Finra Exam Series-6 Topic 1 Question 82 Discussion

Actual exam question for Finra's Series-6 exam

Question #: 82
Topic #: 1

Annie Vestor owns shares of the URMoney Mutual Fund. Annie lives on the west coast in Seattle, Washington. URMoney reported a net asset value per share of $10.10 on October 9th. On October 10th, its reported net asset value per share was $10.20. Upon arriving home at 12 P.M. (her time) on October 9th, Annie logged into the URMoney website and entered an order to redeem 500 shares of her holdings in the fund. This order will be transacted at:

Athe net asset value of the fund at the end of the trading day on October 11th.

B$10.20

C$10.10

DThe price at which this order will be transacted cannot be estimated based on the information provided.

Show Suggested Answer

Suggested Answer: D

Given that Chandler is a representative with a member firm while Phoebe's employer is not a member of any known securities association, he is required to charge Phoebe the same commission that he charges any member of the general public when executing a transaction for her and is prohibited from splitting commissions with her. He is not prohibited from engaging in any financial transactions with her; he simply must do so ''for the same commissions or fees, and on the same terms and conditions as are. . .accorded to the general public,'' according to FINRA.

by Jesse at Jul 06, 2024, 07:18 PM

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Sherell

7 days ago

I think the answer is A) the net asset value of the fund at the end of the trading day on October 11th.

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