Series 6 Study Guide PDF (2026): Plain-English, Instant Download
A plain-English Series 6 study guide, written so you understand the material instead of memorizing it. Every one of the exam's units gets its own chapter: the big picture first, then the specific traps the exam tests - not a wall of definitions.
What is inside
| Units covered | 5 of 5 - every unit on the exam |
|---|---|
| Length | 44 pages |
| Format | Instant-download PDF, plain English throughout |
Page and unit counts pulled straight from the delivered file, not marketing copy.
What you can miss on the real exam
You can miss about 15 of the 50 scored questions on the Series 6 and still pass - the passing score is 70%. That is real margin to build into a study plan, not a reason to skip units.
See the level of detail
These are real questions from our Series 6 system, written in the same plain-English voice as the study guide - a taste of what "understand it, don't memorize it" looks like in practice:
Unit 1 - Securities and Markets
Which statement most accurately describes the priority of claims if a corporation is liquidated?
A)Common stockholders are paid before preferred stockholders
This reverses the order; common stockholders have the most junior claim and are paid last.
B)Secured creditors are paid before preferred stockholders, who are paid before common stockholders
The liquidation priority runs secured creditors, then general (unsecured) creditors, then preferred stock, then common stock, so this ordering is correct.
C)Preferred stockholders are paid before secured bondholders
All debt holders, including secured bondholders, are paid before any equity holders, so preferred stock cannot come first.
D)All equity holders are paid before any debt holders
Debt (creditor) claims always rank ahead of equity claims in a liquidation.
Unit 2 - Investment Companies and Investment Taxation
A nondividend distribution (return of capital) from a mutual fund:
A)Is not currently taxable but reduces the shareholder's cost basis
Correct - a return of capital is treated as a return of the investor's own money; it is not taxed now but lowers basis, increasing potential gain at sale.
B)Is taxed immediately as ordinary income
Wrong - a return of capital is not income; it is a return of the investor's principal and is not currently taxable.
C)Increases the shareholder's cost basis
Wrong - a return of capital DECREASES basis; reinvested taxable distributions are what increase basis.
D)Is always tax-free with no effect on basis
Wrong - while not currently taxed, it does affect basis by reducing it, so there is a tax consequence later at sale.
Unit 4 - Investment Recommendations
A company's balance sheet shows current assets of $1,500,000, fixed assets of $2,500,000, and total liabilities of $1,800,000. What is the company's net worth (owners' equity)?
A)$4,000,000
This adds total assets but ignores liabilities; net worth requires subtracting what the company owes.
B)$2,200,000
Total assets ($1,500,000 + $2,500,000 = $4,000,000) minus liabilities ($1,800,000) equals net worth of $2,200,000.
C)$700,000
This subtracts liabilities from current assets only, omitting the fixed assets that also belong on the assets side.
D)$5,800,000
This adds liabilities to assets; the balance sheet equation subtracts liabilities from assets to find net worth.