Securities Licensing Test Flashcards
6 cards from real Investment practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Securities Licensing Test flashcards as text
The Series 66 license combines the content of which two exams?
Answer: Series 63 and Series 65
The Series 66 (Uniform Combined State Law Examination) combines the content of the Series 63 and Series 65 exams.
Which license is specifically required to sell variable annuities and variable life insurance products?
Answer: Series 6
The Series 6 (Investment Company and Variable Contracts Products Representative) license is required to sell mutual funds, variable annuities, and variable life insurance.
What does NASAA stand for in the context of securities licensing?
Answer: North American Securities Administrators Association
NASAA stands for the North American Securities Administrators Association, which represents state and provincial securities regulators.
A broker-dealer principal who supervises registered representatives must hold which license?
Answer: Series 24
The Series 24 (General Securities Principal) license is required to manage or supervise the investment banking or securities business of a FINRA member firm.
How many continuing education credits must most FINRA-registered representatives complete annually?
Answer: Firm Element CE is annual; Regulatory Element is every 3 years
FINRA's CE program includes a Regulatory Element (required at set intervals) and a Firm Element (annual training determined by the firm).
Which US regulation requires broker-dealers to maintain records of all securities transactions for a minimum of three years?
Answer: SEC Rule 17a-4
SEC Rule 17a-4 specifies the record retention requirements for broker-dealers, requiring preservation of most records for at least three years.