Series 65 Übungstest
- 15 Fragen
- Etwa 15 Min.
- Kostenlos
Die Fragen des Tests bleiben auf Englisch.
The Federal Reserve wants to slow an overheating economy and bring inflation down. Which action is contractionary monetary policy?
Weiter üben
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Über diesen Test
Das hier ist ein kostenloser Series 65 Übungstest mit 15 Fragen, geschrieben vom StudyPDF-Team nach dem veröffentlichten NASAA-Inhaltsplan für das Uniform Investment Adviser Law Examination. Er berührt alle vier Inhaltsbereiche: wirtschaftliche Faktoren, Anlageformen, Kundenempfehlungen und Strategien sowie die Gesetze und die Ethik, die Anlageberater binden. Du triffst Multiple Choice, Mehrfachauswahl und Lückentext, darunter ein paar kurze Rechnungen. Beantworte alle 15 Fragen, dann siehst du dein Ergebnis und die Erklärung zu jeder Frage. Nichts davon ist Rechts-, Steuer- oder Anlageberatung.
Alle 15 Fragen auf einen Blick
Lieber lesen statt spielen? Unten stehen alle Fragen aus dem Auszug. Antworten und Erklärungen bleiben eingeklappt, bis du sie öffnest.
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
Antwort: 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.
Optionen für Lücke 1: 9.0, 10.2, 10.8, 12.0
Antwort: 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
Antwort: 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
Antwort: 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.
Optionen für Lücke 1: 4.0, 5.3, 5.9, 12.5
Antwort: 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
Antwort: 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
Antwort: 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
Antwort: 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
Antwort: 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?
Wähl alles aus, was zutrifft.
- 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
Antwort: 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.
Optionen für Lücke 1: systematic, unsystematic
Optionen für Lücke 2: systematic, unsystematic
Antwort: 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
Antwort: 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
Antwort: 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?
Wähl alles aus, was zutrifft.
- 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
Antwort: 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?
Wähl alles aus, was zutrifft.
- 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
Antwort: 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.
Was die Series 65 fragt und wie sie bewertet wird
Die Series 65 ist das Uniform Investment Adviser Law Examination. NASAA, die North American Securities Administrators Association, schreibt sie, und FINRA führt sie durch. Laut FINRA hat die Prüfung 130 gewertete Fragen plus 10 ungewertete, du hast 180 Minuten, und du musst mindestens 92 der 130 gewerteten Fragen richtig beantworten, um zu bestehen. Das sind etwa 70,8 Prozent. Die 10 ungewerteten Fragen sind Testfragen, und du kannst nicht erkennen, welche das sind, behandle also jede Frage, als zähle sie.
NASAA veröffentlicht den Inhaltsplan, und er teilt die Prüfung in vier Bereiche. Wirtschaftliche Faktoren und Unternehmensinformationen machen 15 Prozent aus, rund 20 Fragen. Merkmale der Anlageformen machen 25 Prozent aus, rund 32 Fragen. Anlageempfehlungen für Kunden und Strategien machen 30 Prozent aus, rund 39 Fragen. Gesetze, Vorschriften und Richtlinien, einschließlich des Verbots unethischer Geschäftspraktiken, machen ebenfalls 30 Prozent aus, rund 39 Fragen. Sechs von zehn Fragen drehen sich also darum, Kunden zu beraten und um die Regeln drumherum, und nur ein kleinerer Anteil ist Produktwissen.
Die Gebühr, das Zeitfenster zur Anmeldung und die Regeln, wer die Series 65 haben muss, kommen von FINRA und von der Wertpapieraufsicht deines Bundesstaats, und die Staaten verlangen nicht alle dasselbe. Manche akzeptieren die Series 66, die NASAA als kombinierte Prüfung zum Recht der Bundesstaaten beschreibt, die an die Stelle von Series 63 und Series 65 tritt. Prüf FINRA und deinen Bundesstaat, bevor du buchst, und nimm nichts auf dieser Seite als Rechtsberatung.
So nutzt du diesen Auszug und was du zuerst übst
Fünfzehn Fragen können nicht 130 abdecken, deshalb verteilt dieser Auszug sie auf die vier Bereiche: zwei zu wirtschaftlichen Faktoren und Risiko, drei zu Anlageformen, sechs zu Kundenempfehlungen und Portfoliotheorie und vier zu Beraterrecht und Treuepflicht. Mach ihn in einem Durchgang ohne Notizen und lies dann die Erklärung zu jeder Frage, auch zu denen, die du richtig hattest.
Die Series 65 belohnt eine andere Gewohnheit als die Series 7 oder die SIE. Weniger Fragen wollen wissen, was ein Produkt ist, und mehr fragen, was ein Berater für einen bestimmten Kunden tun sollte. Wenn zwei Antworten beide vernünftig aussehen, frag dich, welche den Kunden an die erste Stelle setzt, den Interessenkonflikt offenlegt und sowohl zur Risikobereitschaft als auch zur Risikotragfähigkeit des Kunden passt. Dieser Test entscheidet einen großen Teil der Fragen zu Empfehlungen und Ethik.
Die Mathematik ist leicht, aber echt. Rechne mit einer Handvoll kurzer Rechnungen, etwa zur Haltedauerrendite, zum CAPM, zur steueräquivalenten Rendite, zu Current Ratio und Quick Ratio und zur Preiswirkung der Duration. Schreib die Formel hin, bevor du Zahlen einsetzt, und prüf, ob das Ergebnis die richtige Größenordnung hat, bevor du es wählst. Wenn du auch das Recht für Vertreter und Broker-Dealer brauchst, steckt dieser Stoff in der Series 63, und die Series 7 und die SIE decken Produkte aus Sicht der Broker-Dealer ab.
Wie StudyPDF vollständige Übungsprüfungen aus deinem eigenen Lernmaterial baut
Fünfzehn Fragen zeigen dir, welcher der vier Bereiche am schwächsten ist. Prüfungsreif machen sie dich allein nicht, und ein generisches Set weiß nicht, welches Lernbuch du gekauft hast oder welche Fehler du immer wiederholst.
StudyPDF geht stattdessen von deinem Material aus. Lade dein Series 65 Lernbuch, die Notizen oder Folien deines Kursanbieters oder den Inhaltsplan hoch, den du selbst kommentiert hast. Tipp dann auf Neues Material, wähl einen Übungstest, nimm diese Dateien als Quellen und leg fest, wie lang er sein soll. Du bekommst einen Test, der aus genau diesen Seiten geschrieben ist, und jede Erklärung nennt die Stelle, aus der die Antwort stammt. Grenz einen auf einen einzelnen Bereich ein, etwa die Verwahrung von Kundenvermögen (custody) oder die Messung der Wertentwicklung, und lass ihn nach der Wiederholung noch einmal laufen.
Bo ist der Tutor für den Rest. Frag, warum eine Antwort richtig ist, und Bo erklärt es dir anhand deiner eigenen Seiten, auf Wunsch zuerst mit einem Hinweis.
Zum Starten musst du nichts hochladen. Nenn einfach ein Thema, zum Beispiel die Treuepflicht (fiduciary duty) oder die moderne Portfoliotheorie, und du bekommst Übungsfragen dazu. Der Start ist kostenlos.
Geschrieben vom StudyPDF-Team. Zuletzt aktualisiert am 19. August 2026.
Gut zu wissen
Ist dieser Series 65 Übungstest wirklich kostenlos?
Ja. Alle 15 Fragen, das Ergebnis und jede Erklärung sind im Browser kostenlos spielbar, und auf dieser Seite gibt es keine Bezahlschranke.
Wie viele Fragen hat die Series 65, und wie viele Punkte brauche ich zum Bestehen?
FINRA nennt 130 gewertete Fragen plus 10 ungewertete, 180 Minuten und mindestens 92 der 130 gewerteten Fragen richtig zum Bestehen. NASAA schreibt die Prüfung und FINRA führt sie durch, prüf also die aktuelle Gebühr, das Zeitfenster zur Anmeldung und wer sie ablegen muss bei FINRA und bei der Wertpapieraufsicht deines Bundesstaats, bevor du buchst.
Wer hat diese Fragen geschrieben, und sind es echte Prüfungsfragen?
Das StudyPDF-Team hat jede Frage und jede Erklärung nach dem öffentlichen NASAA-Inhaltsplan für die Series 65 geschrieben. Es sind keine echten Prüfungsfragen, und sie stammen nicht aus dem Fragenpool eines Vorbereitungsanbieters. StudyPDF steht in keiner Verbindung zu NASAA, FINRA, der SEC oder einer staatlichen Wertpapieraufsicht, und nichts auf dieser Seite ist Rechts-, Steuer- oder Anlageberatung.
Bekomme ich mehr solche Fragen aus meinem eigenen Lernbuch?
Ja. Lade dein Series 65 Lernbuch oder deine Kursnotizen bei StudyPDF hoch, und Bo baut vollständige Übungsprüfungen aus genau diesen Seiten, mit Erklärungen, die auf die Stelle verweisen, aus der jede Antwort stammt. Wenn du nur ein Exemplar aus Papier hast, nenn stattdessen ein Thema, zum Beispiel Verwahrung von Kundenvermögen oder Kennzahlen zur Wertentwicklung, und Bo schreibt dir eine Prüfung dazu.