Series 66 Übungstest
- 15 Fragen
- Etwa 15 Min.
- Kostenlos
Die Fragen des Tests bleiben auf Englisch.
Complete the sentence.
Wähl das Wort, das den Satz vervollständigt.
Du lernst mit eigenen Unterlagen? Eigenen Test erstellen
Über diesen Test
Das hier ist ein kostenloser Series 66 Übungstest mit 15 Fragen, den das StudyPDF-Team nach der veröffentlichten Inhaltsübersicht der NASAA für die Uniform Combined State Law Examination geschrieben hat. Die Series 66 verbindet das Wertpapierrecht der Bundesstaaten mit Themen der Anlageberatung, die Fragen decken also die Registrierung von Beratern und Vertretern, Kundenkommunikation, ethische Praktiken, Kundenprofile, Grundlagen der Nachlassplanung und ein paar Produkte und Kennzahlen ab. Du bekommst Multiple Choice, Mehrfachauswahl und Lückentext. Beantworte alle 15 Fragen, dann siehst du dein Ergebnis und die Erklärung zu jeder Frage. Nichts hier 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.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 _____.
Optionen für Lücke 1: 1.50, 2.25, 3.00, 0.44
Optionen für Lücke 2: 1.50, 2.25, 0.75, 3.00
Antwort: 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
Antwort: 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
Antwort: 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
Antwort: 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
Antwort: 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?
Wähl alles aus, was zutrifft.
- 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
Antwort: 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
Antwort: 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
Antwort: 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?
Wähl alles aus, was zutrifft.
- 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
Antwort: 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
Antwort: 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
Antwort: 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?
Wähl alles aus, was zutrifft.
- 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
Antwort: 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
Antwort: 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 _____.
Optionen für Lücke 1: monthly, quarterly, semiannually, only when asked
Antwort: 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 _____.
Optionen für Lücke 1: selling away, front running, parking, matched orders
Optionen für Lücke 2: scalping, churning, marking the close, layering
Antwort: 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.
Was die Series 66 fragt und wie sie bewertet wird
Die Series 66 ist die Uniform Combined State Law Examination. Die NASAA, die North American Securities Administrators Association, schreibt sie, und FINRA führt sie durch. Laut FINRA hat die Prüfung 100 gewertete Fragen plus 10 ungewertete Fragen, du hast 150 Minuten, und du musst mindestens 73 der 100 gewerteten Fragen richtig beantworten, um zu bestehen. Das sind 73 Prozent. Die 10 ungewerteten Fragen sind Testfragen, und du erkennst nicht, welche es sind, behandle also jede Frage so, als würde sie zählen. Die NASAA führt sie als Test ohne Hilfsmittel (closed book) durch und zeigt dir dein Ergebnis, sobald du fertig bist.
Die NASAA veröffentlicht die Inhaltsübersicht, und sie gibt dem Recht den größten Anteil. Gesetze, Vorschriften und Richtlinien, einschließlich des Verbots unethischer Geschäftspraktiken, machen 45 Prozent aus, etwa 45 Fragen. Anlageempfehlungen und Strategien für Kunden machen 30 Prozent aus, etwa 30 Fragen. Eigenschaften von Anlageprodukten machen 17 Prozent aus, etwa 17 Fragen. Wirtschaftliche Faktoren und Unternehmensinformationen sind mit 8 Prozent, etwa 8 Fragen, nur ein kleiner Teil. Drei von vier Fragen drehen sich also um Regeln und um die Beratung von Kunden, und das Produktwissen ist ein kleinerer Anteil als bei der Series 65.
Die Series 66 qualifiziert dich in zwei Funktionen, als Agent eines Broker-Dealers und als Investment Adviser Representative, so als hättest du die Series 63 und die Series 65 bestanden. Die NASAA sagt außerdem, dass die FINRA Series 7 eine Corequisite ist: Du kannst jede der beiden Prüfungen zuerst ablegen, brauchst aber beide, bevor du dich auf Grundlage einer Series 66 als Investment Adviser Representative registrieren lassen kannst. Welche Prüfung du brauchst, entscheidet die Wertpapieraufsicht deines Bundesstaats, prüf also bei ihr und bei FINRA die aktuelle Gebühr, den Anmeldezeitraum und deine eigenen Voraussetzungen. Nichts auf dieser Seite ist Rechtsberatung.
Wie sich dieser Auszug von den Seiten zur Series 63 und 65 unterscheidet
Die Series 66 sind die beiden Landesrechtsprüfungen in einer, und deshalb lernt man leicht die falsche Hälfte. Dieser Auszug setzt auf die Themen der Berater- und Verhaltensseite: wer als Anlageberater (investment adviser) gilt, wann sich ein Vertreter in einem Bundesstaat registrieren muss, was ein Berater Kunden sagen darf und was nicht, erfolgsabhängige Vergütung (performance fees), wie man die Ausnutzung älterer Kunden erkennt und damit umgeht und die Berichte über private Wertpapiergeschäfte, die ein Unternehmen einholt. Er behält auch ein paar Fragen zum Kundenprofil, zu Grundlagen der Nachlassplanung und zu Produkten, weil 30 Prozent der echten Prüfung davon handeln, einen Menschen zu beraten. Das Landesrecht für Agenten und Broker-Dealer, etwa wer sich als Agent registrieren muss und welche Befugnisse der Administrator des Bundesstaats hat, hat seinen eigenen Auszug auf der Seite zur Series 63. Portfoliotheorie, Verwahrung (custody) und Treuepflicht (fiduciary duty) im Detail stehen auf der Seite zur Series 65.
Beantworte alle 15 in einer Sitzung ohne Notizen und lies dann die Erklärung zu jeder Frage, auch zu denen, die du richtig hattest. Acht der 15 Fragen drehen sich um Recht und Verhalten, was ziemlich genau der Gewichtung der Prüfung entspricht. Mach aus jedem Fehler ein Thema. Wenn du die Frage zur Definition des Anlageberaters und die zur Kommunikation verpasst hast, liest du wahrscheinlich über die einschränkenden Wörter hinweg, etwa solely incidental, regular business und general circulation. Unterstreich sie beim Lesen.
Rechne auch mit ein wenig Arithmetik. Die Kennzahlenfrage hier ist typisch: Schreib zuerst die Formel hin und setz dann die Zahlen ein. Mehrere Regeln dieser Prüfung, vom Alter, in dem die Kontrolle über ein UTMA-Konto übergeht, bis dazu, wer wo registriert werden kann, legt jeder Bundesstaat selbst fest, das Gesetz deines eigenen Bundesstaats und das Material deines Vorbereitungsanbieters gehen deshalb vor.
Wie StudyPDF vollständige Probeprüfungen aus deinem eigenen Vorbereitungsmaterial baut
Fünfzehn Fragen zeigen dir, welcher Teil der Prüfung am schwächsten ist. Prüfungsreif machen sie dich allein nicht, und ein allgemeines Set weiß nicht, welches Vorbereitungsbuch du gekauft hast oder welche Fehler du immer wieder machst.
StudyPDF geht stattdessen von deinem Material aus. Lade dein Series 66 Vorbereitungsbuch hoch, die Notizen oder Folien deines Kursanbieters oder die Inhaltsübersicht, die du selbst kommentiert hast. Dann tippst du auf Neues Material, wählst einen Übungstest, nimmst diese Dateien als Quellen und stellst die Länge ein. 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 Kundenkommunikation oder Nachlassplanung, 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 Registrierung von Anlageberatern oder das Kundenprofil, 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 66 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 66, und welche Punktzahl brauche ich zum Bestehen?
FINRA nennt 100 gewertete Fragen plus 10 ungewertete Fragen, 150 Minuten und mindestens 73 von 100 richtig beantworteten gewerteten Fragen zum Bestehen. Die NASAA schreibt die Prüfung, und FINRA führt sie durch. Die Series 7 ist eine Corequisite, bestätige also vor der Buchung bei FINRA und der Wertpapieraufsicht deines Bundesstaats die aktuelle Gebühr, den Anmeldezeitraum und welche Prüfungen du brauchst.
Wer hat diese Fragen geschrieben, und sind das echte Prüfungsfragen?
Das StudyPDF-Team hat jede Frage und jede Erklärung nach der öffentlichen Inhaltsübersicht der NASAA für die Series 66 geschrieben. Es sind keine echten Prüfungsfragen, und keine stammt aus dem Fragenpool eines Vorbereitungsanbieters. StudyPDF steht in keiner Verbindung zur NASAA, zu FINRA, zur SEC oder zu einer Wertpapieraufsicht eines Bundesstaats, und nichts auf dieser Seite ist Rechts-, Steuer- oder Anlageberatung.
Bekomme ich mehr solche Fragen aus meinem eigenen Vorbereitungsbuch?
Ja. Lade dein Series 66 Vorbereitungsbuch oder deine Kursnotizen bei StudyPDF hoch, und Bo baut vollständige Probeprüfungen aus genau diesen Seiten, mit Erklärungen, die nennen, woher jede Antwort stammt. Wenn du nur eine Papierausgabe hast, nenn stattdessen ein Thema, zum Beispiel Kundenkommunikation oder Nachlassplanung, und Bo schreibt dir eine Prüfung dazu.
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Lade dein eigenes Lernbuch, deine Folien oder Notizen hoch und Bo baut vollständige Übungstests aus genau deinem Material. Es merkt sich, welche Konzepte dir immer wieder entgehen, und geht gezielt deine Schwachstellen an. Kostenlos starten.