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Series 65 Practice Exam 2

Series 65 Practice Exams

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Series 65 Practice Exam 2

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Question 1 of 10

1. Question

An agent of a broker-dealer may share in the profits and losses of a customer’s account:

if it’s an account of an immediate family member.
Correct Incorrect Correct answer

if specific approval is requested and obtained from the appropriate SRO.
Correct Incorrect Correct answer

if approved by the broker-dealer and the sharing is in direct proportion to the financial contribution to the account by the agent.
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under no circumstances.
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Question 2 of 10

2. Question

The Fulton Advisory Group has IARs in several states. One of the IARs wishes to borrow money for personal purposes and has inquired of Fulton’s compliance officer what the rules and regulations will allow regarding borrowing and lending. The IAR borrowing from which of the below would comply?

a client who is a senior officer of a commercial bank
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a mortgage broker
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the IA
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all of the above would comply if documented properly
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Correct

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Question 3 of 10

3. Question

Considering each of the investment vehicles shown below, which trades on an exchange at a price which is unrelated to its underlying value?

private hedge fund
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open-end investment company
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closed-end investment company
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all of the above
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Correct

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Question 4 of 10

4. Question

Among its many provisions, the Brochure Rule:

requires the brochure to be furnished to the new advisory client at least 48 hours prior to signing the investment advisory contract.
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requires the brochure to be furnished no later than at the time the new advisory client signs the investment advisory contract.
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requires that the brochure be furnished to the new advisory client with 5 business days of signing the investment advisory contact.
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requires the brochure only be provided to new advisory clients where the contract calls for performance-oriented fees.
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Correct

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Question 5 of 10

5. Question

Among the investment products available for an IAR to recommend to clients, which one of the following would tend to provide the best protection against longevity risk?

annuities
Correct Incorrect Correct answer

mutual funds
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Roth IRA
Correct Incorrect Correct answer

gold and/or other precious metals
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Correct

Incorrect
Question 6 of 10

6. Question

An investor’s portfolio has returned 8% in the past year. If the beta of the portfolio is 1.4, and the S&P 500 Index earned 5% in the past year, the investor’s portfolio has an alpha of:

1
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3
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7
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Negative 1
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Correct

Incorrect
Question 7 of 10

7. Question

An investment has historically achieved an average annual rate of return of 10% with a standard deviation of 5%. Based upon these data, the investment could be expected, with 95% likelihood, to earn with the range of:

5% and 15%
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0% and 20%
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9.5% and 10.5%
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Insufficient data to compute
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Correct

Incorrect
Question 8 of 10

8. Question

Discounted cash flow techniques include which of the following?

current yield
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holding period return
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net present value
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the quick asset ratio
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Correct

Incorrect
Question 9 of 10

9. Question

An investor invests $60 on the first of every month in the ABC mutual fund. If the offering price of the fund on the first of each month for the next four months is $3.00, $4.00, $5.00 and $6.00 respectively, what is the investor’s average cost per share over this four-month period?

$4.50
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$4.21
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$4.29
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$4.00
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Correct

Incorrect
Question 10 of 10

10. Question

When reviewing the items listed below, which represent an ‘Asset Class?’

I.     gold

II.    real estate

III.   collectibles

IV.   NASDAQ equities

all of the above
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I, II and IV
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II and III
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I and IV
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