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Finra Series-6 Exam - Topic 8 Question 58 Discussion

Ms. Newbie's client, Mr. Nomad, has decided that he wants to go on an extended backpack trip through the Amazon. Since he'll be out of touch, he has given a friend of his limited power attorney to act on his behalf. Based on this, Mr. Nomad's friend can:i. present Ms. Newbie with an order to purchase securities on Mr. Nomad's behalf.ii. present Ms. Newbie with an order to sell securities on Mr. Nomad's behalf.iii. request a check be issued to him so that he can send Mr. Nomad some money.
B) I and II only
A) I only
C) I, II, and III
D) none of the above. Only a relative can hold a power of attorney to engage in financial transactions for the grantor.

Finra Series-6 Exam - Topic 8 Question 58 Discussion

Actual exam question for Finra's Series-6 exam
Question #: 58
Topic #: 8
[All Series-6 Questions]

Ms. Newbie's client, Mr. Nomad, has decided that he wants to go on an extended backpack trip through the Amazon. Since he'll be out of touch, he has given a friend of his limited power attorney to act on his behalf. Based on this, Mr. Nomad's friend can:

i. present Ms. Newbie with an order to purchase securities on Mr. Nomad's behalf.

ii. present Ms. Newbie with an order to sell securities on Mr. Nomad's behalf.

iii. request a check be issued to him so that he can send Mr. Nomad some money.

Show Suggested Answer Hide Answer
Suggested Answer: B

Mr. Nomad's friend can engage in the activities described in Selections I and II only. A limited power of attorney gives Mr. Nomad's friend the authority to buy and sell securities on Mr. Nomad's behalf, but not to make any cash withdrawals. He would need a full power of attorney to be able to do so.


by Rickie at Mar 28, 2023, 07:41 PM

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Cordell
7 months ago
I agree, C seems right! He should be able to do all three.
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Delila
7 months ago
Power of attorney covers all those actions if it's properly set up.
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Lucina
8 months ago
Wait, can a friend really handle all that? Sounds risky!
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Penney
8 months ago
I think he can only do the first two, not the money thing.
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Ailene
8 months ago
Mr. Nomad's friend can definitely buy and sell securities for him.
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Pearly
8 months ago
I thought only family members could hold power of attorney for financial transactions, but I might be mixing that up with something else.
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Crista
8 months ago
This question feels familiar! I think I practiced a similar one where the powers were more restricted.
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My
8 months ago
I think the friend can definitely sell and buy securities, but I'm a bit hazy on whether they can request a check.
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Gertude
8 months ago
I remember discussing limited power of attorney in class, but I'm not entirely sure if it covers all those actions.
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Timothy
8 months ago
Okay, let me think this through. The total dose is 0.9mg/kg for a 68kg patient, so that's 61.2mg. The bolus is 10% of that, which is 6.12mg. The infusion is the remaining 90%, which is 55.08mg. With a concentration of 1mg/ml, that means the bolus is 6.12ml and the infusion is 55.08ml. I'm pretty confident in my answer, but I'll double-check the math just to be sure.
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Tasia
9 months ago
The root partition (/) is usually the best choice for the largest partition when installing Linux. That's where the majority of the system files and applications will be stored.
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