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Practice Finra Series-6 Exam Questions

1. Page: 1/65
  Total 325 Questions
Question No 1

Which of the following statements about the over - the - counter market is true?

Choose the Choices:

Only penny stocks are traded in the over - the - counter market.

Trades in the over - the - counter market are conducted via the auction process.

Only bonds and other debt instruments are traded in the over - the - counter market.

Stocks that are listed on exchange floors are also traded in the over - the - counter market.

D
Question No 2

Which of the following is not an auction market?

Choose the Choices:

NASDAQ

NYSE

CHX

All of the above are auction markets

A
Question No 3

The entity that serves as the auctioneer for trades conducted on an organized exchange floor is known as a:

Choose the Choices:

registered trader.

specialist.

floor broker.

commission broker. Answer: B Explanation: The entity that serves as the auctioneer for trades conducted on an organized exchange floor is known as a specialist. The specialist is assigned stocks by the exchange and is a market maker in those stocks. A registered trader is a private individual who buys and sells on his own account only. Floor brokers and commission brokers execute trades for other investors.
Question No 4

Which of the following statements about specialists is false?

Choose the Choices:

Specialists are market makers in assigned stocks and, as such, can profit from these investments.

Specialists are required to maintain a fair and orderly market in their assigned stocks, meaning that they must buy if there is an excess of sell orders and sell out of their own portfolios if there is an excess of buy orders.

Specialists are employees of the exchange on which they oversee trades.

In addition to acting as market makers, specialists also act as agents and execute limit orders placed by commission brokers for their clients if the specified price is reached.

C
Question No 5

NASDAQ market makers provide investors with assurance that:

Choose the Choices:

there is a market for the listed security.

the investor will be able to buy or sell the security at a price he desires.

the investor will be investing in a high quality investment with relatively low risk.

NASDAQ market makers provide investors with no assurance whatsoever. It is “buyer beware.”

A
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