SIE (Securities Industry Essentials) Practice Exam

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UTMA accounts are opened under the tax ID of the:

Minor
Custodian
Parent
Financial advisor

The correct answer is: Minor

An UTMA account stands for Uniform Transfer to Minors Act account, which is a type of investment account that can be opened for minors under the age of 18. The account is registered under the minor's tax ID, making them the owner of the account. This is why A, or minor, is the correct answer. The other options, such as B Custodian, C: Parent, and D: Financial advisor, are not correct because they are not the registered owner of the account. The custodian, parent, and financial advisor may be the ones responsible for managing the account, but they do not have ownership of it.