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Finra Exam Series-6 Topic 10 Question 78 Discussion

Actual exam question for Finra's Series-6 exam
Question #: 78
Topic #: 10
[All Series-6 Questions]

A broker-dealer is required to file a Currency Transaction Report with the Treasury Department for:

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Suggested Answer: B

A broker dealer is required to file a Currency Transaction Report with the Treasury Department for any cash transaction exceeding $10,000. The report does not need to be filed if the transaction simply has a market value of $10,000, but does not involve cash (aka, currency.)


by Marya at May 20, 2024, 12:08 PM

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Flo
5 months ago
Ha! Trick question. Everyone knows you have to report any transaction over $5,000 to the IRS, not the Treasury Department.
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Lashon
6 months ago
C is the correct answer. The threshold for reporting cash transactions is $3,000, not $10,000.
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Angelica
4 months ago
Yes, you're right. The threshold for reporting cash transactions is $3,000.
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Rosendo
4 months ago
A: Oh, I see. Thanks for clarifying!
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Minna
5 months ago
I think the correct answer is C) any cash transaction exceeding $3,000.
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Tien
5 months ago
B: No, it's actually C) any cash transaction exceeding $3,000.
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Wayne
5 months ago
Yes, you're right. The threshold for reporting cash transactions is $3,000.
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Gussie
5 months ago
I think the correct answer is C) any cash transaction exceeding $3,000.
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Vilma
5 months ago
A: I think the answer is A) any transaction exceeding $10,000 in value.
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Rory
6 months ago
I think the answer is B. Any cash transaction exceeding $10,000 must be reported to the Treasury Department.
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Kenneth
5 months ago
Correct! Reporting large cash transactions helps detect and prevent money laundering activities.
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Fausto
6 months ago
What is the purpose of filing a Currency Transaction Report with the Treasury Department?
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