PrepForCerts
Sign up free
Menu
NASAA · INVESTMENT ADVISER LAW EXAMINATION

Free Series 65 practice questions.
Connect calculations, client needs, and law.

Try eight original Series 65 concept questions. Create a free account for additional AI-generated multiple-choice practice and basic progress tracking.

Create free account Try 8 free questions
✓ No account needed for the 8 samples✓ Answers explained✓ Free account available
Practice previewUnderstand the reason for your choice.
TOTAL RETURNLearning example
An investment starts at $1,000, ends at $1,080, and pays $20 income. With no deposits, withdrawals, or fees, what is holding-period total return?
✓10%
Review the concept.

Total return is price change plus specified income divided by the starting value: ($1,080 − $1,000 + $20) ÷ $1,000 = 10%. The result depends on the assumptions stated.

Practice. Understand. Review.

Published by PrepForCerts · Editorial responsibility and sources · Updated

Start with the right knowledge task

Series 65 preparation links investment concepts with client analysis and legal duties. This set introduces performance calculations, time value, ratios, liquidity, inflation, concentration, ethical claims, and the distinction between an examination and registration.

Keep the assumptions in each calculation visible. A holding-period return includes the specified income; a current ratio compares the stated current assets and liabilities. The legal questions are introductory and require broader state and federal rule study through the current NASAA outline.

Supplemental Series 65 knowledge practice. Hypothetical examples are educational, not investment advice or a legal opinion. Passing the examination alone does not grant state registration or authorize investment-adviser business.

8 free Series 65 questions with explanations

Choose an answer, then check it. Each original learning sample has four choices and one best answer for the stated facts. Answers also open without JavaScript. This short set does not measure official exam readiness.

QUESTION 1 · TOTAL RETURN

An investment starts at $1,000, ends at $1,080, and pays $20 income. With no deposits, withdrawals, or fees, what is holding-period total return?

Show answer and explanation

Answer: B. Total return is price change plus specified income divided by the starting value: ($1,080 − $1,000 + $20) ÷ $1,000 = 10%. The result depends on the assumptions stated.

Read the source for this topic

QUESTION 2 · COMPOUNDING

Using future value = principal × (1 + rate)^years, what is $1,000 after two years at 5% annual compounding?

Show answer and explanation

Answer: C. $1,000 × 1.05² = $1,102.50. The second year earns interest on both original principal and first-year interest in this simplified example.

Read the source for this topic

QUESTION 3 · CURRENT RATIO

Using current ratio = current assets ÷ current liabilities, current assets are $24,000 and current liabilities are $12,000. What is the ratio?

Show answer and explanation

Answer: D. $24,000 ÷ $12,000 = 2. Keep the numerator and denominator in the specified order; the ratio does not by itself describe every aspect of a business.

Read the source for this topic

QUESTION 4 · LIQUIDITY

A security cannot readily be sold at a fair market price when funds are needed. Which risk is illustrated?

Show answer and explanation

Answer: A. Liquidity concerns the ability to buy or sell without undue delay or price impact. A quoted value does not ensure an immediate transaction at that value.

Read the source for this topic

QUESTION 5 · PURCHASING POWER

A fixed amount of money buys fewer goods as prices rise. Which risk is illustrated?

Show answer and explanation

Answer: B. Inflation can reduce the purchasing power of money and investment proceeds. This differs from an issuer failing to make scheduled payments.

Read the source for this topic

QUESTION 6 · CONCENTRATION

Most holdings depend on one employer's stock. Which exposure is most directly increased?

Show answer and explanation

Answer: C. Heavy exposure to one issuer can magnify losses tied to that issuer. Employment income and investment value may also depend on the same business.

Read the source for this topic

QUESTION 7 · ETHICAL CLAIMS

Which claim raises a concern under NASAA's listed unethical-practice topics?

Show answer and explanation

Answer: D. The outline covers prohibited performance guarantees and ethical obligations. Disclosing risks and relevant conflicts serves a different purpose from guaranteeing an outcome.

Read the source for this topic

QUESTION 8 · REGISTRATION

A candidate passes Series 65. What remains before acting where registration is required?

Show answer and explanation

Answer: A. NASAA states that passing does not itself grant a state license or registration. The applicable individual and firm requirements must still be satisfied.

Read the source for this topic

Build your next study session with PrepForCerts.

Create a free account and enter your full exam name. Use AI-generated multiple-choice practice, explanations, and basic progress tracking alongside the official outline and your primary learning resources.

Create free account

Supplemental Series 65 knowledge practice. Hypothetical examples are educational, not investment advice or a legal opinion. Passing the examination alone does not grant state registration or authorize investment-adviser business.

View plans and question limits

Topics to connect to your wider study

Use the official content outline as your coverage checklist. The samples below illustrate concepts; they do not establish coverage of every listed topic.

Economic factors and business information · 15%

Review economic information, financial statements, ratios, and quantitative relationships. State the assumptions behind each result.

Investment vehicle characteristics · 25%

Connect product structures to risks, valuation, tax concepts, and trading characteristics without treating a feature as a guaranteed outcome.

Client recommendations and strategies · 30%

Study client needs, portfolio principles, performance measures, and strategy selection in context.

Law, regulations, and ethics · 30%

Identify registration, fiduciary, disclosure, and conduct requirements. Distinguish a general concept from jurisdiction-specific authorization.

Know the exam scope before you plan practice

Authority
NASAA-developed; FINRA-administered
Items
130 scored plus 10 pretest; 140 total
Time
180 minutes
Passing requirement
92 scored questions correct; applicable registration remains separate

The current linked specifications are effective June 12, 2023. NASAA permits individual enrollment without a sponsoring firm, but passing is not a state registration. Verify the requirements of the jurisdiction and role before conducting business.

Put your study plan into practice.

Add your exam to a free account for supplemental AI-generated multiple-choice practice and basic progress tracking.

Create free account

Turn the concepts into a study routine

  1. Work the calculations with named inputs

    Identify starting value, ending value, income, time period, and stated fees before selecting a formula. Show the intermediate steps and keep percentages separate from currency amounts. Recalculate with changed inputs to test understanding.

  2. Link risks to the stated facts

    Distinguish inability to sell from issuer default, declining purchasing power, and concentration. Ask which fact is doing the work in the scenario. A broadly worded risk term is not always the most direct explanation.

  3. Give the legal domain equal attention

    Use the NASAA outline to build a legal and ethical study checklist. These basic samples do not cover registration exceptions, federal/state allocation, contracts, custody, or every conduct rule. Review those topics in a complete course or primary reference.

  4. Separate readiness from authorization

    Use longer format-specific practice to assess pace and wider coverage. Confirm enrollment and jurisdiction rules from official sources. Track your study progress without treating a sample score as permission to conduct business.

Study mistakes to avoid

Create a free account for your exam practice.

Enter the exam, level or section, and country/state where relevant. Build multiple-choice quizzes, review explanations, and track your progress. Keep official-format preparation and any practical training in your wider plan.

Supplemental Series 65 knowledge practice. Hypothetical examples are educational, not investment advice or a legal opinion. Passing the examination alone does not grant state registration or authorize investment-adviser business.

Create free account

View plans and question limits

Questions about Series 65 practice questions

Who develops and administers Series 65?

NASAA develops the Uniform Investment Adviser Law Examination, and FINRA administers it. State registration and related business requirements are separate.

Is sponsorship required to enroll?

NASAA provides an individual enrollment path without a sponsoring firm. Enrollment and passing do not by themselves satisfy all registration requirements.

Do these questions provide financial advice?

No. Calculations use hypothetical stated inputs. They are exam-learning examples, not recommendations for an actual investment or account.

Does this page cover the full legal outline?

No. The eight examples introduce selected concepts. Study all economic, product, client-strategy, and legal domains from the current official specifications.

Sources and scope

Public source information checked October 11, 2026. These are original, AI-assisted learning materials checked against the listed sources; they are not actual issuer exam items or a claim of issuer approval. Verify changing requirements with the issuer and your training program.

Browse all public study resources