Series 6 Quick Quiz – Time-Based Practice

🧾 Series 6 Quick Quiz – Time-Based Practice
📘 Sharpen Your Speed and Accuracy for the Series 6 Exam

The Series 6 exam gives you 135 minutes to answer 50 scored questions (plus 5 unscored). That’s about 2.5 minutes per question. This 10-question quiz is designed to train your time management and test recall under mild pressure.

✅ Instructions:

• Set a timer: 25 minutes total (2.5 minutes per question × 10)
• Don’t pause. Simulate real test conditions.
• Record your answers, then check against the key and explanations.

🔢 Series 6 Quick Quiz (10 Questions)

1. Which of the following products may a Series 6 representative NOT sell?
A) Variable annuities
B) Mutual funds
C) Corporate bonds
D) UITs (unit investment trusts)

2. When must the customer receive the mutual fund prospectus?
A) At the time of order execution
B) Prior to the sale confirmation
C) At or before the trade settlement
D) No later than the confirmation of the transaction

3. A breakpoint sale occurs when:
A) An investor reaches a minimum investment amount and receives a discount
B) A representative splits investments to avoid applying a breakpoint
C) A mutual fund changes share classes
D) A load is reduced due to a rollover

4. What document is used to disclose fees and charges in a variable annuity?
A) Summary prospectus
B) Contract adjustment sheet
C) Statement of additional information
D) Prospectus

5. Which type of mutual fund share class typically has a back-end load?
A) Class A
B) Class B
C) Class C
D) No-load

6. A customer contributes after-tax dollars to a non-qualified annuity. How are distributions taxed?
A) Entire distribution is tax-free
B) Entire distribution is taxed as income
C) Earnings are taxed; return of principal is not
D) All distributions taxed at capital gains rates

7. Which of the following investments guarantees principal and a fixed return?
A) Variable annuity
B) Mutual fund
C) Fixed annuity
D) ETF

8. What is the primary regulatory body overseeing mutual fund advertising?
A) FINRA
B) SEC
C) SIPC
D) MSRB

9. What is the maximum allowable front-end load for a mutual fund under FINRA rules?
A) 4.5%
B) 5.75%
C) 8.5%
D) 10%

10. A customer wants to withdraw from a variable annuity during the surrender period. What may apply?
A) Market value adjustment
B) Sales charge
C) Surrender charge
D) Tax-deductible penalty

🧠 Answer Key + Explanations

1. ✅ C – Series 6 license holders may not sell individual securities like corporate bonds.
2. ✅ D – Mutual fund prospectus must be delivered no later than confirmation.
3. ✅ B – A breakpoint sale is an unethical practice where reps avoid applying the sales charge discount.
4. ✅ D – All fees and features of variable annuities are in the prospectus.
5. ✅ B – Class B shares have a contingent deferred sales charge (CDSC), or back-end load.
6. ✅ C – Only earnings are taxable; after-tax principal is returned tax-free.
7. ✅ C – Only fixed annuities offer guaranteed principal and return.
8. ✅ A – FINRA oversees advertising and communications with the public.
9. ✅ C – The maximum front-end load is 8.5%, if breakpoints and reinvestment privileges exist.
10. ✅ C – Variable annuities often impose a surrender charge during the early years.

📊 Scoring

• 9–10 correct: Excellent timing and content mastery
• 7–8 correct: Strong, but sharpen product rules and ethics
• 5–6 correct: Review fee structures and regulations
• <5 correct: Revisit foundational materials and retest under time

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Prep smart. Time yourself. Pass confidently.