SERIES 66 EXAM 3 2025/2026 QUESTIONS
AND VERIFIED ANSWERS || ALREADY
GRADED A+ | GUARANTEED PASS | LATEST
VERSION!!!
A married couple wants to contribute the maximum amount to each of their
grandchildren's 529 college savings plans. What's the most that they can give to
each grandchild without incurring federal gift tax liability? - CORRECT
ANSWER - $32,000 annually or $160,000 every five years
- 16,000 each per year
- $80,000 every 5 years
a measure of non-systematic risk - CORRECT ANSWER - alpha
According to modern portfolio theory, a diversified portfolio should be comprised
of assets that are: - CORRECT ANSWER - Largely uncorrelated
According to the Investment Advisers Act of 1940, an IAR's personal securities
transactions involving which of the following securities are subject to the reporting
requirement? - CORRECT ANSWER - corporate stocks and bonds
According to the Uniform Securities Act, if the information contained in any
document filed with the Administrator becomes materially inaccurate or
incomplete - CORRECT ANSWER - an amendment must be filed by the registrant
promptly.
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, According to the Uniform Securities Act, which of the following conditions
constitutes completion of the registration application process? - CORRECT
ANSWER - when all paperwork and fees are received
An adviser could recommend the purchase of a bond to a client, if its: - CORRECT
ANSWER - Present value is more than its current market value
An individual has recently inherited a life insurance policy. What's the individual's
tax liability on the insurance policy's death benefit? - CORRECT ANSWER -
Zero, since the death benefit from an insurance policy is only taxable to the
deceased's estate.
An omitting prospectus is - CORRECT ANSWER - an exempt investment
company advertisement that only includes information available in the full
prospectus
Are Section 457 plans required to follow ERISA guidelines? - CORRECT
ANSWER - no, because they are not qualified plans
changing the fee structure for new clients is considered a material change to the
adviser's business and the adviser is
For any change that is considered to be routine, the adviser may be file an amended
Form ADV within - CORRECT ANSWER - required update and promptly file the
amended Form ADV
90 days of the adviser's fiscal year.
Charging a flat fee, regardless of how much management has been provided -
CORRECT ANSWER - is prohibited
2|Page
AND VERIFIED ANSWERS || ALREADY
GRADED A+ | GUARANTEED PASS | LATEST
VERSION!!!
A married couple wants to contribute the maximum amount to each of their
grandchildren's 529 college savings plans. What's the most that they can give to
each grandchild without incurring federal gift tax liability? - CORRECT
ANSWER - $32,000 annually or $160,000 every five years
- 16,000 each per year
- $80,000 every 5 years
a measure of non-systematic risk - CORRECT ANSWER - alpha
According to modern portfolio theory, a diversified portfolio should be comprised
of assets that are: - CORRECT ANSWER - Largely uncorrelated
According to the Investment Advisers Act of 1940, an IAR's personal securities
transactions involving which of the following securities are subject to the reporting
requirement? - CORRECT ANSWER - corporate stocks and bonds
According to the Uniform Securities Act, if the information contained in any
document filed with the Administrator becomes materially inaccurate or
incomplete - CORRECT ANSWER - an amendment must be filed by the registrant
promptly.
1|Page
, According to the Uniform Securities Act, which of the following conditions
constitutes completion of the registration application process? - CORRECT
ANSWER - when all paperwork and fees are received
An adviser could recommend the purchase of a bond to a client, if its: - CORRECT
ANSWER - Present value is more than its current market value
An individual has recently inherited a life insurance policy. What's the individual's
tax liability on the insurance policy's death benefit? - CORRECT ANSWER -
Zero, since the death benefit from an insurance policy is only taxable to the
deceased's estate.
An omitting prospectus is - CORRECT ANSWER - an exempt investment
company advertisement that only includes information available in the full
prospectus
Are Section 457 plans required to follow ERISA guidelines? - CORRECT
ANSWER - no, because they are not qualified plans
changing the fee structure for new clients is considered a material change to the
adviser's business and the adviser is
For any change that is considered to be routine, the adviser may be file an amended
Form ADV within - CORRECT ANSWER - required update and promptly file the
amended Form ADV
90 days of the adviser's fiscal year.
Charging a flat fee, regardless of how much management has been provided -
CORRECT ANSWER - is prohibited
2|Page
