Practice Quiz

FINRA Series 6

Category - Series 6

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Which of the following statements about mutual funds is false?
  1. Mutual funds may be organized as corporations, statutory trusts, or partnerships.
  2. Mutual funds are organized under state law.
  3. Mutual funds issue redeemable shares.
  4. Mutual funds may be either actively or passively managed.
Explanation
Answer: A - The false statement is that mutual funds may be organized as corporations, statutory trusts, or partnerships. Mutual funds may be organized only as corporations or statutory (business) trusts.
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