Finra Exam Series-6 Topic 4 Question 81 Discussion

Actual exam question for Finra's Series-6 exam

Question #: 81
Topic #: 4

[All Series-6 Questions]

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

Aany transaction exceeding $10,000 in value.

Bany cash transaction exceeding $10,000.

Cany cash transaction exceeding $3,000.

Dany transaction exceeding $5,000.

Show Suggested Answer

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 Johnna at Jul 01, 2024, 12:05 PM

Limited Time Offer

25%

Off

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

Contribute your Thoughts:

Submit Cancel

Leonora

7 months ago

Clearly it's B. I mean, who has time to file a report for every $5,000 transaction?

upvoted 0 times

Candida

6 months ago

B is the correct answer, it's a way to prevent money laundering and other illegal activities.

upvoted 0 times

...

Destiny

6 months ago

I think it's important to follow the regulations and report any cash transaction exceeding $10,000.

upvoted 0 times

...

Felix

6 months ago

Yeah, it would be too much paperwork to report every $5,000 transaction.

upvoted 0 times

...

Trina

7 months ago

I agree, it's definitely B. $10,000 is the threshold for reporting.

upvoted 0 times

...

Fidelia

7 months ago

I believe it's B) any cash transaction exceeding $10,000, as cash transactions are usually the focus for reporting.

upvoted 0 times

...

Peggie

7 months ago

I'm not sure, but I think it's A) any transaction exceeding $10,000 in value.

upvoted 0 times

...

Antonio

7 months ago

I agree with Dan, because that's the threshold set by the Treasury Department.

upvoted 0 times

...

Avery

7 months ago

Hah, I bet the broker-dealer wishes they could just ignore anything under $100,000. What a hassle!

upvoted 0 times

Heidy

5 months ago

Lauran: True, better safe than sorry.

upvoted 0 times

...

Lauran

6 months ago

Yeah, but it's necessary to prevent money laundering and other illegal activities.

upvoted 0 times

...

Danica

6 months ago

I know, it must be a lot of paperwork to file those reports.

upvoted 0 times

...

Carolann

6 months ago

C) any cash transaction exceeding $3,000.

upvoted 0 times

...

Keshia

6 months ago

B) any cash transaction exceeding $10,000.

upvoted 0 times

...

Mirta

7 months ago

A) any transaction exceeding $10,000 in value.

upvoted 0 times

...

Dianne

8 months ago

I'm going with C. $3,000 seems like a more reasonable threshold for reporting.

upvoted 0 times

Enola

7 months ago

I agree with you, B is the correct answer. It's any cash transaction exceeding $10,000.

upvoted 0 times

...

Jackie

7 months ago

I think it's actually B. The threshold is $10,000 for reporting.

upvoted 0 times

...

Dan

8 months ago

I think the answer is B) any cash transaction exceeding $10,000.

upvoted 0 times

...

Thea

8 months ago

Definitely B. Gotta keep an eye on those big cash transactions, am I right?

upvoted 0 times

...

Lawana

8 months ago

I think the correct answer is B. The broker-dealer is required to file a Currency Transaction Report for any cash transaction exceeding $10,000.

upvoted 0 times

Percy

7 months ago

B: That makes sense, thanks for clarifying!

upvoted 0 times

...

Laila

8 months ago

A: I agree, the correct answer is B. It's for any cash transaction exceeding $10,000.

upvoted 0 times

...