Test d'entraînement Series 66
- 15 questions
- Environ 15 min
- Gratuit
Les questions du test restent en anglais.
Complete the sentence.
Choisis le mot qui complète la phrase.
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À propos de ce test
Voici un examen blanc Series 66 gratuit de 15 questions, rédigé par l'équipe StudyPDF à partir du plan de contenu publié par la NASAA pour l'Uniform Combined State Law Examination (l'examen américain combiné sur le droit des États). Le Series 66 mêle le droit des valeurs mobilières des États et les sujets liés aux conseillers en investissement, si bien que les questions couvrent l'inscription des conseillers et de leurs représentants, la communication avec les clients, les pratiques éthiques, les profils clients, les bases de la succession et quelques produits et ratios. Tu y trouveras du choix multiple, des réponses multiples et des textes à trous. Réponds aux 15 questions, puis regarde ton score et lis l'explication de chaque question. Rien ici n'est un conseil juridique, fiscal ou en investissement.
Les 15 questions en un coup d'œil
Tu préfères lire avant de jouer ? Toutes les questions de l'échantillon sont listées ci-dessous. Les réponses et les explications restent repliées tant que tu ne les ouvres pas.
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 _____.
Options pour le trou 1 : 1.50, 2.25, 3.00, 0.44
Options pour le trou 2 : 1.50, 2.25, 0.75, 3.00
Réponse : 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
Réponse : 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
Réponse : 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
Réponse : 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
Réponse : 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?
Coche toutes les bonnes réponses.
- 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
Réponse : 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
Réponse : 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
Réponse : 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?
Coche toutes les bonnes réponses.
- 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
Réponse : 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
Réponse : 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
Réponse : 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?
Coche toutes les bonnes réponses.
- 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
Réponse : 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
Réponse : 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 _____.
Options pour le trou 1 : monthly, quarterly, semiannually, only when asked
Réponse : 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 _____.
Options pour le trou 1 : selling away, front running, parking, matched orders
Options pour le trou 2 : scalping, churning, marking the close, layering
Réponse : 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.
Ce que demande l'examen Series 66 et comment il est noté
Le Series 66 est l'Uniform Combined State Law Examination. La NASAA, la North American Securities Administrators Association (l'association des régulateurs américains et canadiens des valeurs mobilières), l'écrit, et la FINRA l'administre. Selon la FINRA, l'examen compte 100 questions notées plus 10 questions non notées, tu as 150 minutes, et tu dois répondre correctement à au moins 73 des 100 questions notées pour réussir. Cela fait 73 pour cent. Les 10 questions non notées sont des items de test et tu ne peux pas savoir lesquelles, alors traite chaque question comme si elle comptait. La NASAA le fait passer à livre fermé et affiche ton résultat dès que tu as fini.
La NASAA publie le plan de contenu, et il donne la plus grosse part au droit. Les lois, réglementations et lignes directrices, y compris l'interdiction des pratiques commerciales contraires à l'éthique, représentent 45 pour cent, soit environ 45 questions. Les recommandations et stratégies d'investissement pour les clients représentent 30 pour cent, soit environ 30 questions. Les caractéristiques des produits d'investissement représentent 17 pour cent, soit environ 17 questions. Les facteurs économiques et les informations sur les entreprises ne représentent que 8 pour cent, soit environ 8 questions. Trois questions sur quatre portent donc sur les règles et sur le conseil aux clients, et la connaissance des produits est une part plus petite qu'au Series 65.
Le Series 66 te qualifie à deux titres, comme agent d'un courtier (broker-dealer) et comme représentant de conseiller en investissement, comme si tu avais réussi à la fois le Series 63 et le Series 65. La NASAA précise aussi que le Series 7 de la FINRA est un co-requis : tu peux passer l'un ou l'autre examen en premier, mais il te faut les deux avant de pouvoir t'inscrire comme représentant de conseiller en investissement sur la base d'un Series 66. Qui doit détenir quel examen est décidé par l'autorité de régulation des valeurs mobilières de ton État, alors vérifie auprès de l'État et de la FINRA les frais en vigueur, la période de planification et tes propres exigences. Rien sur cette page n'est un conseil juridique.
En quoi cet échantillon diffère des pages Series 63 et Series 65
Le Series 66 réunit les deux examens de droit des États en un seul, ce qui permet d'étudier facilement la mauvaise moitié. Cet échantillon s'appuie sur les sujets du côté des conseillers et de la conduite : qui compte comme conseiller en investissement, quand un représentant doit s'inscrire dans un État, ce qu'un conseiller peut et ne peut pas dire à ses clients, les commissions de performance, comment repérer et traiter l'exploitation d'un client âgé, et les déclarations de transactions personnelles qu'une société recueille. Il garde aussi quelques questions sur le profil client, les bases de la succession et les produits, car 30 pour cent du vrai examen porte sur le conseil à une personne. Le droit des États sur les agents et les courtiers, par exemple qui doit s'inscrire comme agent et les pouvoirs de l'Administrator de l'État, a son propre échantillon sur la page Series 63. La théorie du portefeuille, la garde des actifs et le devoir fiduciaire en profondeur sont sur la page Series 65.
Fais les 15 d'une traite, sans notes, puis lis l'explication de chaque question, y compris celles que tu as réussies. Huit des 15 questions portent sur le droit et la conduite, ce qui se rapproche de la pondération de l'examen. Prends chaque erreur comme un thème. Si tu as raté la question sur la définition du conseiller en investissement et celle sur la communication, tu lis probablement trop vite les mots qui qualifient, comme solely incidental (uniquement accessoire), regular business (activité habituelle) et general circulation (large diffusion). Souligne-les en lisant.
Attends-toi aussi à un peu d'arithmétique. La question de ratio ici est typique : écris la formule d'abord, puis mets les nombres. Plusieurs règles de cet examen, de l'âge auquel le contrôle UTMA passe à qui peut être inscrit où, sont fixées par chaque État, alors le texte de loi de ton État et le matériel de ton organisme de préparation passent en premier.
Comment StudyPDF crée des examens blancs complets à partir de ton propre matériel de préparation
Quinze questions peuvent te montrer quelle partie de l'examen est la plus faible. Elles ne suffisent pas à te préparer, et une série générique ne sait pas quel livre de préparation tu as acheté ni quelles erreurs tu répètes.
StudyPDF part plutôt de ton matériel. Importe ton livre de préparation au Series 66, les notes ou les diapos de ton organisme de formation, ou le plan que tu as annoté toi-même. Appuie ensuite sur Nouveau contenu, choisis un test d'entraînement, prends ces fichiers comme sources et règle sa longueur. Tu obtiens un test écrit à partir de ces pages précises, et chaque explication indique d'où vient la réponse. Restreins-en un à un seul domaine, comme la communication avec les clients ou la planification successorale, et refais-le après ta révision.
Bo est le tuteur pour le reste. Demande pourquoi une réponse est juste et Bo l'explique à partir de tes propres pages, avec un indice d'abord si tu le veux.
Tu n'as rien à importer pour commencer. Nomme plutôt un thème, par exemple l'inscription des conseillers en investissement ou le profil client, et tu obtiens des questions d'entraînement dessus. Commencer est gratuit.
Rédigé par l'équipe StudyPDF. Mis à jour le 19 août 2026.
Bon à savoir
Cet examen blanc Series 66 est-il vraiment gratuit ?
Oui. Les 15 questions, l'écran de score et chaque explication sont gratuits à jouer dans ton navigateur, et il n'y a aucun mur payant sur cette page.
Combien de questions compte le Series 66, et quelle note me faut-il pour réussir ?
La FINRA indique 100 questions notées plus 10 questions non notées, 150 minutes, et au moins 73 des 100 questions notées correctes pour réussir. La NASAA écrit l'examen et la FINRA l'administre. Le Series 7 est un co-requis, alors confirme les frais en vigueur, la période de planification et les examens qu'il te faut auprès de la FINRA et de l'autorité de régulation des valeurs mobilières de ton État avant de réserver.
Qui a écrit ces questions, et sont-elles de vraies questions d'examen ?
L'équipe StudyPDF a rédigé chaque question et chaque explication à partir du plan de contenu public de la NASAA pour le Series 66. Ce ne sont pas de vraies questions d'examen et elles ne viennent de la banque d'aucun organisme de préparation. StudyPDF n'est affilié ni à la NASAA, ni à la FINRA, ni à la SEC, ni à aucune autorité de régulation des valeurs mobilières d'un État, et rien sur cette page n'est un conseil juridique, fiscal ou en investissement.
Puis-je avoir plus de questions comme celles-ci à partir de mon propre livre de préparation ?
Oui. Importe ton livre de préparation au Series 66 ou tes notes de cours dans StudyPDF, et Bo crée des examens blancs complets à partir de ces pages précises, avec des explications qui citent l'origine de chaque réponse. Si tu n'as qu'un exemplaire papier, nomme plutôt un thème, par exemple la communication avec les clients ou la planification successorale, et Bo écrit un examen dessus.
Il te faut plus qu'un échantillon ?
Importe ton propre manuel, tes diapos ou tes notes et Bo crée des tests d'entraînement complets à partir de tes documents, suit les concepts que tu rates et cible tes points faibles. Commence gratuitement.