Series 65 Exam Questions
If a prospective client wanted to know what type of investment strategies are employed by an
investment advisor, that information would be found in the adviser's
A. Form ADV Part 1A
B. Form ADV Part 1B
C. Form ADV Part 2A
C. Form ADV Part 2B - correct answer ✔✔C
If an IA registers with the state in November, when does the registration come up for renewal? - correct
answer ✔✔December 31st of that same year
Which of the following would an Adminstrator consider to be a substantial prepayment of fees?
A. $500 covering the next 6 months
B. $800 covering the entire contract year
C. $800 covering the next calendar quarter
D. $5000 covering the next month - correct answer ✔✔B. (NASAA state law defines a substantial
prepayment of fees to be more than $500, 6 or more months in advance)
Mammon Money Managers(MMM) has its principal office in State A and is also registered in States B,C,
and D. MMM exercises discretion in client accounts. As a result, MMM would have to meet the net
worth or bonding requirements of
A. the SEC
B. State A
C. the state with the highest requirement
D. each state - correct answer ✔✔B. (only state where the principal office is)
, Under the Investment Advisers Act of 1940, all of the following are true regarding adviser recordkeeping
EXCEPT
A. The IA must keep records of transactions made for its own account as well as the account of
investment adviser representatives to lessen the likelihood of scalping
B. computer-generated records may be stored in that format
C. client account records must be maintained, including a list of recommendations made
D. records must be maintained for a period of 2 years from the end of the fiscal year in which the last
entry was made - correct answer ✔✔D. (the records must be kept for 5 years)
An investment adviser registered in State G is obligated to maintain certain books and records as
specified by the Uniform Securities Act. Which of the following statements regarding adviser
recordkeeping is NOT true?
A. Records originally created on computer may be stored in electronic media
B. Records are subject to surprise audits by the State G Administrator
C. Written records may be reduced to microfilm
D. Records must be kept for 6 years - correct answer ✔✔D. (5 years not 6 years)
Which of the following individuals would be defined as an Investment Adviser Representative?
A. Melinda, one of the firm's research analysts, who has no contact with public clients
B. Johnny, an employee who makes cold calls soliciting for new advisory clients
C. Mel, who prepares client account statements
D. Jane, who is the firm's VP of HR services - correct answer ✔✔B. (one of the functions making a
supervised person an IAR is soliciting for new business)
Under the Uniform Securities Act(USA), which of the following is NOT required to register as an
investment adviser representative
If a prospective client wanted to know what type of investment strategies are employed by an
investment advisor, that information would be found in the adviser's
A. Form ADV Part 1A
B. Form ADV Part 1B
C. Form ADV Part 2A
C. Form ADV Part 2B - correct answer ✔✔C
If an IA registers with the state in November, when does the registration come up for renewal? - correct
answer ✔✔December 31st of that same year
Which of the following would an Adminstrator consider to be a substantial prepayment of fees?
A. $500 covering the next 6 months
B. $800 covering the entire contract year
C. $800 covering the next calendar quarter
D. $5000 covering the next month - correct answer ✔✔B. (NASAA state law defines a substantial
prepayment of fees to be more than $500, 6 or more months in advance)
Mammon Money Managers(MMM) has its principal office in State A and is also registered in States B,C,
and D. MMM exercises discretion in client accounts. As a result, MMM would have to meet the net
worth or bonding requirements of
A. the SEC
B. State A
C. the state with the highest requirement
D. each state - correct answer ✔✔B. (only state where the principal office is)
, Under the Investment Advisers Act of 1940, all of the following are true regarding adviser recordkeeping
EXCEPT
A. The IA must keep records of transactions made for its own account as well as the account of
investment adviser representatives to lessen the likelihood of scalping
B. computer-generated records may be stored in that format
C. client account records must be maintained, including a list of recommendations made
D. records must be maintained for a period of 2 years from the end of the fiscal year in which the last
entry was made - correct answer ✔✔D. (the records must be kept for 5 years)
An investment adviser registered in State G is obligated to maintain certain books and records as
specified by the Uniform Securities Act. Which of the following statements regarding adviser
recordkeeping is NOT true?
A. Records originally created on computer may be stored in electronic media
B. Records are subject to surprise audits by the State G Administrator
C. Written records may be reduced to microfilm
D. Records must be kept for 6 years - correct answer ✔✔D. (5 years not 6 years)
Which of the following individuals would be defined as an Investment Adviser Representative?
A. Melinda, one of the firm's research analysts, who has no contact with public clients
B. Johnny, an employee who makes cold calls soliciting for new advisory clients
C. Mel, who prepares client account statements
D. Jane, who is the firm's VP of HR services - correct answer ✔✔B. (one of the functions making a
supervised person an IAR is soliciting for new business)
Under the Uniform Securities Act(USA), which of the following is NOT required to register as an
investment adviser representative
