FINRA Series6 : Investment Company and Variable Contracts Products Representative Examination (IR)

  • Exam Code: Series6
  • Exam Name: Investment Company and Variable Contracts Products Representative Examination (IR)
  • Updated: Aug 10, 2026   Q&As: 325 Questions and Answers

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FINRA Series6 Exam Syllabus Topics:
SectionWeightObjectives
Topic 1: Obtains and Verifies Customers' Purchase and Sales Instructions10%- Order processing and transaction procedures
  • 1. Settlement and trade verification
    • 2. Order entry and confirmation
      Topic 2: Seeks Business for the Broker-Dealer from Customers and Potential Customers24%- Prospecting and communication with clients
      • 1. Ethical sales practices and communications rules
        • 2. Marketing investment company products
          Topic 3: Opens Accounts After Obtaining and Evaluating Customer Financial Profile16%- Customer account types and documentation
          • 1. Account registration and ownership types
            • 2. Suitability and KYC requirements
              Topic 4: Provides Customers with Information About Investments50%- Investment company securities and variable contracts
              • 1. Mutual funds and ETFs characteristics
                • 2. Variable annuities and insurance-based products
                  • 3. Risks, disclosures, and performance reporting
                    FINRA Investment Company and Variable Contracts Products Representative Examination (IR) Sample Questions:

                    1. The Howey Decision did what?

                    A) defined an investment contract as any investment of money in a common enterprise with the
                    expectation of earning a profit from the efforts of others.
                    B) provided for fixed annuities to be excluded from the definition of a security.
                    C) stipulated that all general partnerships were investment contracts and, therefore, securities, as defined
                    by the Securities Exchange Act of 1934.
                    D) determined that certificates of deposit issued by a bank and insured by the FDIC did not qualify as
                    securities, as defined by the Securities Exchange Act of 1934.


                    2. In order for the Invest4U Mutual Fund to qualify as a regulated investment company under Internal
                    Revenue Code Subchapter M, it must:

                    A) Both A and B are required for Invest4U to qualify as a regulated investment company.
                    B) distribute at least 98% of its net income from capital gains to its shareholders.
                    C) invest at least 75% of its monies in diversified securities.
                    D) distribute at least 90% of its net investment income to its shareholders.


                    3. MoeMoney Investments is a diversified management company. This means that:

                    A) it must be invested in a variety of industries and geographic regions.
                    B) it may invest no more than 5% of its investment monies in one issuer.
                    C) it is a mutual fund.
                    D) it is a closed-end company.


                    4. Mr. Fast Lane met an early death at the age of 42. Mr. Lane had been making contributions to a variable
                    annuity contract for several years, and at the time of his death, his contributions totaled $25,000.Although
                    the value of the contract had at one time reached $40,000, earnings included, a downturn in the market
                    has resulted in a contract value of only $23,000.How much will Mr. Lane's beneficiaries receive as the
                    death benefit associated with this contract under these circumstances?

                    A) the average of what its value once was and what it is today: $31,500
                    B) nothing, since the contract now has a value that is less than Mr. Lane's total contributions
                    C) $25,000
                    D) $23,000


                    5. Which of the following bonds would not be considered investment grade?

                    A) a general obligation bond with an AA rating.
                    B) a municipal bond with a BB rating.
                    C) a debenture with an A rating.
                    D) a corporate bond with a BBB rating.


                    Solutions:

                    Question # 1
                    Answer: A
                    Question # 2
                    Answer: A
                    Question # 3
                    Answer: B
                    Question # 4
                    Answer: C
                    Question # 5
                    Answer: B

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