Series 6 Practice and Mastery Exam | Questions & Answers (100 %Score) Latest Updated
2024/2025 Comprehensive Questions A+ Graded Answers | 100% Pass
Your client retired from his job three years ago and placed all of the proceeds of his 401(k) distribution
into a rollover IRA at his local bank. He is unhappy with his return and wishes to transfer the funds to an
IRA at your broker/dealer. Which of the following statements regarding this situation is TRUE? - Trustee-
to-trustee transfers do not incur any tax consequences.
A 50-year-old widow uses the proceeds of her late husband's life insurance policy to purchase a single
premium variable annuity in the amount of $100,000. Five years later, when the account is valued at
$130,000, she withdraws $50,000. If she is in the 25% tax bracket, what is the total tax due on the
withdrawal? - c) $17,500
50,000 x 0.25 = $12,500 (tax bracket)
plus
50,000 x 0.10 = $5,000 (penalty)
total: $17,500
If an investor has purchased an immediate variable annuity, which of the following statements best
describe the investment? - I.It was a lump-sum purchase.
III.Distributions to the annuitant will fluctuate during the payout period.
In constructing a profile for your customer, you wish to assemble information on both financial and
nonfinancial investment considerations that affect your customer. Which of the following qualify as
financial investment considerations? - III.Your customer's liquid net worth
IV.Your customer's monthly credit card payments
Funds that comply with Subchapter M are known as - regulated investment companies
Distributions from net investment income paid to shareholders by an investment company meeting the
requirements to be a regulated investment company are -
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