Series 65 øvingsprøve
- 15 spørsmål
- Cirka 15 min
- Gratis
Spørsmålene i testen er på engelsk.
The Federal Reserve wants to slow an overheating economy and bring inflation down. Which action is contractionary monetary policy?
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Om denne testen
Dette er en gratis Series 65-øvingsprøve med 15 spørsmål, skrevet av StudyPDF-teamet ut fra den publiserte fagplanen til NASAA for Uniform Investment Adviser Law Examination. Den berører alle fire innholdsområdene: økonomiske faktorer, investeringsprodukter, anbefalinger og strategier for kunder, og lovene og etikken som gjelder for investeringsrådgivere. Du møter flervalg, velg alle som passer og fyll inn luken, blant annet noen korte regneoppgaver. Svar på alle 15 spørsmålene, sjekk så poengsummen din og les forklaringen til hvert spørsmål. Ingenting her er juridiske råd, skatteråd eller investeringsråd.
Alle 15 spørsmål i oversikt
Vil du heller lese før du spiller? Alle spørsmålene i smakebiten står listet under. Svar og forklaringer er skjult til du åpner dem.
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
Svar: 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.
Alternativer for luke 1: 9.0, 10.2, 10.8, 12.0
Svar: 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
Svar: 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
Svar: 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.
Alternativer for luke 1: 4.0, 5.3, 5.9, 12.5
Svar: 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
Svar: 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
Svar: 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
Svar: 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
Svar: 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?
Velg alle som passer.
- 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
Svar: 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.
Alternativer for luke 1: systematic, unsystematic
Alternativer for luke 2: systematic, unsystematic
Svar: 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
Svar: 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
Svar: 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?
Velg alle som passer.
- 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
Svar: 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?
Velg alle som passer.
- 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
Svar: 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.
Dette spør Series 65 om, og slik får du poeng
Series 65 er Uniform Investment Adviser Law Examination. NASAA, altså North American Securities Administrators Association, skriver den, og FINRA holder den. Ifølge FINRA har prøven 130 spørsmål som teller og 10 som ikke teller, du får 180 minutter, og du må svare riktig på minst 92 av de 130 som teller for å bestå. Det er omtrent 70,8 prosent. De 10 spørsmålene som ikke teller, er testspørsmål, og du kan ikke se hvilke de er, så behandle hvert spørsmål som om det teller.
NASAA publiserer fagplanen, og den deler prøven i fire områder. Økonomiske faktorer og forretningsinformasjon utgjør 15 prosent, omtrent 20 spørsmål. Egenskaper ved investeringsprodukter utgjør 25 prosent, omtrent 32 spørsmål. Anbefalinger og strategier for kunder utgjør 30 prosent, omtrent 39 spørsmål. Lover, regler og retningslinjer, inkludert forbudet mot uetisk forretningspraksis, utgjør også 30 prosent, omtrent 39 spørsmål. Seks av ti spørsmål handler altså om å rådgi kunder og reglene rundt det, og bare en mindre andel er produktkunnskap.
Gebyret, tidsvinduet for å bestille og reglene for hvem som må ha Series 65 kommer fra FINRA og fra verdipapirtilsynet i din delstat, og delstatene krever ikke alle det samme. Noen godtar Series 66, som NASAA beskriver som den kombinerte delstatsloveksamenen som erstatter både Series 63 og Series 65. Sjekk FINRA og din delstat før du bestiller, og se på ingenting på denne siden som juridiske råd.
Slik bruker du smakebiten, og hva du bør øve først
Femten spørsmål kan ikke dekke 130, så smakebiten fordeler dem over de fire områdene: to om økonomiske faktorer og risiko, tre om investeringsprodukter, seks om anbefalinger til kunder og porteføljeteori og fire om rådgiverlov og lojalitetsplikt. Ta den i én økt, uten notater, og les så forklaringen til hvert spørsmål, også de du fikk riktig.
Series 65 belønner en annen vane enn Series 7 eller SIE. Færre spørsmål spør hva et produkt er, og flere spør hva en rådgiver bør gjøre for en gitt kunde. Når to svar begge ser rimelige ut, spør hvilket som setter kunden først, opplyser om interessekonflikten og passer både kundens vilje og evne til å ta risiko. Den testen avgjør en stor del av anbefalings- og etikkspørsmålene.
Matematikken er lett, men reell. Regn med en håndfull korte regneoppgaver, for eksempel avkastning over eiertiden (holding period return), CAPM, skatteekvivalent avkastning, current ratio og quick ratio og hvordan durasjon påvirker prisen. Skriv formelen før du setter inn tall, og sjekk at svaret har riktig størrelse før du velger det. Trenger du også lovstoff for agenter og meglerhus, finner du det i Series 63, og Series 7 og SIE dekker produktene fra meglerhusets side.
Slik bygger StudyPDF fullengdes øvingsprøver fra ditt eget forberedelsesmateriale
Femten spørsmål kan vise deg hvilket av de fire områdene som er svakest. De gjør deg ikke klar alene, og et generelt sett vet ikke hvilken forberedelsesbok du kjøpte eller hvilke feil du stadig gjentar.
StudyPDF tar i stedet utgangspunkt i materialet ditt. Last opp Series 65-forberedelsesboka, notatene eller lysbildene fra kursleverandøren din eller fagplanen du har notert i selv. Trykk så Nytt materiale, velg en øvingsprøve, velg filene som kilder og angi hvor lang den skal være. Du får en prøve skrevet fra akkurat de sidene, og hver forklaring viser hvor svaret kommer fra. Spiss en av dem mot ett enkelt område, for eksempel forvaring av kundemidler (custody) eller resultatmåling, og ta den på nytt etter at du har repetert.
Bo er veilederen for resten. Spør hvorfor et svar er riktig, så forklarer Bo det ut fra dine egne sider, med et hint først hvis du vil ha det.
Du trenger ikke laste opp noe for å komme i gang. Nevn heller et tema, for eksempel lojalitetsplikt eller moderne porteføljeteori, så får du øvingsspørsmål om det. Det er gratis å starte.
Skrevet av StudyPDF-teamet. Sist oppdatert 19. august 2026.
Greit å vite
Er denne Series 65-øvingsprøven virkelig gratis?
Ja. Alle 15 spørsmålene, poengskjermen og hver forklaring er gratis å spille i nettleseren, og det er ingen betalingsmur på denne siden.
Hvor mange spørsmål har Series 65, og hvilken score må jeg ha for å bestå?
FINRA oppgir 130 spørsmål som teller pluss 10 som ikke teller, 180 minutter og minst 92 av de 130 som teller riktig for å bestå. NASAA skriver prøven og FINRA holder den, så bekreft gjeldende gebyr, tidsvindu for å bestille og hvem som må ta den hos FINRA og verdipapirtilsynet i din delstat før du bestiller.
Hvem har skrevet disse spørsmålene, og er de ekte eksamensspørsmål?
StudyPDF-teamet har skrevet hvert spørsmål og hver forklaring ut fra den offentlige fagplanen til NASAA for Series 65. De er ikke ekte eksamensspørsmål, og de er ikke hentet fra noen kursleverandørs spørsmålsbank. StudyPDF er ikke tilknyttet NASAA, FINRA, SEC eller noe delstatlig verdipapirtilsyn, og ingenting på denne siden er juridiske råd, skatteråd eller investeringsråd.
Kan jeg få flere slike spørsmål fra min egen forberedelsesbok?
Ja. Last opp Series 65-forberedelsesboka eller kursnotatene dine til StudyPDF, så bygger Bo fullengdes øvingsprøver fra akkurat de sidene, med forklaringer som viser hvor hvert svar kom fra. Har du bare en papirutgave, kan du nevne et tema i stedet, for eksempel forvaring av kundemidler eller resultatmål, så skriver Bo en prøve fra det.