SIE practice questioneasyAccount Types
A Uniform Gifts to Minors Account (UGMA) is an example of what type of account?
- AOptions account
- BMargin account
- CCustodial account✓ Correct answer
- DRetirement account
Explanation
Why C — Custodial account
UGMA accounts are custodial accounts managed by an adult for a minor. They cannot be margin, options, or retirement accounts.
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