SIE practice questioneasyAccount Types
A customer wishes to open an account for their 13-year-old child to start investing in stocks. What type of account should be opened?
- AIndividual retirement account (IRA)
- BMargin account
- COptions account
- DCustodial account✓ Correct answer
Explanation
Why D — Custodial account
A custodial account allows an adult to open and manage an account for a minor. Minors cannot open margin, options, or IRAs on their own.
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