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FINRA Series 6 (Investment Company and Variable Contracts Products Representative)

First published: September 12, 2026Bank updated: September 12, 2026Published by CertQuestUSA · review process
TL;DR

FINRA Series 6 (Investment Company and Variable Contracts Products Representative): a 300-question practice bank for the real Securities & Investment Licensing standard, 6 full papers of 50 questions each with no repeats, every question citing the real regulation it comes from.

Where these questions come from

Every question in this bank cites a real source -- primarily FINRA Rule (55%) and SEA Rule (9%) of this exam's citations.

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6
full papers, no repeats
50
questions per paper
300
questions in the bank
What this exam covers
5 real sample questions
A customer invests $300 per month in a fund. Over three months the purchase prices are $10, $12, and $15 per share. What is her average cost per share?
A. $12.00
B. $12.33
C. $12.50
D. $11.00
Show answer and reasoning

Correct answer: A. $12.00

Dollar cost averaging buys 30, 25, and 20 shares for $900 total; $900 / 75 shares = $12.00 average cost, which is below the $12.33 average price because more shares are bought when prices are low.

  • B: $12.33 is the simple average of the three prices, not the average cost.
  • C: $12.50 does not follow from the purchases.
  • D: $11.00 understates the cost.
Source: FINRA Rule 2111
A closed-end fund has a NAV of $20.00 and trades on the exchange at $18.00. How is the fund priced relative to NAV?
A. At NAV
B. At a 11.1% premium
C. At a 10% premium
D. At a 10% discount
Show answer and reasoning

Correct answer: D. At a 10% discount

The market price is $2.00 below a $20.00 NAV, and $2.00 / $20.00 = 10% discount; closed-end shares trade on supply and demand rather than at NAV.

  • A: Closed-end funds rarely trade exactly at NAV.
  • B: 11.1% results from dividing by the market price instead of NAV.
  • C: A premium exists when the market price exceeds NAV; here the price is below NAV.
Source: FINRA Rule 2111
An annuitant's variable payout is based on a 5% AIR. If the separate account earns 3% in a month, what happens to the following payment?
A. It remains level
B. It doubles
C. It decreases
D. It increases
Show answer and reasoning

Correct answer: C. It decreases

When the actual return (3%) falls below the assumed interest rate (5%), the annuity unit value declines and the next payment is lower, even though the account earned a positive return.

  • A: Level payments occur only when the return equals the AIR.
  • B: Payments never double based on a single month's return.
  • D: An increase requires actual return above the AIR.
Source: FINRA Rule 2330
What role does the assumed interest rate play in a variable annuity?
A. It is the maximum return the separate account may earn
B. It is the rate the insurer guarantees to pay
C. It is a conservative earnings assumption used to compute the first annuity payment and serves as the benchmark against which actual returns are measured
D. It is the surrender charge rate
Show answer and reasoning

Correct answer: C. It is a conservative earnings assumption used to compute the first annuity payment and serves as the benchmark against which actual returns are measured

The AIR is an actuarial assumption built into the initial payment; subsequent payments rise or fall depending on whether actual separate account performance exceeds or falls short of the AIR.

  • A: The AIR does not cap returns.
  • B: The AIR is not a guarantee; variable payouts are not guaranteed.
  • D: Surrender charges are unrelated.
Source: FINRA Rule 2330
A 68-year-old customer wants the largest possible monthly payment from her variable annuity and has no dependents. Which payout option provides the highest payment?
A. Life only (straight life)
B. Life with 20-year period certain
C. Unit refund
D. Joint and last survivor
Show answer and reasoning

Correct answer: A. Life only (straight life)

A life only annuity pays only for the annuitant's lifetime with no guarantee to beneficiaries, so it carries the greatest risk to the annuitant and provides the largest monthly payment.

  • B: A period certain guarantee reduces the payment because the insurer must pay for at least 20 years.
  • C: A unit refund option guarantees remaining value to a beneficiary, lowering the payment.
  • D: Joint and last survivor covers two lives and therefore pays the least per month.
Source: FINRA Rule 2330

Frequently asked questions

How many questions are on the CertQuestUSA FINRA Series 6 (Investment Company and Variable Contracts Products Representative) practice test?
300 questions total, split into 6 full papers of 50 each with no repeats across papers.
What topics does the FINRA Series 6 (Investment Company and Variable Contracts Products Representative) test cover?
4 domains, with the heaviest weight on Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records (50%), Seeks Business for the Broker-Dealer from Customers and Potential Customers (24%), and Opens Accounts After Obtaining and Evaluating Customers' Financial Profile and Investment Objectives (16%).
Where do CertQuestUSA's FINRA Series 6 (Investment Company and Variable Contracts Products Representative) questions come from?
Primarily FINRA Rule (55%) and SEA Rule (9%) of this bank's citations -- computed directly from this exam's own question sources, not a generic description.
Is there a free diagnostic for FINRA Series 6 (Investment Company and Variable Contracts Products Representative)?
Yes -- 10 real questions across the exam's domains, no sign-up required, with a domain-by-domain breakdown at the end.
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