Simulado Series 65
- 15 questões
- Cerca de 15 min
- Grátis
As perguntas do teste continuam em inglês.
The Federal Reserve wants to slow an overheating economy and bring inflation down. Which action is contractionary monetary policy?
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Sobre este teste
Este é um simulado grátis de 15 questões para o Series 65, a prova americana para consultores de investimentos (investment advisers), escrito pela equipe da StudyPDF com base no conteúdo programático publicado pela NASAA para o Uniform Investment Adviser Law Examination. Ele toca as quatro áreas de conteúdo: fatores econômicos, produtos de investimento, recomendações e estratégias para clientes e as leis e a ética que regem os consultores de investimentos. Você vai encontrar múltipla escolha, marcar todas as corretas e completar a lacuna, incluindo alguns cálculos curtos. Responda as 15 questões, depois veja sua pontuação e leia a explicação de cada uma. Nada aqui é orientação jurídica, tributária nem de investimentos.
Todas as 15 questões de uma vez
Prefere ler antes de jogar? Todas as questões da amostra estão listadas abaixo. As respostas e as explicações ficam fechadas até você abrir.
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
Resposta: 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.
Opções para a lacuna 1: 9.0, 10.2, 10.8, 12.0
Resposta: 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
Resposta: 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
Resposta: 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.
Opções para a lacuna 1: 4.0, 5.3, 5.9, 12.5
Resposta: 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
Resposta: 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
Resposta: 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
Resposta: 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
Resposta: 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?
Marque todas as opções corretas.
- 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
Resposta: 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.
Opções para a lacuna 1: systematic, unsystematic
Opções para a lacuna 2: systematic, unsystematic
Resposta: 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
Resposta: 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
Resposta: 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?
Marque todas as opções corretas.
- 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
Resposta: 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?
Marque todas as opções corretas.
- 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
Resposta: 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 que o Series 65 pergunta e como é a pontuação
O Series 65 é o Uniform Investment Adviser Law Examination. A NASAA, a North American Securities Administrators Association, o elabora, e a FINRA o aplica. Segundo a FINRA, a prova tem 130 questões que contam para a nota mais 10 que não contam, você tem 180 minutos e precisa acertar pelo menos 92 das 130 questões que contam para passar. Isso dá cerca de 70,8 por cento. As 10 questões que não contam são itens de pré-teste e você não consegue saber quais são, então trate cada questão como se valesse ponto.
A NASAA publica o conteúdo programático e divide a prova em quatro áreas. Fatores econômicos e informações de negócios são 15 por cento, cerca de 20 questões. Características dos produtos de investimento são 25 por cento, cerca de 32 questões. Recomendações e estratégias de investimento para clientes são 30 por cento, cerca de 39 questões. Leis, regulamentos e diretrizes, incluindo a proibição de práticas de negócio antiéticas, também são 30 por cento, cerca de 39 questões. Ou seja, seis em cada dez questões são sobre aconselhar clientes e as regras em torno disso, e só uma parte menor é conhecimento de produtos.
A taxa, a janela de agendamento e as regras sobre quem precisa ter o Series 65 vêm da FINRA e do órgão regulador de valores mobiliários do seu estado, e os estados não exigem todos a mesma coisa. Alguns aceitam o Series 66, que a NASAA descreve como a prova estadual combinada que substitui o Series 63 e o Series 65. Confira com a FINRA e com o seu estado antes de marcar, e não trate nada desta página como orientação jurídica.
Como usar esta amostra e o que praticar primeiro
Quinze questões não cobrem 130, então esta amostra as distribui pelas quatro áreas: duas sobre fatores econômicos e risco, três sobre produtos de investimento, seis sobre recomendações a clientes e teoria de carteiras e quatro sobre a lei dos consultores e o dever fiduciário. Faça de uma vez, sem anotações, depois leia a explicação de cada questão, inclusive das que você acertou.
O Series 65 premia um hábito diferente do Series 7 ou do SIE. Menos questões perguntam o que um produto é, e mais perguntam o que um consultor deve fazer por um determinado cliente. Quando duas respostas parecerem razoáveis, pergunte qual delas põe o cliente em primeiro lugar, revela o conflito de interesses e combina tanto com a disposição quanto com a capacidade do cliente de assumir risco. Esse teste resolve boa parte das questões de recomendação e de ética.
A matemática é leve, mas existe. Espere alguns cálculos curtos, como retorno do período de posse, CAPM, rendimento equivalente após impostos, índices de liquidez corrente e seca e o efeito da duration no preço. Escreva a fórmula antes de colocar os números e confira se a resposta tem o tamanho certo antes de escolher. Se você também precisa da lei dos agentes e das corretoras (broker-dealers), esse conteúdo está no Series 63, e o Series 7 e o SIE cobrem os produtos do lado das corretoras.
Como a StudyPDF cria simulados completos a partir do seu material de preparação
Quinze questões mostram qual das quatro áreas é a mais fraca. Elas não deixam você pronto sozinhas, e um conjunto genérico não sabe qual livro de preparação você comprou nem quais erros você continua repetindo.
A StudyPDF parte do seu material. Envie o seu livro de preparação do Series 65, as anotações ou os slides do seu curso, ou o programa que você mesmo anotou. Depois toque em Novo material, escolha um simulado, selecione esses arquivos como fontes e defina o tamanho. Você recebe um teste escrito a partir dessas páginas exatas, e cada explicação cita de onde vem a resposta. Restrinja um teste a uma única área, como custódia ou medição de desempenho, e refaça depois de revisar.
O Bo é o tutor para o resto. Pergunte por que uma resposta está certa e ele explica a partir das suas próprias páginas, com uma dica primeiro se você quiser.
Você não precisa enviar nada para começar. Diga um tema, por exemplo dever fiduciário ou teoria moderna de carteiras, e você recebe questões de prática sobre ele. Começar é grátis.
Escrito pela equipe da StudyPDF. Atualizado em 19 de agosto de 2026.
Bom saber
Este simulado de Series 65 é mesmo grátis?
Sim. As 15 questões, a tela de pontuação e todas as explicações são grátis para jogar no navegador, e não há paywall nesta página.
Quantas questões tem o Series 65 e que nota preciso para passar?
A FINRA lista 130 questões que contam para a nota mais 10 que não contam, 180 minutos e pelo menos 92 das 130 questões que contam corretas para passar. A NASAA elabora a prova e a FINRA a aplica, então confirme a taxa, a janela de agendamento e quem precisa fazê-la atuais com a FINRA e com o órgão regulador de valores mobiliários do seu estado antes de marcar.
Quem escreveu estas questões, e elas são da prova real?
A equipe da StudyPDF escreveu cada questão e cada explicação com base no conteúdo programático público da NASAA para o Series 65. Elas não são questões reais da prova e não foram tiradas do banco de nenhum provedor de preparação. A StudyPDF não tem vínculo com a NASAA, a FINRA, a SEC nem com nenhum órgão regulador estadual de valores mobiliários, e nada nesta página é orientação jurídica, tributária ou de investimentos.
Dá para ter mais questões como estas a partir do meu livro de preparação?
Sim. Envie para a StudyPDF o seu livro de preparação do Series 65 ou as anotações do curso, e o Bo cria simulados completos a partir dessas páginas exatas, com explicações que citam de onde vem cada resposta. Se você só tem uma cópia em papel, diga um tema, por exemplo custódia ou medidas de desempenho, e o Bo escreve um simulado sobre ele.