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Series 65 – Practice Test 1

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Question 1 of 10

1. Question

One of your IA clients plans to start a new business. He and several associates wish to have limited liability and flow through tax benefits, yet have control of the enterprise. Which of the below would meet these objectives?

LLC
Correct Incorrect Correct answer

Limited Partnership
Correct Incorrect Correct answer

General Partnership
Correct Incorrect Correct answer

C Corporation
Correct Incorrect Correct answer

Correct

Incorrect
Question 2 of 10

2. Question

Which of the following debt instruments would not initially be offered at a discount?

Commercial paper
Correct Incorrect Correct answer

Negotiable CD
Correct Incorrect Correct answer

T-bill
Correct Incorrect Correct answer

STRIPS
Correct Incorrect Correct answer

Correct

Incorrect
Question 3 of 10

3. Question

When the market value of the long position in a client’s margin account deteriorates to the point at which additional equity is required, the demand for additional funds is referred to as:

An equity demand
Correct Incorrect Correct answer

A margin call
Correct Incorrect Correct answer

A maintenance call
Correct Incorrect Correct answer

A Reg. T call
Correct Incorrect Correct answer

Correct

Incorrect
Question 4 of 10

4. Question

In a research report provided to a client discussing the credit markets, there is a graph which shows the comparative yields on US Treasury securities of varying maturities. If the graphic depiction appears to be sloping downward, analysts describe this as:

An ascending yield curve
Correct Incorrect Correct answer

A downward sloping yield curve
Correct Incorrect Correct answer

A descending yield curve
Correct Incorrect Correct answer

An inverted yield curve
Correct Incorrect Correct answer

Correct

Incorrect
Question 5 of 10

5. Question
A family balance sheet would show which of the following?
1. Personal property
2. Real estate
3. Depreciation
4. Mortgage
All of the above
Correct Incorrect Correct answer

I only
Correct Incorrect Correct answer

II and IV
Correct Incorrect Correct answer

I, II and IV
Correct Incorrect Correct answer
Correct

Incorrect
Question 6 of 10

6. Question

Which of the below properly represents the formula for the Sharpe Ratio?

Beta minus alpha, divided by standard deviation
Correct Incorrect Correct answer

Actual return minus risk-free return, divided by standard deviation
Correct Incorrect Correct answer

Discounted cash flow divided by investment’s cost basis
Correct Incorrect Correct answer

Internal rate of return divided by S&P 500 Index rate of return
Correct Incorrect Correct answer

Correct

Incorrect
Question 7 of 10

7. Question

Which of the below are considered securities?

401(k) plan
Correct Incorrect Correct answer

403(b) plan
Correct Incorrect Correct answer

HR-10 plan
Correct Incorrect Correct answer

529 plan
Correct Incorrect Correct answer

Correct

Incorrect
Question 8 of 10

8. Question

Which of the following debt securities would likely have the longest duration?

8% debentures due in 20 years
Correct Incorrect Correct answer

6.5% collateral trust certificates due in 21 years
Correct Incorrect Correct answer

6.0% US Treasury Bonds due in 24 years
Correct Incorrect Correct answer

Zero coupon bonds maturing in 22 years
Correct Incorrect Correct answer

Correct

Incorrect
Question 9 of 10

9. Question

Though there are several methods of hedging a short stock position, the method below which is considered the most effective hedge would be the:

Short put
Correct Incorrect Correct answer

Long put
Correct Incorrect Correct answer

Long call
Correct Incorrect Correct answer

GTC stop order
Correct Incorrect Correct answer

Correct

Incorrect
Question 10 of 10

10. Question

Under the Investment Advisers Act of 1940, Form ADV-E is generally used:

By advisers to make disclosure of their investment policies
Correct Incorrect Correct answer

By advisers which have custody of customer assets
Correct Incorrect Correct answer

By advisers who wish to file their registration forms Electronically
Correct Incorrect Correct answer

By advisers who wish to change from state covered to fed covered
Correct Incorrect Correct answer

Correct

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Quiz Summary

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1. Question

One of your IA clients plans to start a new business. He and several associates wish to have limited liability and flow through tax benefits, yet have control of the enterprise. Which of the below would meet these objectives?

2. Question

Which of the following debt instruments would not initially be offered at a discount?

3. Question

When the market value of the long position in a client’s margin account deteriorates to the point at which additional equity is required, the demand for additional funds is referred to as:

4. Question

In a research report provided to a client discussing the credit markets, there is a graph which shows the comparative yields on US Treasury securities of varying maturities. If the graphic depiction appears to be sloping downward, analysts describe this as:

5. Question

A family balance sheet would show which of the following?

6. Question

Which of the below properly represents the formula for the Sharpe Ratio?

7. Question

Which of the below are considered securities?

8. Question

Which of the following debt securities would likely have the longest duration?

9. Question

Though there are several methods of hedging a short stock position, the method below which is considered the most effective hedge would be the:

10. Question

Under the Investment Advisers Act of 1940, Form ADV-E is generally used: