Test próbny Series 65
- Pytania: 15
- Około 15 min
- Za darmo
Pytania w teście pozostają po angielsku.
The Federal Reserve wants to slow an overheating economy and bring inflation down. Which action is contractionary monetary policy?
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O tym teście
To darmowy test próbny Series 65, 15 pytań, napisany przez zespół StudyPDF na podstawie opublikowanego przez NASAA planu treści egzaminu Uniform Investment Adviser Law Examination. Dotyka wszystkich czterech obszarów treści: czynników ekonomicznych, instrumentów inwestycyjnych, rekomendacji i strategii dla klientów oraz prawa i etyki, które obowiązują doradców inwestycyjnych. Znajdziesz wybór jednej odpowiedzi, zaznaczanie wszystkich pasujących i uzupełnianie luk, w tym kilka krótkich obliczeń. Odpowiedz na wszystkie 15 pytań, a potem sprawdź wynik i przeczytaj wyjaśnienie do każdego. Nic tutaj nie jest poradą prawną, podatkową ani inwestycyjną.
Wszystkie pytania w jednym miejscu (15)
Wolisz najpierw poczytać? Poniżej znajdziesz każde pytanie z próbki. Odpowiedzi i wyjaśnienia są zwinięte, dopóki ich nie otworzysz.
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
Odpowiedź: 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.
Opcje do luki 1: 9.0, 10.2, 10.8, 12.0
Odpowiedź: 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
Odpowiedź: 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
Odpowiedź: 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.
Opcje do luki 1: 4.0, 5.3, 5.9, 12.5
Odpowiedź: 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
Odpowiedź: 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
Odpowiedź: 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
Odpowiedź: 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
Odpowiedź: 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?
Zaznacz wszystkie pasujące odpowiedzi.
- 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
Odpowiedź: 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.
Opcje do luki 1: systematic, unsystematic
Opcje do luki 2: systematic, unsystematic
Odpowiedź: 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
Odpowiedź: 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
Odpowiedź: 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?
Zaznacz wszystkie pasujące odpowiedzi.
- 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
Odpowiedź: 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?
Zaznacz wszystkie pasujące odpowiedzi.
- 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
Odpowiedź: 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.
O co pyta egzamin Series 65 i jak jest oceniany
Series 65 to Uniform Investment Adviser Law Examination. Pisze go NASAA, czyli North American Securities Administrators Association, a przeprowadza FINRA. Według FINRA egzamin ma 130 pytań punktowanych plus 10 niepunktowanych, masz 180 minut i musisz odpowiedzieć poprawnie na co najmniej 92 z 130 pytań punktowanych, żeby zdać. To około 70,8 procent. 10 niepunktowanych pytań to pytania próbne i nie da się poznać, które to, więc traktuj każde pytanie tak, jakby się liczyło.
NASAA publikuje plan treści, który dzieli egzamin na cztery obszary. Czynniki ekonomiczne i informacje biznesowe to 15 procent, około 20 pytań. Cechy instrumentów inwestycyjnych to 25 procent, około 32 pytania. Rekomendacje inwestycyjne dla klientów i strategie to 30 procent, około 39 pytań. Prawo, przepisy i wytyczne, w tym zakaz nieetycznych praktyk biznesowych, to również 30 procent, około 39 pytań. Sześć na dziesięć pytań dotyczy więc doradzania klientom i zasad wokół tego, a mniejszy udział to wiedza o produktach.
Opłata, okno zapisów i zasady dotyczące tego, kto musi mieć Series 65, pochodzą od FINRA i od stanowego regulatora papierów wartościowych, a stany nie wymagają wszystkie tego samego. Niektóre akceptują Series 66, który NASAA opisuje jako połączony stanowy egzamin prawny zastępujący zarówno Series 63, jak i Series 65. Sprawdź FINRA i swój stan, zanim zarezerwujesz termin, i nie traktuj niczego na tej stronie jako porady prawnej.
Jak korzystać z tej próbki i co ćwiczyć najpierw
Piętnaście pytań nie pokryje 130, więc ta próbka rozkłada je na cztery obszary: dwa o czynnikach ekonomicznych i ryzyku, trzy o instrumentach inwestycyjnych, sześć o rekomendacjach dla klientów i teorii portfela oraz cztery o prawie doradców i obowiązku powierniczym. Rozwiąż ją za jednym razem, bez notatek, a potem przeczytaj wyjaśnienie do każdego pytania, także tych, które masz dobrze.
Series 65 nagradza inny nawyk niż Series 7 czy SIE. Mniej pytań dotyczy tego, czym jest produkt, a więcej tego, co doradca powinien zrobić dla danego klienta. Gdy dwie odpowiedzi wyglądają rozsądnie, zapytaj, która stawia klienta na pierwszym miejscu, ujawnia konflikt interesów i pasuje zarówno do skłonności klienta do ryzyka, jak i do jego zdolności do ponoszenia ryzyka. Ten test rozstrzyga dużą część pytań o rekomendacje i etykę.
Matematyka jest lekka, ale prawdziwa. Spodziewaj się kilku krótkich obliczeń, takich jak stopa zwrotu za okres posiadania, CAPM, równoważna stopa zwrotu przed podatkiem (tax-equivalent yield), wskaźniki płynności bieżącej i szybkiej oraz wpływ duracji na cenę. Zapisz wzór, zanim podstawisz liczby, i sprawdź, czy wynik ma właściwą wielkość, zanim go wybierzesz. Jeśli potrzebujesz też prawa agentów i domów maklerskich, ta treść jest w Series 63, a Series 7 i SIE obejmują produkty od strony domu maklerskiego.
Jak StudyPDF buduje pełne testy próbne z twojego materiału przygotowawczego
Piętnaście pytań pokaże, który z czterech obszarów jest najsłabszy. Same cię nie przygotują, a ogólny zestaw nie wie, jaką książkę przygotowawczą kupiłeś ani jakie błędy ciągle powtarzasz.
StudyPDF pracuje zamiast tego na twoim materiale. Wgraj książkę przygotowawczą do Series 65, notatki lub slajdy swojego dostawcy kursu albo plan, który sam opisałeś. Potem naciśnij Nowy materiał, wybierz test próbny, wskaż te pliki jako źródła i ustaw długość. Dostajesz test napisany z dokładnie tych stron, a każde wyjaśnienie wskazuje, skąd pochodzi odpowiedź. Zawęź go do jednego obszaru, na przykład przechowywania aktywów klientów (custody) albo pomiaru wyników, i uruchom jeszcze raz po powtórce.
Resztą zajmuje się Bo, tutor. Zapytaj, dlaczego odpowiedź jest dobra, a Bo wyjaśni to na podstawie twoich własnych stron, jeśli chcesz, najpierw z podpowiedzią.
Żeby zacząć, nie musisz niczego wgrywać. Podaj temat, na przykład obowiązek powierniczy albo nowoczesną teorię portfela, a dostaniesz pytania ćwiczeniowe na ten temat. Zaczynasz za darmo.
Napisane przez zespół StudyPDF. Ostatnia aktualizacja 19 sierpnia 2026.
Warto wiedzieć
Czy ten test próbny Series 65 jest naprawdę darmowy?
Tak. Wszystkie 15 pytań, ekran z wynikiem i każde wyjaśnienie są darmowe do rozwiązania w przeglądarce, a na tej stronie nie ma nic płatnego.
Ile pytań ma Series 65 i jaki wynik trzeba uzyskać, żeby zdać?
FINRA podaje 130 pytań punktowanych plus 10 niepunktowanych, 180 minut i co najmniej 92 z 130 pytań punktowanych poprawnie, żeby zdać. Egzamin pisze NASAA, a przeprowadza FINRA, więc aktualną opłatę, okno zapisów i to, kto musi do niego podejść, potwierdź w FINRA i u stanowego regulatora papierów wartościowych, zanim zarezerwujesz termin.
Kto napisał te pytania i czy to prawdziwe pytania egzaminacyjne?
Zespół StudyPDF napisał każde pytanie i wyjaśnienie na podstawie publicznego planu treści NASAA dla Series 65. To nie są prawdziwe pytania egzaminacyjne i nie pochodzą z bazy żadnego dostawcy kursów. StudyPDF nie jest powiązane z NASAA, FINRA, SEC ani żadnym stanowym regulatorem papierów wartościowych, a nic na tej stronie nie jest poradą prawną, podatkową ani inwestycyjną.
Czy mogę dostać więcej takich pytań z własnej książki przygotowawczej?
Tak. Wgraj do StudyPDF książkę przygotowawczą do Series 65 albo swoje notatki, a Bo zbuduje pełnowymiarowe testy próbne z dokładnie tych stron, z wyjaśnieniami wskazującymi, skąd pochodzi każda odpowiedź. Jeśli masz tylko papierowy egzemplarz, podaj zamiast tego temat, na przykład przechowywanie aktywów klientów (custody) albo miary wyników, a Bo napisze z niego test.