The Federal Reserve wants to slow an overheating economy and bring inflation down. Which action is contractionary monetary policy?
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Det her er en gratis Series 65-øveprøve med 15 spørgsmål, skrevet af StudyPDF-teamet ud fra NASAA's offentliggjorte indholdsoversigt for Uniform Investment Adviser Law Examination. Den berører alle fire fagområder: økonomiske faktorer, investeringsprodukter, anbefalinger og strategier til kunder samt de love og den etik, der gælder for investeringsrådgivere (investment advisers). Du møder multiple choice, vælg alle der passer og udfyld det tomme felt, blandt andet nogle korte beregninger. Svar på alle 15 spørgsmål, se så din score og læs forklaringen til hvert spørgsmål. Intet her er juridisk rådgivning, skatterådgivning eller investeringsrådgivning.
Alle 15 spørgsmål i overblik
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1.The Federal Reserve wants to slow an overheating economy and bring inflation down. Which action is contractionary monetary policy?
- A. Buying Treasury securities in the open market
- B. Lowering the reserve requirement for banks
- C. Selling Treasury securities in the open market
- D. Cutting the federal funds rate target
Svar: C. Selling Treasury securities in the open market
Selling Treasuries pulls cash out of the banking system, which shrinks the money supply and pushes interest rates up. Borrowing gets more expensive and demand cools. Buying securities, lowering reserve requirements and cutting the rate target all add money or make it cheaper, which is expansionary. Fiscal policy is a different tool, taxing and spending decided by Congress and the President, not the Fed.
2.Complete the sentence.
A stock has a beta of 1.2. The risk-free rate is 3 percent and the expected return on the market is 9 percent. The CAPM expected return on the stock is _____ percent.
Muligheder for felt 1: 9.0, 10.2, 10.8, 12.0
Svar: 10.2
The Capital Asset Pricing Model is expected return = risk-free rate + beta x (market return - risk-free rate). That is 3 + 1.2 x (9 - 3) = 3 + 7.2 = 10.2 percent. The 10.8 option comes from multiplying beta by the full market return and forgetting the risk-free rate, and 9.0 treats the stock as if its beta were 1. Remember that beta captures only systematic risk, which is the only risk CAPM pays you for.
3.A closed-end fund has a net asset value of 20 dollars a share, but its shares trade on an exchange at 17.50. Which statement is correct?
- A. The fund must redeem shares from investors at 20 dollars
- B. The shares trade at a discount to NAV, which market supply and demand can cause
- C. The share price must equal the NAV at the close of every trading day
- D. The shares are priced once a day after the market closes
Svar: B. The shares trade at a discount to NAV, which market supply and demand can cause
A closed-end fund issues a fixed number of shares and does not redeem them. Investors trade the shares with each other on an exchange, so the price is set by supply and demand and can sit above NAV at a premium or below it at a discount. Here the discount is 2.50 on 20, or 12.5 percent. An open-end mutual fund is the opposite: it redeems at NAV and prices once a day.
4.Bond A has a duration of 7 and Bond B has a duration of 3. Market interest rates fall by 1 percentage point. Which result is the best estimate?
- A. Bond A rises about 7 percent and Bond B rises about 3 percent
- B. Bond A rises about 3 percent and Bond B rises about 7 percent
- C. Bond A falls about 7 percent and Bond B falls about 3 percent
- D. Both bonds rise about 1 percent
Svar: A. Bond A rises about 7 percent and Bond B rises about 3 percent
Duration estimates the percentage change in a bond's price for a 1 percentage point change in yield, in the opposite direction. Rates fell, so prices rise, and the bond with the longer duration moves more. That is about 7 percent for Bond A and 3 percent for Bond B. The estimate gets less accurate for big rate moves because price and yield are not perfectly linear.
5.Complete the sentence.
An investor in the 32 percent federal tax bracket owns a municipal bond yielding 4.0 percent. Ignoring state tax, a taxable bond must yield about _____ percent to match it after federal tax.
Muligheder for felt 1: 4.0, 5.3, 5.9, 12.5
Svar: 5.9
Tax-equivalent yield is the tax-free yield divided by (1 - the tax rate). That is 4.0 / 0.68 = about 5.9 percent. The 5.3 option multiplies 4.0 by 1.32, and 12.5 divides by the bracket instead of by one minus the bracket. The higher the client's bracket, the more a tax-free yield is worth, which is why muni bonds fit high-bracket clients and rarely fit clients in low brackets or in a tax-deferred account.
6.A client says she is comfortable with big market swings, but she plans to use the money for a home down payment in about 18 months. Which factor should weigh most heavily in the adviser's risk assessment?
- A. Her stated willingness to take risk, because the client's comfort level controls
- B. The adviser's own view of where the stock market is heading this year
- C. The expected return of the highest-yielding fund the firm offers
- D. Her ability to take risk, because a short horizon and a fixed need limit how much loss she can absorb
Svar: D. Her ability to take risk, because a short horizon and a fixed need limit how much loss she can absorb
Risk tolerance has two parts. Willingness is how a client feels about losses, and ability is what the client can afford to lose given the time horizon, liquidity needs and income. When the two conflict, the lower one governs the recommendation. Money needed in 18 months leaves little time to recover from a drop, so the portfolio should lean toward stability even though she says she is comfortable. A good adviser documents that conversation.
7.An adviser wants to judge a portfolio manager's skill fairly when clients make large deposits and withdrawals during the year. Which return measure best removes the effect of those cash flows?
- A. Dollar-weighted return
- B. Holding period return on the ending balance
- C. Time-weighted return
- D. Current yield
Svar: C. Time-weighted return
A time-weighted return splits the period at every cash flow and links the sub-period returns, so the size and timing of deposits and withdrawals do not change the result. That makes it the standard for comparing managers, who do not control when clients add or remove money. A dollar-weighted return, which is the internal rate of return, does reflect those cash flows, so it measures the client's own experience instead.
8.If the market is semi-strong form efficient, which approach could still produce consistently higher returns?
- A. Technical analysis of past price charts
- B. Trading on material nonpublic information
- C. Fundamental analysis of published financial statements
- D. Using public economic data to rotate between sectors
Svar: B. Trading on material nonpublic information
Semi-strong form efficiency says prices already reflect all public information, which includes past prices, financial statements and economic data. So technical analysis, fundamental analysis of public filings and sector rotation on public data should not beat the market consistently. Only information the market does not have could, and trading on material nonpublic information is illegal insider trading. Weak form covers only past prices, and strong form says even private information is already priced in.
9.Two business partners own a building as tenants in common, 60 percent and 40 percent. The 40 percent owner dies, and her will leaves everything to her daughter. What happens to her share?
- A. It passes under her will to her daughter, who becomes a co-owner with the surviving partner
- B. It passes automatically to the surviving partner, outside her will
- C. It is divided equally between the surviving partner and her daughter
- D. It is held by the state until a court names a new owner
Svar: A. It passes under her will to her daughter, who becomes a co-owner with the surviving partner
Tenants in common each own a separate share that can be unequal, and each owner can sell it, give it away or leave it by will. There is no right of survivorship. That is the difference from joint tenants with right of survivorship and tenancy by the entirety, where a deceased owner's interest passes automatically to the survivor and the will does not control it.
10.Which of the following duties apply to a fiduciary who has discretion over the assets of a retirement plan covered by ERISA?
Vælg alle, der passer.
- A. Act solely in the interest of plan participants and their beneficiaries
- B. Guarantee that no participant's account will lose value
- C. Diversify plan investments to reduce the risk of large losses, unless it is clearly prudent not to
- D. Follow the plan documents, to the extent they are consistent with ERISA
- E. Invest at least half of plan assets in the employer's stock
Svar: A. Act solely in the interest of plan participants and their beneficiaries, C. Diversify plan investments to reduce the risk of large losses, unless it is clearly prudent not to, D. Follow the plan documents, to the extent they are consistent with ERISA
ERISA fiduciaries owe four duties: loyalty to participants and beneficiaries, prudence, diversification, and following the plan documents when those are consistent with the law. None of them is a guarantee, because markets move and a fiduciary is judged on process, not results. ERISA does not call for holding employer stock either, and heavy concentration in it is a diversification problem, not a requirement.
11.Complete the sentence.
Spreading a portfolio across many unrelated holdings mainly reduces _____ risk, while _____ risk, such as a recession that hits the whole market, cannot be diversified away.
Muligheder for felt 1: systematic, unsystematic
Muligheder for felt 2: systematic, unsystematic
Svar: unsystematic, systematic
Unsystematic risk belongs to one company or sector, such as a failed product, a lawsuit or a credit downgrade, and holding many different securities spreads it out. Systematic risk hits the whole market, for example interest rate moves, recessions or inflation, so every holding feels it. Beta measures exposure to systematic risk, which is why CAPM pays investors only for that kind.
12.An adviser's firm receives revenue-sharing payments from a mutual fund company. The adviser wants to recommend that company's funds to clients. What does the fiduciary standard require?
- A. Disclosing the conflict fully and fairly, and recommending the funds only when they serve the client's best interest
- B. Nothing more, as long as the funds are suitable for the client
- C. Telling clients about the payments only if they ask how the firm is paid
- D. Avoiding the fund company entirely, since any conflict of interest is prohibited
Svar: A. Disclosing the conflict fully and fairly, and recommending the funds only when they serve the client's best interest
An adviser owes a duty of care and a duty of loyalty. Conflicts are not banned, but the adviser must disclose them in enough detail that a client can understand them and decide with that knowledge, and must still put the client's interest ahead of the firm's. Suitability alone is a lower bar. Waiting for the client to ask does not meet the duty to disclose, and a blanket ban goes further than the rule does.
13.Which statement about a federal covered investment adviser is correct?
- A. A state may require the firm to register and pass the state's own review
- B. It registers with the SEC, and a state may require a notice filing and a fee but may not require the firm to register
- C. It is exempt from state antifraud law
- D. It may not have clients in a state until that state approves its Form ADV
Svar: B. It registers with the SEC, and a state may require a notice filing and a fee but may not require the firm to register
Federal law splits advisers between the SEC and the states. A federal covered adviser registers with the SEC, and the state can ask for a notice filing and a fee but cannot make the firm register there. States keep their antifraud authority, so they can still investigate and act against fraud by a federal covered adviser. The size thresholds that decide which regulator an adviser belongs to are set by law and change over time, so check the current ones.
14.Which of the following would give an investment adviser custody of a client's funds or securities?
Vælg alle, der passer.
- A. Holding the client's securities itself
- B. Having authority to deduct advisory fees directly from the client's account
- C. Having discretionary authority to buy and sell in the client's account, with no ability to withdraw anything
- D. Serving as trustee of a trust that holds the client's assets
- E. Mailing the client a quarterly performance report
Svar: A. Holding the client's securities itself, B. Having authority to deduct advisory fees directly from the client's account, D. Serving as trustee of a trust that holds the client's assets
Custody means holding client assets directly or having the ability to get at them. Holding them, deducting fees from the account and serving as trustee all qualify. Trading authority by itself is not custody, because the adviser cannot take the money out, and sending a report certainly is not. An adviser with custody generally has to keep client assets with a qualified custodian such as a bank or broker-dealer, make sure clients receive account statements from it at least quarterly, and disclose the custody on Form ADV.
15.Which of the following are consistent with an investment adviser's fiduciary duty?
Vælg alle, der passer.
- A. Buying a stock for the adviser's own account just ahead of a large client order in the same stock
- B. Allocating a block trade among client accounts under a fair policy stated in advance
- C. Recommending an investment mainly because it pays the adviser a higher commission, without telling the client
- D. Paying a higher commission for research that benefits clients, when the adviser decides in good faith the cost is reasonable and discloses the practice
- E. Seeking the best overall execution for client trades, not just the lowest commission
Svar: B. Allocating a block trade among client accounts under a fair policy stated in advance, D. Paying a higher commission for research that benefits clients, when the adviser decides in good faith the cost is reasonable and discloses the practice, E. Seeking the best overall execution for client trades, not just the lowest commission
Trading ahead of a client order is front running, and recommending a product for the adviser's higher pay without disclosure hides a conflict. Both put the adviser first. A written allocation policy treats clients fairly, and best execution looks at price, speed, certainty and total cost, not commission alone. Soft dollar research is allowed inside the safe harbor in the federal securities laws when the adviser decides in good faith that the cost is reasonable for the value received and the practice is disclosed.
Hvad Series 65 spørger om, og hvordan den scores
Series 65 er Uniform Investment Adviser Law Examination. NASAA, North American Securities Administrators Association, skriver den, og FINRA afvikler den. Ifølge FINRA har eksamen 130 scorede spørgsmål plus 10 uscorede, du får 180 minutter, og du skal svare rigtigt på mindst 92 af de 130 scorede spørgsmål for at bestå. Det er cirka 70,8 procent. De 10 uscorede spørgsmål er testspørgsmål, og du kan ikke se, hvilke det er, så behandl hvert spørgsmål, som om det tæller.
NASAA offentliggør indholdsoversigten, og den deler eksamen i fire områder. Økonomiske faktorer og forretningsinformation udgør 15 procent, cirka 20 spørgsmål. Investeringsprodukters egenskaber udgør 25 procent, cirka 32 spørgsmål. Investeringsanbefalinger og strategier til kunder udgør 30 procent, cirka 39 spørgsmål. Love, regler og retningslinjer, herunder forbuddet mod uetisk forretningspraksis, udgør også 30 procent, cirka 39 spørgsmål. Seks ud af ti spørgsmål handler altså om at rådgive kunder og om reglerne omkring det, og kun en mindre del er produktviden.
Gebyret, tidsvinduet for at booke og reglerne for, hvem der skal have Series 65, kommer fra FINRA og fra din delstats værdipapirtilsyn, og delstaterne kræver ikke alle det samme. Nogle accepterer Series 66, som NASAA beskriver som den kombinerede delstatsjuraeksamen, der træder i stedet for både Series 63 og Series 65. Tjek FINRA og din delstat, før du booker, og betragt intet på denne side som juridisk rådgivning.
Sådan bruger du smagsprøven, og hvad du skal øve først
Femten spørgsmål kan ikke dække 130, så smagsprøven fordeler dem på de fire områder: to om økonomiske faktorer og risiko, tre om investeringsprodukter, seks om anbefalinger til kunder og porteføljeteori og fire om rådgiverlovgivning og fiduciary duty. Tag den i ét stræk uden noter, og læs så forklaringen til hvert spørgsmål, også dem du svarede rigtigt på.
Series 65 belønner en anden vane end Series 7 eller SIE. Færre spørgsmål spørger, hvad et produkt er, og flere spørger, hvad en rådgiver bør gøre for en given kunde. Når to svar begge ser rimelige ud, så spørg, hvilket der stiller kunden først, oplyser om interessekonflikten og passer til både kundens vilje og evne til at tage risiko. Den test afgør en stor del af anbefalings- og etikspørgsmålene.
Matematikken er let, men reel. Forvent en håndfuld korte beregninger som holdingperiodeafkast, CAPM, skatteækvivalent rente, current ratio og quick ratio samt kurseffekten af duration. Skriv formlen, før du sætter tal ind, og tjek, at svaret har den rigtige størrelse, før du vælger det. Hvis du også har brug for lovgivningen om agenter og mæglerforetagender (broker-dealers), ligger det stof i Series 63, og Series 7 og SIE dækker produkterne fra mæglersiden.
Sådan bygger StudyPDF fulde øveeksamener ud fra dit eget forberedelsesmateriale
Femten spørgsmål kan vise dig, hvilket af de fire områder der er svagest. De kan ikke gøre dig klar alene, og et generelt sæt ved ikke, hvilken forberedelsesbog du har købt, eller hvilke fejl du bliver ved med at gentage.
StudyPDF tager i stedet udgangspunkt i dit materiale. Upload din forberedelsesbog til Series 65, din kursusudbyders noter eller slides eller den oversigt, du selv har noteret i. Tryk så på Nyt materiale, vælg en øveprøve, vælg de filer som kilder, og indstil, hvor lang den skal være. Du får en prøve skrevet ud fra præcis de sider, og hver forklaring henviser til, hvor svaret kommer fra. Afgræns en til ét enkelt område, for eksempel custody eller præstationsmåling, og kør den igen, når du har repeteret.
Bo er tutoren til resten. Spørg, hvorfor et svar er rigtigt, så forklarer Bo det ud fra dine egne sider, med et hint først, hvis du vil have et.
Du behøver ikke uploade noget for at komme i gang. Nævn i stedet et emne, for eksempel fiduciary duty eller moderne porteføljeteori, så får du øvespørgsmål om det. Det er gratis at starte.
Skrevet af StudyPDF-teamet. Sidst opdateret 19. august 2026.
Godt at vide
Er den her Series 65-øveprøve virkelig gratis?
Ja. Alle 15 spørgsmål, scoreskærmen og hver forklaring er gratis at spille i browseren, og der er ingen betalingsmur på siden her.
Hvor mange spørgsmål er der i Series 65, og hvilken score skal jeg have for at bestå?
FINRA opfører 130 scorede spørgsmål plus 10 uscorede, 180 minutter og mindst 92 rigtige af de 130 scorede spørgsmål for at bestå. NASAA skriver eksamen, og FINRA afvikler den, så bekræft det aktuelle gebyr, tidsvinduet for at booke og hvem der skal tage den hos FINRA og din delstats værdipapirtilsyn, før du booker.
Hvem har skrevet spørgsmålene, og er det rigtige eksamensspørgsmål?
StudyPDF-teamet har skrevet hvert spørgsmål og hver forklaring ud fra NASAA's offentlige indholdsoversigt for Series 65. De er ikke rigtige eksamensspørgsmål, og de er ikke taget fra nogen forberedelsesudbyders bank. StudyPDF er ikke tilknyttet NASAA, FINRA, SEC eller nogen delstats værdipapirtilsyn, og intet på denne side er juridisk rådgivning, skatterådgivning eller investeringsrådgivning.
Kan jeg få flere spørgsmål som disse ud fra min egen forberedelsesbog?
Ja. Upload din Series 65-forberedelsesbog eller dine kursusnoter til StudyPDF, så bygger Bo øveeksamener i fuld længde ud fra præcis de sider, med forklaringer, der henviser til, hvor hvert svar kommer fra. Har du kun en papirkopi, så nævn et emne i stedet, for eksempel custody eller præstationsmål, så skriver Bo en eksamen ud fra det.