Series 66 øvingsprøve
- 15 spørsmål
- Cirka 15 min
- Gratis
Spørsmålene i testen er på engelsk.
Complete the sentence.
Velg ordet som fullfører setningen.
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Om denne testen
Dette er en gratis Series 66-øvingsprøve med 15 spørsmål, skrevet av StudyPDF-teamet ut fra den publiserte fagplanen til NASAA for Uniform Combined State Law Examination. Series 66 blander delstatlig verdipapirlov med temaer for investeringsrådgivere, så spørsmålene dekker registrering av rådgivere og representanter, kommunikasjon med kunder, etisk praksis, kundeprofiler, grunnleggende arverett og noen produkter og forholdstall. Du møter flervalg, velg alle som passer og fyll inn luken. Svar på alle 15 spørsmålene, sjekk 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.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 _____.
Alternativer for luke 1: 1.50, 2.25, 3.00, 0.44
Alternativer for luke 2: 1.50, 2.25, 0.75, 3.00
Svar: 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
Svar: 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
Svar: 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
Svar: 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
Svar: 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?
Velg alle som passer.
- 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
Svar: 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
Svar: 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
Svar: 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?
Velg alle som passer.
- 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
Svar: 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
Svar: 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
Svar: 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?
Velg alle som passer.
- 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
Svar: 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
Svar: 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 _____.
Alternativer for luke 1: monthly, quarterly, semiannually, only when asked
Svar: 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 _____.
Alternativer for luke 1: selling away, front running, parking, matched orders
Alternativer for luke 2: scalping, churning, marking the close, layering
Svar: 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.
Dette spør Series 66-prøven om, og slik får du poeng
Series 66 er Uniform Combined State Law Examination. NASAA, altså North American Securities Administrators Association, skriver den, og FINRA holder den. Ifølge FINRA har prøven 100 spørsmål som teller og 10 som ikke teller, du får 150 minutter, og du må svare riktig på minst 73 av de 100 som teller for å bestå. Det er 73 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 kjører prøven uten hjelpemidler, og resultatet vises med en gang du er ferdig.
NASAA publiserer fagplanen, og den gir størst vekt til lovene. Lover, regler og retningslinjer, inkludert forbudet mot uetisk forretningspraksis, utgjør 45 prosent, omtrent 45 spørsmål. Anbefalinger og strategier for kunder utgjør 30 prosent, omtrent 30 spørsmål. Egenskaper ved investeringsprodukter utgjør 17 prosent, omtrent 17 spørsmål. Økonomiske faktorer og forretningsinformasjon utgjør bare 8 prosent, omtrent 8 spørsmål. Tre av fire spørsmål handler altså om regler og om å rådgi kunder, og produktkunnskap er en mindre del enn på Series 65.
Series 66 kvalifiserer deg i to roller, som agent for et meglerhus og som representant for en investeringsrådgiver (investment adviser representative), som om du hadde bestått både Series 63 og Series 65. NASAA sier også at FINRA Series 7 er en samkrav-prøve: du kan ta hvilken som helst først, men du trenger begge før du kan registrere deg som rådgiverrepresentant på grunnlag av en Series 66. Hvem som må ha hvilken prøve, bestemmer verdipapirtilsynet i din delstat, så sjekk delstaten og FINRA for gjeldende gebyr, tidsvinduet for å bestille og dine egne krav. Ingenting på denne siden er juridiske råd.
Slik skiller denne smakebiten seg fra sidene for Series 63 og Series 65
Series 66 er de to delstatsprøvene i én, og det gjør det lett å studere feil halvdel. Denne smakebiten legger vekt på temaene på rådgiver- og atferdssiden: hvem som regnes som investeringsrådgiver, når en representant må registrere seg i en delstat, hva en rådgiver kan og ikke kan si til kunder, prestasjonsbaserte honorarer, hvordan du oppdager og håndterer utnytting av en eldre kunde, og de personlige handelsrapportene et foretak samler inn. Den har også noen få spørsmål om kundeprofilen, grunnleggende arverett og produkter, fordi 30 prosent av den ekte prøven handler om å rådgi et menneske. Delstatsloven for agenter og meglerhus, for eksempel hvem som må registrere seg som agent og fullmaktene til delstatens Administrator, har sin egen smakebit på Series 63-siden. Porteføljeteori, forvaring og lojalitetsplikt i dybden finner du på Series 65-siden.
Ta alle 15 i én økt, uten notater, og les så forklaringen til hvert spørsmål, også for dem du fikk riktig. Åtte av de 15 spørsmålene handler om lov og atferd, som ligger nær slik prøven vekter det. Behandle hver bom som et tema. Bommet du på spørsmålet om definisjonen av investeringsrådgiver og spørsmålet om kommunikasjon, leser du trolig forbi de kvalifiserende ordene, som solely incidental, regular business og general circulation. Strek under dem mens du leser.
Regn også med litt aritmetikk. Spørsmålet om forholdstall her er typisk: skriv formelen først, og sett så inn tallene. Flere regler på denne prøven, fra alderen da UTMA-kontrollen overgår til barnet til hvem som kan registreres hvor, settes av hver delstat, så lovteksten i din egen delstat og materialet fra forberedelsesleverandøren din kommer først.
Slik bygger StudyPDF fullengdes øvingsprøver fra ditt eget forberedelsesmateriale
Femten spørsmål kan vise deg hvilken del av prøven 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 66-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 kommunikasjon med kunder eller arveplanlegging, 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 registrering av investeringsrådgivere eller kundeprofilen, 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 66-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 66, og hvilken score må jeg ha for å bestå?
FINRA oppgir 100 spørsmål som teller pluss 10 som ikke teller, 150 minutter og minst 73 av de 100 som teller riktig for å bestå. NASAA skriver prøven og FINRA holder den. Series 7 er en samkrav-prøve, så bekreft gjeldende gebyr, tidsvindu for å bestille og hvilke prøver du trenger 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 66. 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 66-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 kommunikasjon med kunder eller arveplanlegging, så skriver Bo en prøve fra det.
Trenger du mer enn en smakebit?
Last opp din egen pensumbok, lysark eller notater, så bygger Bo fullengdes øvingsprøver fra akkurat ditt materiale, følger med på hvilke begreper du stadig bommer på og går rett på de svake punktene. Gratis å komme i gang.