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Series 66Tutoring Questions

Sample Series 66 Questions


Which of the following persons is EXEMPT (An exemption is different from an exclusion) from registration with the SEC as an investment adviser according to the Investment Advisers Act of 1940?


A)An investment adviser whose only clients are banks

B)An investment adviser whose only clients are municipalities

C)An investment adviser whose only clients are insurance companies

D)An investment adviser whose only clients are other investment advisers



Which of the following would least likely be associated with an investor’s ability to take risk?


A. Age

B. Net worth 

C. Income

D. Comfort level with losing money



XYZ stock has been trading on the New York Stock Exchange for 2 years. In order for an agent to sell this security to a customer, this agent must deliver a prospectus to the customer under what circumstances?


A)At or prior to the confirmation of sale

B)Prior to the settlement date

C)During the first conversation about the stock to the customer

D)The agent is not required to deliver a prospectus.



Individual investors can employ various strategies to lighten or defer tax burdens. Which of the following investments/structures would least likely be used by an individual in a high tax bracket to reduce or defer taxes?



B. Municipal bonds in your home state

C. Establishing an irrevocable trust

D. Industrial development revenue bonds



​Joe Miller, portfolio manager with Diversified Partners Inc., has a meeting with a potential client, David Struthers. David is the 15% tax bracket, has a modest net worth, has about 20,000 to invest with Joe and has a moderate risk tolerance. David indicates he has a strong preference for actively managed mutual funds as investment vehicles. Which of the following would represent the most appropriate recommendation?


A. A hedge fund containing both equity and fixed income exposure.

B. An equity income mutual fund

C. An ETF containing both fixed income securities as well as equities.

D. A balanced mutual Fund containing stocks and taxable fixed income securities 

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