcards
Which of these would be a suitable expense for a minor on a UGMA account? (uniform gifts/transfers to minors act) a. Clothes for the minor b. Food for the minor c. Bedding for the minor d. Equestrian summer camp
D- Equestrian summer camp.
The camp is educational and the others are basic needs that should be provided by the guardian.
If there is a test question that is about a Mutual Fund and it does not specify if it is an open or closed end ALWAYS assume OPEN END
If there is a test question that is about a Mutual Fund and it does not specify if it is an open or closed end ALWAYS assume OPEN END
If a test question says “when they start the payout option” in reference to an Annuity question they’re referring to “annuitizing” not to cashing out the “accumulation funds”
If a test question says “when they start the payout option” in reference to an Annuity question they’re referring to “annuitizing” not to cashing out the “accumulation funds
When do you have to provide a statement of Additional Information on a prospectus?
Upon request
All retail and institutional communication records shall be kept in a separate file for a period beginning when?
Beginning on the date of first use and ending 3 years from the date of last use
Mutual Fund Advertising
filing with the SEC must provide a copy of advertising no later than 10 days after use
New B/D’s must file advertising with FINRA 10 days BEFORE advertising for the first year and then you have 10 days after the advertising to provide proof that any changes requested by FINRA were made on the final cut of the advertising.
Comparative Illustrations must used identical rates of return which may not exceed what amount?
May not exceed 10 percent per annum
Hypothetical Rates of return on Variable life insurance can use a max of what rate?
Max gross of 12% provided that one of the returns is a gross rate of 0%
