SIE practice questionmediumAccount Types
Which type of account would most likely be established for a minor child with a parent as custodian?
- AJoint tenants with rights of survivorship (JTWROS) account
- BMargin account
- CCustodial account✓ Correct answer
- DIndividual retirement account (IRA)
Explanation
Why C — Custodial account
Only a custodial account can be opened for a minor with an adult custodian. Minors cannot legally own margin or retirement accounts.
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