Complete the sentence.
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Om denne test
Det her er en gratis Series 66-øveprøve med 15 spørgsmål, skrevet af StudyPDF-teamet ud fra NASAAs offentliggjorte indholdsoverblik for Uniform Combined State Law Examination. Series 66 blander delstaternes værdipapirlovgivning med emner om investeringsrådgivere, så spørgsmålene dækker registrering af rådgivere og repræsentanter, kommunikation med kunder, etisk praksis, kundeprofiler, grundlæggende arveplanlægning samt nogle få produkter og nøgletal. Du møder multiple choice, vælg alle der passer og udfyld det tomme felt. 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
Vil du hellere læse, før du går i gang? Alle spørgsmål i smagsprøven står herunder. Svar og forklaringer er foldet sammen, indtil du åbner dem.
1.Complete the sentence.
A company has current assets of 900,000 dollars, of which 300,000 dollars is inventory, and current liabilities of 400,000 dollars. Its current ratio is _____ and its quick ratio is _____.
Muligheder for felt 1: 1.50, 2.25, 3.00, 0.44
Muligheder for felt 2: 1.50, 2.25, 0.75, 3.00
Svar: 2.25, 1.50
The current ratio is current assets divided by current liabilities: 900,000 / 400,000 = 2.25. The quick ratio takes inventory out first, because inventory can be slow to turn into cash: (900,000 - 300,000) / 400,000 = 1.50. The 3.00 option adds the inventory to current assets instead of taking it out, and 0.44 turns the current ratio upside down. A quick ratio above 1 means the company can cover its short-term bills without selling inventory.
2.An investor buys an exchange traded note (ETN) linked to a stock index. Which statement about the ETN is correct?
- A. It is a fund that holds the index stocks, so the investor owns the underlying shares
- B. It is an unsecured debt obligation of the issuer, so the investor also carries the issuer's credit risk
- C. It is backed by deposit insurance, so the investor cannot lose principal
- D. It pays a fixed coupon and returns the note's face value at maturity whatever the index does
Svar: B. It is an unsecured debt obligation of the issuer, so the investor also carries the issuer's credit risk
An ETN is a debt instrument. The issuer, usually a bank, promises a return tied to an index minus fees, but it holds no basket of securities for the investor. That is the difference from an ETF, which owns the underlying assets. If the issuer's credit deteriorates or it fails, the note can lose value or be worth nothing even when the index is up. There is no deposit insurance on it, and any coupon is not the fixed, guaranteed kind a plain bond pays.
3.A client bought a stock at 50 and it now trades at 58. She wants to protect part of her gain and enters a sell stop order at 54. Which statement is correct?
- A. Once the stock trades at or below 54, the order becomes a market order, so the sale can happen below 54
- B. The order guarantees that the stock will be sold at exactly 54
- C. The order becomes active when the stock rises to 54
- D. The order becomes a limit order at 54 as soon as it is triggered
Svar: A. Once the stock trades at or below 54, the order becomes a market order, so the sale can happen below 54
A sell stop sits below the current price and is triggered when the stock trades at or below the stop price. Then it turns into a market order, which fills at the next available price. In a fast drop that can be under 54, so a stop controls when you sell and not at what price. A sell stop limit order is the version that turns into a limit order, and it can end up not filling at all. A buy stop is the one that waits for the price to rise.
4.While building a client profile, which item belongs on the client's balance sheet and not on the client's cash-flow statement?
- A. The client's monthly take-home salary
- B. The client's yearly spending on vacations
- C. The 210,000 dollars the client still owes on a mortgage
- D. The monthly premium on the client's car insurance
Svar: C. The 210,000 dollars the client still owes on a mortgage
A balance sheet is a snapshot at one date: what the client owns (assets), what the client owes (liabilities), and the difference, which is net worth. The mortgage balance is a liability. A cash-flow statement tracks money moving in and out over a period, so salary, vacation spending and insurance premiums go there. An adviser needs both, because the balance sheet shows what the client has to work with and the cash flow shows how much can be saved or spent without strain.
5.A grandfather opens a UTMA account for his granddaughter, funds it with stock and later asks the custodian to give him the money back. Which statement is correct?
- A. He can take the assets back at any time because he paid for them
- B. The assets belong to the custodian until the child reaches 18 in every state
- C. The assets stay in his estate until he dies, then pass to the child
- D. The gift is irrevocable and the assets belong to the minor, with the custodian managing them until the age set by state law
Svar: D. The gift is irrevocable and the assets belong to the minor, with the custodian managing them until the age set by state law
A UGMA or UTMA account is a completed, irrevocable gift to a minor. The minor owns the assets, the custodian manages them for the minor's benefit, and the donor cannot take them back. Control passes to the child at the age of majority or the age of termination, and the state sets that age, so it is not 18 everywhere. Because the child is the owner, the account can also affect financial aid and the child's tax picture.
6.Which of the following assets generally pass to heirs by beneficiary designation or transfer-on-death registration, outside the owner's will?
Vælg alle, der passer.
- A. A life insurance policy with a named beneficiary
- B. A traditional IRA with a named beneficiary
- C. Stock in a brokerage account held in the owner's name alone, with no transfer-on-death registration
- D. A brokerage account registered with a transfer-on-death beneficiary
- E. A checking account in the owner's name alone with no payable-on-death designation
Svar: A. A life insurance policy with a named beneficiary, B. A traditional IRA with a named beneficiary, D. A brokerage account registered with a transfer-on-death beneficiary
Assets with a named beneficiary or a TOD or POD registration pass directly to that person when the owner dies, and the will does not control them. That is why the beneficiary form on file matters more than a will written years earlier. Assets in the owner's sole name with no such designation, such as the plain brokerage and checking accounts here, usually go through probate and pass under the will, or under state law if there is no will. A common review step for an adviser is to compare the beneficiary forms with what the client wants today.
7.A portfolio's policy calls for 60 percent stocks and 40 percent bonds. After a sharp market decline, the manager temporarily moves to 70 percent stocks and 30 percent bonds because she believes stocks are undervalued, and she plans to return to 60/40 later. Which strategy is this?
- A. Strategic asset allocation
- B. Dollar-cost averaging
- C. Tactical asset allocation
- D. Passive indexing
Svar: C. Tactical asset allocation
Strategic asset allocation sets long-term target weights from the client's goals and risk profile and sticks to them, rebalancing back to target. Tactical asset allocation makes short-term deviations from those weights to take advantage of a market view, with a plan to return. Dollar-cost averaging is investing a fixed amount at regular intervals, and passive indexing means tracking a benchmark without market calls. Tactical moves are a form of active management and can cost more in fees and taxes.
8.An investment adviser wants to charge a client a fee that is a share of the capital gains in the client's account. Which statement is correct?
- A. It is permitted for any client who signs a waiver of the performance-fee prohibition
- B. It is generally permitted only for a qualified client, meaning one who meets the net worth or assets-under-management tests in the SEC rule
- C. It is permitted for any client over a stated age
- D. It is permitted for any client as long as the fee is disclosed in the adviser's brochure
Svar: B. It is generally permitted only for a qualified client, meaning one who meets the net worth or assets-under-management tests in the SEC rule
A performance-based fee, such as a percentage of capital gains or appreciation, is generally prohibited. The main exception is a qualified client, which the SEC rule defines through net worth and assets under management, and the dollar tests are adjusted over time, so look up the current numbers. A client cannot waive the protection, and disclosure alone does not make the fee legal. A flat fee or a percentage of the assets managed is not a performance fee, because it does not depend on gains. Check your state's version of the rule too.
9.Which of the following are investment advisers under the Uniform Securities Act, as opposed to persons it excludes?
Vælg alle, der passer.
- A. A financial planner who charges a flat fee for a written plan that recommends specific securities
- B. The publisher of a bona fide financial newspaper of general and regular circulation
- C. A firm that sells subscriptions to a monthly report with buy and sell calls on individual stocks, as part of its regular business
- D. A broker-dealer agent whose investment advice is solely incidental to brokerage and who gets no special compensation for it
- E. A neighbor who occasionally shares stock ideas over dinner and charges nothing
Svar: A. A financial planner who charges a flat fee for a written plan that recommends specific securities, C. A firm that sells subscriptions to a monthly report with buy and sell calls on individual stocks, as part of its regular business
The definition has three pieces: advising others about securities, doing it for compensation, and doing it as part of a regular business. The planner and the paid research firm meet all three, and issuing analyses or reports on securities for pay counts. The publisher of a general circulation publication is excluded, and so is a broker-dealer or its agent whose advice is solely incidental and carries no special compensation. The neighbor gets no compensation and has no business, so no. Federal law and your state's version list further exclusions and exemptions, so check them too.
10.An investment adviser representative of an SEC-registered firm works from an office in State B. She has 12 retail clients who live in State A, where she has no place of business. Which statement is correct?
- A. State A can require her to register because she has retail clients there
- B. State A can require her to register only if she visits the clients in person
- C. State A can require her to pass its own exam before she may keep those clients
- D. State A cannot require her to register as a representative, but it keeps its antifraud authority over her
Svar: D. State A cannot require her to register as a representative, but it keeps its antifraud authority over her
Federal law lets a state require registration of a representative of a federal covered adviser only where that person has a place of business in the state, and only if the person meets the federal definition of an investment adviser representative. With no office in State A, State A cannot make her register, however many clients she has there. State B, where she works, is the state that can. No state loses its power to investigate and act against fraud. Representatives of state-registered advisers and the rules for the firm itself follow different tests.
11.An investment adviser representative is named in a written customer complaint alleging sales practice violations, and the complaint is the kind that Form U4 asks about. What should happen?
- A. The Form U4 should be updated promptly to disclose it, and hiding it can lead to discipline of its own
- B. Nothing is required unless the Administrator asks about it
- C. It is disclosed on the next annual renewal and not before
- D. It is disclosed only if a court later enters a final judgment against the representative
Svar: A. The Form U4 should be updated promptly to disclose it, and hiding it can lead to discipline of its own
Registration is not a one-time event. The representative and the firm must keep the registration record current, and a reportable event such as a qualifying customer complaint has to be added to the Form U4 promptly, not saved for renewal. Waiting for a judgment is wrong because many reportable events are allegations, settlements or pending actions. Failing to disclose is itself a violation, and regulators treat it as seriously as the conduct behind it. The reporting thresholds and deadlines are in the form instructions and state rules, so look up the current ones.
12.Which of the following are prohibited in an investment adviser's communications with clients and prospects?
Vælg alle, der passer.
- A. Showing only the three best-performing client accounts and leaving out the rest, as if they were typical
- B. Using an advisory contract clause that has the client waive rights under the securities laws
- C. Telling prospects that being registered with the state means the Administrator has endorsed the adviser's skill
- D. Giving a prospect a brochure that lists the adviser's fees
- E. Telling a prospect that past performance does not guarantee future results
Svar: A. Showing only the three best-performing client accounts and leaving out the rest, as if they were typical, B. Using an advisory contract clause that has the client waive rights under the securities laws, C. Telling prospects that being registered with the state means the Administrator has endorsed the adviser's skill
Cherry-picked performance is misleading, because it leaves out facts needed to read it fairly. A clause that has the client give up rights under the securities laws is void and a prohibited practice, since a client cannot waive those protections. Registration only means the filing is on record and fees were paid. It is never an endorsement, and saying otherwise is an unlawful representation. A fee brochure and a past-performance caution are required or helpful disclosure, not violations.
13.An investment adviser representative serves an 83-year-old client who has always been sharp. Over two weeks the client becomes confused and asks to wire a large part of her account to a person she met online. What should the representative do first?
- A. Send the wire at once, because the client's instructions control in every case
- B. Raise it with a supervisor or compliance right away and, where the firm's policy and state law allow, contact the trusted contact person the client named and consider a temporary hold
- C. Call the client's neighbors and relatives to warn them, whether or not the client agreed to that
- D. Say nothing and wait, so the client is not offended
Svar: B. Raise it with a supervisor or compliance right away and, where the firm's policy and state law allow, contact the trusted contact person the client named and consider a temporary hold
Sudden confusion plus an unusual transfer to a stranger is a classic red flag for financial exploitation. The representative should escalate to a supervisor or compliance and use the tools the firm has: asking the client for, or reaching, a trusted contact person named in advance, and where state law and firm policy allow, delaying the disbursement while it is looked into. Many states have adopted NASAA's model act on this, and details differ by state. Sending the wire ignores the red flags, and sharing the account with relatives or neighbors who were not named breaks client confidentiality.
14.Complete the sentence.
Under an adviser's code of ethics, an access person gives an initial holdings report when joining and then reports personal securities transactions _____.
Muligheder for felt 1: monthly, quarterly, semiannually, only when asked
Svar: quarterly
Federal rules built around the code of ethics have access persons, people with access to client trades or recommendations, file an initial holdings report when they join, an annual holdings report, and a transaction report every quarter. The firm reviews those reports to spot front running and other conflicts between personal trading and client trading. NASAA lists initial holdings and quarterly reports on the Series 66 outline for this reason. Reports made only on request would give the firm no way to find a problem in time.
15.Complete the sentence.
A representative who sells a client a private deal without the employing firm's knowledge or approval is engaged in _____, and a representative who trades a client's account far more than its goals justify, to earn commissions, is engaged in _____.
Muligheder for felt 1: selling away, front running, parking, matched orders
Muligheder for felt 2: scalping, churning, marking the close, layering
Svar: selling away, churning
Selling away means selling a security outside the firm's knowledge and supervision, which exposes the client to a product nobody has reviewed and the firm to liability for what it never approved. Churning, or excessive trading, means the volume of trading is driven by the representative's pay and not by the client's objectives. Front running is trading ahead of a client order, parking is hiding ownership of a position, and marking the close and layering are forms of market manipulation. Both selling away and excessive trading appear on the Series 66 outline as unethical practices.
Hvad Series 66 spørger til, og hvordan den scores
Series 66 er Uniform Combined State Law Examination. NASAA, North American Securities Administrators Association, skriver den, og FINRA administrerer den. Ifølge FINRA har prøven 100 scorede spørgsmål plus 10 uscorede spørgsmål, du får 150 minutter, og du skal svare rigtigt på mindst 73 af de 100 scorede spørgsmål for at bestå. Det er 73 procent. De 10 uscorede spørgsmål er testspørgsmål, og du kan ikke se, hvilke det er, så behandl hvert spørgsmål, som om det tæller. NASAA kører den som en lukket prøve uden hjælpemidler og viser dit resultat, så snart du er færdig.
NASAA offentliggør indholdsoverblikket, og det giver størstedelen til lovgivningen. Love, regler og retningslinjer, inklusive forbuddet mod uetisk forretningspraksis, er 45 procent, cirka 45 spørgsmål. Investeringsanbefalinger og strategier til kunder er 30 procent, cirka 30 spørgsmål. Investeringsprodukters egenskaber er 17 procent, cirka 17 spørgsmål. Økonomiske forhold og virksomhedsoplysninger er kun 8 procent, cirka 8 spørgsmål. Tre ud af fire spørgsmål handler altså om regler og om at rådgive kunder, og produktviden er en mindre del end på Series 65.
Series 66 kvalificerer dig i to roller, som agent for en broker-dealer og som repræsentant for en investeringsrådgiver (investment adviser representative), som om du havde bestået både Series 63 og Series 65. NASAA siger også, at FINRA Series 7 er en samtidig forudsætning: du kan tage en af prøverne først, men du skal have begge, før du kan registreres som investment adviser representative på baggrund af en Series 66. Hvem der skal have hvilken prøve, afgør din delstats værdipapirtilsyn, så tjek hos delstaten og FINRA for den aktuelle pris, bookingvinduet og dine egne krav. Intet på denne side er juridisk rådgivning.
Hvordan smagsprøven adskiller sig fra Series 63- og Series 65-siderne
Series 66 er de to delstatsprøver i én, og det er let at læse til den forkerte halvdel. Smagsprøven læner sig op ad de emner, der ligger på rådgiver- og adfærdssiden: hvem der tæller som investeringsrådgiver, hvornår en repræsentant skal registreres i en delstat, hvad en rådgiver må og ikke må sige til kunder, performancehonorarer, hvordan man opdager og håndterer udnyttelse af en ældre kunde, og de rapporter om personlig handel, en virksomhed indsamler. Den har også nogle få spørgsmål om kundeprofilen, grundlæggende arveplanlægning og produkter, fordi 30 procent af den rigtige prøve handler om at rådgive en person. Delstaternes lovgivning om agenter og broker-dealere, for eksempel hvem der skal registreres som agent, og delstatsadministratorens beføjelser, har sin egen smagsprøve på Series 63-siden. Porteføljeteori, opbevaring (custody) og fiduciær pligt i dybden findes på Series 65-siden.
Tag alle 15 i ét stræk uden noter, og læs så forklaringen til hvert spørgsmål, også dem du svarede rigtigt på. Otte af de 15 spørgsmål handler om lov og adfærd, hvilket ligger tæt på prøvens vægtning. Behandl hvert forkert svar som et emne. Hvis du missede spørgsmålet om definitionen af en investeringsrådgiver og spørgsmålet om kommunikation, læser du sandsynligvis hen over de afgrænsende ord, som solely incidental, regular business og general circulation. Understreg dem, mens du læser.
Forvent også lidt regning. Nøgletalsspørgsmålet her er typisk: skriv formlen først, og sæt så tallene ind. Flere regler på denne prøve, fra den alder hvor kontrollen over en UTMA-konto overgår til barnet, til hvem der kan registreres hvor, fastsættes af hver delstat, så din egen delstats lov og din forberedelsesudbyders materiale kommer først.
Sådan bygger StudyPDF fulde øveprøver ud fra dit eget forberedelsesmateriale
Femten spørgsmål kan vise dig, hvilken del af prøven der er svagest. De kan ikke gøre dig klar alene, og et generisk 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 Series 66-forberedelsesbog, dit kursusudbyders noter eller slides eller det overblik, du selv har noteret i. Tryk så på Nyt materiale, vælg en øveprøve, vælg de filer som kilder, og bestem, 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 prøve til ét område, for eksempel kommunikation med kunder eller arveplanlægning, 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 det.
Du behøver ikke uploade noget for at komme i gang. Nævn i stedet et emne, for eksempel registrering af investeringsrådgivere eller kundeprofilen, så får du øvespørgsmål om det. Det er gratis at komme i gang.
Skrevet af StudyPDF-teamet. Sidst opdateret 19. august 2026.
Godt at vide
Er denne Series 66-øveprøve virkelig gratis?
Ja. Alle 15 spørgsmål, scoreskærmen og hver eneste forklaring er gratis at spille i din browser, og der er ingen betalingsmur på denne side.
Hvor mange spørgsmål er der på Series 66, og hvilken score skal jeg have for at bestå?
FINRA oplister 100 scorede spørgsmål plus 10 uscorede spørgsmål, 150 minutter og mindst 73 rigtige af de 100 scorede spørgsmål for at bestå. NASAA skriver prøven, og FINRA administrerer den. Series 7 er en samtidig forudsætning, så bekræft den aktuelle pris, bookingvinduet og hvilke prøver du skal have hos FINRA og din delstats værdipapirtilsyn, før du booker.
Hvem har skrevet spørgsmålene, og er det rigtige prøvespørgsmål?
StudyPDF-teamet har skrevet hvert spørgsmål og hver forklaring ud fra NASAAs offentlige indholdsoverblik for Series 66. Det er ikke rigtige prøvespørgsmål, og ingen er taget fra en forberedelsesudbyders bank. StudyPDF er ikke tilknyttet NASAA, FINRA, SEC eller noget delstatsligt 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 66-forberedelsesbog eller dine kursusnoter til StudyPDF, så bygger Bo fulde øveprøver ud fra præcis de sider, med forklaringer der henviser til, hvor hvert svar kommer fra. Har du kun en bog på papir, så nævn i stedet et emne, for eksempel kommunikation med kunder eller arveplanlægning, så skriver Bo en prøve ud fra det.
Har du brug for mere end en smagsprøve?
Upload din egen eksamensbog, dine slides eller noter, så bygger Bo fulde øveprøver ud fra præcis dit materiale, holder styr på de begreber du bliver ved med at ramme forkert, og går efter dine svage punkter. Gratis at komme i gang.