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Investment Company and Variable Contracts Products Representative Qualification Examination (IR)

Here you have the best FINRA Series 6 practice exam questions

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  • These questions were last updated on May 23, 2026
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Question 1 of 325

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

Answer

Suggested Answer

The suggested answer is D.

Stocks that are listed on exchange floors are also traded in the over-the-counter market. The term "third market" refers to over-the-counter trading of listed stocks. All types of securities-stocks, bonds, options, warrants, rights-trade over the counter. The over-the-counter market is a negotiated market, not an auction market.
Question 2 of 325

Which of the following is not an auction market?

Answer

Suggested Answer

The suggested answer is A.

NASDAQ is not an auction market. NASDAQ is a computerized system of geographically dispersed securities dealers. As such, it is a negotiated market. The NYSE (New York Stock Exchange) and the CHX (Chicago Stock Exchange) are both auction markets.
Question 3 of 325

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

Answer

Suggested Answer

The suggested answer is B.

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 4 of 325

Which of the following statements about specialists is false?

Answer

Suggested Answer

The suggested answer is C.

The statement that specialists are employees of the exchange on which they oversee trades is false. Specialists are separate firms that are members of the exchange. Specialists are market makers in the stocks that are assigned them by the exchange and can earn profits (or losses) on these investments, just like any other market maker. They are required to maintain a fair and orderly market in their assigned stocks, however, which means they sometimes must trade against the market. They also maintain a central limit order "book" in their assigned stocks.
Question 5 of 325

NASDAQ market makers provide investors with assurance that:

Answer

Suggested Answer

The suggested answer is A.

NASDAQ market makers provide investors with assurance that there is a market for the listed security by posting bid and ask prices for it. There is no guarantee, however, that the investor will be able to buy or sell the security at the price he desires or that the investment is high quality and low risk.

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