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Series 66 Practice Exam 5

Series 66 Practice Exams

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Series 66 Practice Exam 5

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Question 1 of 10

1. Question

In accordance with the Uniform Securities Act, a state Administrator has great powers to enforce securities laws and regulations. Among those powers are included each of the following except:

Conduct investigations in a state other than their own state
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Conduct investigations without proof of wrongdoing
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Enjoin a B/D or IA firm from conducting business within this state
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Question 2 of 10

2. Question

Public customers of a B/D or an IA firm may make payment for securities in their accounts, in accordance with Regulation T of the SEA of 1934, with the exception of:

Marginable securities
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Cash
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Installment payment plan
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None of these
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Question 3 of 10

3. Question

An agent for a broker-dealer wishes to register as an agent with another B/D which has no affiliation with their current firm.

This is prohibited
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This is permitted under special circumstances in some states
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This is considered a violation of the ethical rules of conduct for agents or IARs
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This is permitted only if the compliance officers of both firms agree to it.
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Question 4 of 10

4. Question

One of the more useful tools in securities analysis is the beta of a stock or a portfolio. Beta primarily informs the analyst as well as the agent or IAR of the exposure primarily to which of the below risks?

Inflation or purchasing power risk
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Opportunity cost risk
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Non-systematic risk
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Market risk
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Question 5 of 10

5. Question

The USA defines exempt securities to include each of these except:

Bonds issued by Marseilles, France
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Bonds issued by London, Ontario
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Bonds issued by Las Vegas, New Mexico
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None of these is an exception
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Question 6 of 10

6. Question

When bringing on a new client, the IA and IAR are expected to learn sufficient information about the financial means, needs, and objectives of the client. Which of the following factors are considered relevant in determining what recommendations to make to the client?

I. Liquid net worth

II. Investment experience in the securities space

III. Client’s personality

IV. The number and age of the client’s dependents

All of these
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I, II and IV
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I and II
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III only
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Question 7 of 10

7. Question

The Uniform Prudent Investor Act sets forth standards for professionals to rely upon when building or managing the investment portfolio of their clients. Choose from the following which is considered the more important consideration under that Act?

The trade-off between risk and reward
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Preservation of capital
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The suitability of each recommended security or strategy
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Maximizing the income and gains generated by the portfolio
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Question 8 of 10

8. Question

Fixed annuities issued by an insurance company are subject to the insurance regulations of the state in which the insurer is registered. Index-linked annuities are included in the category of fixed annuities. The term ‘registered’ index-linked annuity (RILA) is treated.

As a fixed annuity and does not require a securities license to sell the product.
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As a variable annuity and does require a securities license to sell the product.
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As an insurance and a securities product and requires an insurance license and a securities license to sell the product.
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As a securities product which requires a FINRA license to sell the product.
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Question 9 of 10

9. Question

NASAA enables a Coordinated Review process to streamline the registration process under the USA. Coordinated review (CR) procedures are applicable to which of the following types of offerings?

DPPs
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SCOR – small corporate offerings
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Reg. D Rule 504 offerings
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All of the above
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Question 10 of 10

10. Question

Employer-sponsored qualified retirement plans are required to comply with certain DOL mandates, among them each of the following features to plan participants, except:

At least 3 separate types of investment options
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Ability to change the allocation of their dollars in the plan
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A fixed number of investment choices
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None of these are exceptions
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