Finra Exam Series-6 Topic 6 Question 83 Discussion

Actual exam question for Finra's Series-6 exam

Question #: 83
Topic #: 6

[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 Rosendo at Jul 15, 2024, 11:17 PM

Limited Time Offer

25%

Off

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

Contribute your Thoughts:

Submit Cancel

Stefania

7 months ago

Haha, the government really has their eye on those cash transactions, don't they? Better not try to sneak anything past them!

upvoted 0 times

Blossom

6 months ago

Tiera: It's important to follow the rules and report any transactions over $10,000.

upvoted 0 times

...

Tiera

6 months ago

Definitely, they want to prevent money laundering and illegal activities.

upvoted 0 times

...

Orville

6 months ago

Yeah, they're serious about tracking large cash transactions.

upvoted 0 times

...

Jonelle

7 months ago

I agree with Adelle. The key here is that it's any cash transaction, not just any transaction in general.

upvoted 0 times

Xenia

6 months ago

D: I agree, it's better to be safe than sorry when it comes to compliance.

upvoted 0 times

...

Micaela

6 months ago

C: Absolutely, it's crucial to follow the rules and regulations to avoid any issues.

upvoted 0 times

...

Corinne

6 months ago

B: That makes sense, it's important to pay attention to the specific wording in these regulations.

upvoted 0 times

...

Roslyn

6 months ago

A: B) any cash transaction exceeding $10,000.

upvoted 0 times

...

Precious

7 months ago

Actually, I think Jordan might be right. It could be based on transaction value, not just cash.

upvoted 0 times

...

Adelle

7 months ago

Option B is the correct answer. Cash transactions exceeding $10,000 must be reported to the Treasury Department.

upvoted 0 times

Jarod

6 months ago

C: That's correct. It's important to report those transactions to the Treasury Department.

upvoted 0 times

...

Gary

6 months ago

B: I believe it's any cash transaction exceeding $10,000.

upvoted 0 times

...

Hyun

6 months ago

A: So, what do you think the broker-dealer is required to file a Currency Transaction Report for?

upvoted 0 times

...

Daryl

6 months ago

A: Absolutely, compliance is key in the financial industry.

upvoted 0 times

...

Reita

6 months ago

B: Good to know. It's important to follow regulations.

upvoted 0 times

...

Goldie

7 months ago

A: Option B is correct. Cash transactions over $10,000 must be reported.

upvoted 0 times

...

Jordan

7 months ago

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

upvoted 0 times

...

Mose

7 months ago

I agree with Precious, because that's the threshold for reporting cash transactions.

upvoted 0 times

...

Precious

7 months ago

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

upvoted 0 times

...