Series 66 oefenexamen
- 15 vragen
- Ongeveer 15 min
- Gratis
De vragen van de test blijven in het Engels.
Complete the sentence.
Kies het woord dat de zin afmaakt.
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Over deze test
Dit is een gratis Series 66 oefenexamen van 15 vragen, geschreven door het StudyPDF-team naar het gepubliceerde NASAA-inhoudsoverzicht van het Uniform Combined State Law Examination. De Series 66 combineert effectenrecht van de staten met onderwerpen voor beleggingsadviseurs, dus de vragen gaan over registratie van adviseurs en vertegenwoordigers, communicatie met klanten, ethische praktijken, klantprofielen, de basis van nalatenschappen en een paar producten en ratio's. Je krijgt meerkeuzevragen, selecteer alles wat van toepassing is en invulvragen door elkaar. Beantwoord alle 15 vragen, bekijk daarna je score en lees de uitleg bij elke vraag. Niets hier is juridisch, fiscaal of beleggingsadvies.
Alle 15 vragen op een rij
Liever eerst lezen? Hieronder staat elke vraag uit deze oefentoets. Antwoorden en uitleg blijven ingeklapt tot je ze opent.
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 _____.
Opties voor invulveld 1: 1.50, 2.25, 3.00, 0.44
Opties voor invulveld 2: 1.50, 2.25, 0.75, 3.00
Antwoord: 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
Antwoord: 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
Antwoord: 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
Antwoord: 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
Antwoord: 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?
Selecteer alles wat van toepassing is.
- 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
Antwoord: 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
Antwoord: 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
Antwoord: 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?
Selecteer alles wat van toepassing is.
- 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
Antwoord: 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
Antwoord: 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
Antwoord: 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?
Selecteer alles wat van toepassing is.
- 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
Antwoord: 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
Antwoord: 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 _____.
Opties voor invulveld 1: monthly, quarterly, semiannually, only when asked
Antwoord: 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 _____.
Opties voor invulveld 1: selling away, front running, parking, matched orders
Opties voor invulveld 2: scalping, churning, marking the close, layering
Antwoord: 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.
Wat het Series 66-examen vraagt en hoe het wordt beoordeeld
De Series 66 is het Uniform Combined State Law Examination. NASAA, de North American Securities Administrators Association, schrijft het en FINRA neemt het af. Volgens FINRA heeft het examen 100 gescoorde vragen plus 10 ongescoorde vragen, krijg je 150 minuten en moet je minstens 73 van de 100 gescoorde vragen goed hebben om te slagen. Dat is 73 procent. De 10 ongescoorde vragen zijn proefvragen en je kunt niet zien welke dat zijn, dus behandel elke vraag alsof hij meetelt. NASAA houdt het een closed book-toets en laat je uitslag zien zodra je klaar bent.
NASAA publiceert het inhoudsoverzicht, en dat geeft het grootste deel aan het recht. Wetten, regelgeving en richtlijnen, waaronder het verbod op onethische bedrijfspraktijken, is 45 procent, ongeveer 45 vragen. Beleggingsaanbevelingen en strategieën voor klanten is 30 procent, ongeveer 30 vragen. Kenmerken van beleggingsproducten is 17 procent, ongeveer 17 vragen. Economische factoren en bedrijfsinformatie is maar 8 procent, ongeveer 8 vragen. Drie van elke vier vragen gaan dus over regels en over het adviseren van klanten, en productkennis is een kleiner deel dan bij de Series 65.
De Series 66 kwalificeert je in twee hoedanigheden, als agent van een broker-dealer en als investment adviser representative, alsof je zowel de Series 63 als de Series 65 had gehaald. NASAA zegt ook dat de FINRA Series 7 een corequisite is: je mag beide examens in willekeurige volgorde afleggen, maar je hebt beide nodig voordat je je op grond van een Series 66 als investment adviser representative kunt registreren. Welk examen jij moet hebben, bepaalt de effectentoezichthouder van je staat, dus controleer bij de staat en FINRA de actuele kosten, het inplanvenster en je eigen eisen. Niets op deze pagina is juridisch advies.
Waarin deze proefset verschilt van de Series 63- en Series 65-pagina's
De Series 66 is de twee staatsexamens in een, en daardoor studeer je gemakkelijk de verkeerde helft. Deze proefset leunt op de onderwerpen aan de kant van adviseur en gedrag: wie als beleggingsadviseur telt, wanneer een vertegenwoordiger zich in een staat moet registreren, wat een adviseur wel en niet tegen klanten mag zeggen, performance fees, hoe je uitbuiting van een oudere klant herkent en aanpakt, en de rapporten over persoonlijke transacties die een firma verzamelt. Hij houdt ook een paar vragen over het klantprofiel, de basis van nalatenschappen en producten, omdat 30 procent van het echte examen gaat over het adviseren van een persoon. Staatsrecht voor agenten en broker-dealers, zoals wie zich als agent moet registreren en de bevoegdheden van de Administrator van de staat, heeft zijn eigen proefset op de Series 63-pagina. Portefeuilletheorie, bewaring en fiduciaire plicht in de diepte staan op de Series 65-pagina.
Maak alle 15 in een keer, zonder aantekeningen, en lees daarna de uitleg bij elke vraag, ook bij de vragen die je goed had. Acht van de 15 vragen gaan over recht en gedrag, wat dicht bij de weging van het examen ligt. Behandel elke fout als een onderwerp. Had je de vraag over de definitie van beleggingsadviseur en de vraag over communicatie fout, dan lees je waarschijnlijk voorbij de bepalende woorden, zoals solely incidental, regular business en general circulation. Onderstreep die terwijl je leest.
Verwacht ook een beetje rekenwerk. De ratiovraag hier is typisch: schrijf eerst de formule op en vul dan de getallen in. Verschillende regels op dit examen, van de leeftijd waarop de controle onder UTMA overgaat tot wie waar geregistreerd mag worden, worden per staat bepaald, dus de wet van je eigen staat en het materiaal van je voorbereidingsaanbieder komen eerst.
Zo bouwt StudyPDF volledige oefenexamens uit je eigen voorbereidingsmateriaal
Vijftien vragen kunnen laten zien welk deel van het examen het zwakst is. Klaar voor het examen maken ze je niet, en een algemene set weet niet welk voorbereidingsboek jij kocht of welke fouten je blijft herhalen.
StudyPDF werkt juist vanuit jouw materiaal. Upload je Series 66-voorbereidingsboek, de aantekeningen of slides van je cursusaanbieder, of het overzicht dat je zelf hebt aangetekend. Tik dan op Nieuw materiaal, kies een oefentoets, selecteer die bestanden als bronnen en stel in hoe lang het moet zijn. Je krijgt een toets die van precies die pagina's is gemaakt, en elke uitleg noemt waar het antwoord vandaan komt. Richt er een op een enkel gebied, zoals communicatie met klanten of nalatenschapsplanning, en maak hem opnieuw na je herhaling.
Voor de rest is er Bo, de tutor. Vraag waarom een antwoord klopt en Bo legt het uit vanuit je eigen pagina's, op verzoek eerst met een hint.
Je hoeft niets te uploaden om te beginnen. Noem een onderwerp, bijvoorbeeld registratie van beleggingsadviseurs of het klantprofiel, en je krijgt oefenvragen erover. Beginnen is gratis.
Geschreven door het StudyPDF-team. Laatst bijgewerkt op 19 augustus 2026.
Goed om te weten
Is dit Series 66 oefenexamen echt gratis?
Ja. Alle 15 vragen, het scorescherm en elke uitleg zijn gratis te spelen in je browser. Op deze pagina zit geen betaalmuur.
Hoeveel vragen heeft de Series 66 en welke score heb ik nodig om te slagen?
FINRA noemt 100 gescoorde vragen plus 10 ongescoorde vragen, 150 minuten, en minstens 73 van de 100 gescoorde vragen goed om te slagen. NASAA schrijft het examen en FINRA neemt het af. De Series 7 is een corequisite, dus controleer bij FINRA en de effectentoezichthouder van je staat de actuele kosten, het inplanvenster en welke examens je nodig hebt voordat je boekt.
Wie heeft deze vragen geschreven, en zijn het echte examenvragen?
Het StudyPDF-team heeft elke vraag en elke uitleg geschreven naar het openbare NASAA-inhoudsoverzicht voor de Series 66. Het zijn geen echte examenvragen en ze komen niet uit de bank van een examenvoorbereider. StudyPDF heeft geen band met NASAA, FINRA, de SEC of een effectentoezichthouder van een staat, en niets op deze pagina is juridisch, fiscaal of beleggingsadvies.
Kan ik meer vragen zoals deze krijgen uit mijn eigen voorbereidingsboek?
Ja. Upload je Series 66-voorbereidingsboek of je cursusaantekeningen naar StudyPDF en Bo bouwt volledige oefenexamens uit precies die pagina's, met uitleg die aangeeft waar elk antwoord vandaan komt. Heb je alleen een papieren exemplaar, noem dan een onderwerp, bijvoorbeeld communicatie met klanten of nalatenschapsplanning, en Bo schrijft daar een examen over.
Meer nodig dan een korte oefentoets?
Upload je eigen leerboek, slides of aantekeningen en Bo bouwt volledige oefentoetsen uit precies jouw materiaal, houdt bij welke begrippen je blijft missen en richt zich op je zwakke plekken. Gratis om te beginnen.