Securities Industry Essentials (SIE) – Study Guide Exam And Actual Answers.

Which of the following considerations should a registered representative explain to a customer when recommending a 529 savings plan? Answers: A) The potential deductibility of contributions from state taxes B) The potential deductibility of contributions from federal taxes C) The income eligibility restrictions to contribute to the account D) The rights of the account beneficiary to the assets at the age of majority - Answer Correct Answer: A) The potential deductibility of contributions from state taxes A transaction in which a writer covers a position by purchasing an option is called: Answers: A) A closing sale B) A closing purchase C) An opening sale D) An opening purchase - Answer Correct Answer: B) A closing purchase UTMA accounts are opened under the tax ID of the: Answers: A) Minor B) Donor C) Parent D) Custodian - Answer Correct Answer: