SIE practice questioneasyAccount Types
Which account type is suitable for an adult managing funds on behalf of a minor?
- AUGMA/UTMA account✓ Correct answer
- BMargin account
- COptions account
- D529 account
Explanation
Why A — UGMA/UTMA account
UGMA/UTMA accounts are custodial accounts established by an adult for the benefit of a minor. Margin and options accounts are not available to minors, and 529 accounts are educational savings plans, not general-purpose custodial accounts.
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