Series 66 (Uniform Combined State Law Exam) Free Trial
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Question 1 of 15
1. Question
Which of the following statements is true regarding dual registration?
I. Persons that are registered as broker-dealers may also be registered as investment advisers
II. A person that wishes to be registered as a broker-dealer and as an investment adviser must submit applications and accompanying fees for bot
III. To obtain licenses in both capacities, the applicant person need not meet all of the requirements established by the Administrator for both licenses
IV. The requesting party’s broker-dealer license would be validated if the party acted as an investor adviserCorrect
Dual registration
Persons that are registered as broker-dealers may also be registered as investment advisers. A person that wishes to be registered as a broker-dealer and as an investment adviser must submit applications and accompanying fees for both. In order to obtain licenses in both capacities, the applicant person must meet all of the requirements established by the Administrator for both licenses. If the Administrator determines that a party that is seeking to register as a broker-dealer and an investment adviser is not qualified to act as an investment adviser, the Administrator may order that the broker-
dealer’s license be established only on the condition that the party refrains from operating as an investment adviser. In this instance, the requesting party’s broker-dealer license would be invalidated if the party acted as an investor adviser.Incorrect
Dual registration
Persons that are registered as broker-dealers may also be registered as investment advisers. A person that wishes to be registered as a broker-dealer and as an investment adviser must submit applications and accompanying fees for both. In order to obtain licenses in both capacities, the applicant person must meet all of the requirements established by the Administrator for both licenses. If the Administrator determines that a party that is seeking to register as a broker-dealer and an investment adviser is not qualified to act as an investment adviser, the Administrator may order that the broker-
dealer’s license be established only on the condition that the party refrains from operating as an investment adviser. In this instance, the requesting party’s broker-dealer license would be invalidated if the party acted as an investor adviser. -
Question 2 of 15
2. Question
Which of the following statements is true regarding impact of exempt securities on registration requirements?
I. If an issuer only deals with exempt securities, the representatives of that agency are agents and need be registered as agents with the Administrator as long as there is no compensation associated with the transaction
II. If an issuer has both registered securities and exempt securities, any representatives for the issuer that deal with the registered securities must be registered agents
III. An exempt security is a security that has to be registered
IV. A variety of securities are considered exemptCorrect
Impact of exempt securities on registration requirements
An exempt security is a security that does not have to be registered. If an issuer only deals with exempt securities, the representatives of that agency are not agents and need not be registered as agents with the Administrator as long as there is no compensation associated with the transaction. However, if an issuer has both registered securities and exempt securities, any representatives for the issuer that deal with the registered securities must be registered agents. A variety of securities are considered exempt. Examples of exempt securities include federal and municipal securities; securities for domestic banks, savings and loan institutions, and trust companies; and securities associated with the investment contracts for various employee investments such as employee pension plans and employee stock purchases.Incorrect
Impact of exempt securities on registration requirements
An exempt security is a security that does not have to be registered. If an issuer only deals with exempt securities, the representatives of that agency are not agents and need not be registered as agents with the Administrator as long as there is no compensation associated with the transaction. However, if an issuer has both registered securities and exempt securities, any representatives for the issuer that deal with the registered securities must be registered agents. A variety of securities are considered exempt. Examples of exempt securities include federal and municipal securities; securities for domestic banks, savings and loan institutions, and trust companies; and securities associated with the investment contracts for various employee investments such as employee pension plans and employee stock purchases. -
Question 3 of 15
3. Question
Which of the following statements is true regarding substantive issues?
I. The Administrator will suspend, revoke or deny the registration of a security if there are significant concerns regarding the offering
II. Registration will not be granted if there has been an intentional violation of the Administrator’s rules or orders or the provisions of the Uniform Securities Act
III. The Administrator will also consider any court injunction or Administrator’s continue order issued by another state or federal jurisdiction
IV. The Administrator will grant registration if the compensation mechanisms for the underwriters and/or promoters are not consistent with ethical business practicesCorrect
Substantive issues
The Administrator will suspend, revoke or deny the registration of a security if there are significant concerns regarding the offering. For example, registration will not be granted if the current or planned business practices of the security’s issuer are illegal. Registration will not be granted if there has been an intentional violation of the Administrator’s rules or orders or the provisions of the Uniform Securities Act in association with the offering of the security. The Administrator will also consider any court injunction or Administrator’s stop order issued by another state or federal jurisdiction. The Administrator will also consider the terms of the offering. Registration will not be granted if the offering of the security has been or will be fraudulent. Finally, the Administrator will not grant registration if the compensation mechanisms for the underwriters and/or promoters are not consistent with ethical business practices.Incorrect
Substantive issues
The Administrator will suspend, revoke or deny the registration of a security if there are significant concerns regarding the offering. For example, registration will not be granted if the current or planned business practices of the security’s issuer are illegal. Registration will not be granted if there has been an intentional violation of the Administrator’s rules or orders or the provisions of the Uniform Securities Act in association with the offering of the security. The Administrator will also consider any court injunction or Administrator’s stop order issued by another state or federal jurisdiction. The Administrator will also consider the terms of the offering. Registration will not be granted if the offering of the security has been or will be fraudulent. Finally, the Administrator will not grant registration if the compensation mechanisms for the underwriters and/or promoters are not consistent with ethical business practices. -
Question 4 of 15
4. Question
Which of the following statements is true regarding sharing information regarding future listing of a security?
Correct
Sharing information regarding future listing of a security
A broker-dealer or agent may not provide information to a client, or a potential client, regarding an upcoming change in the list for a particular security unless the broker-dealer or agent knows with certainty that the change in listing will occur in the near future. This type of information is considered a material fact. A change in the listing of a security may cause an increase in the security’s market value, and it may provide an indication of the anticipated future performance of the security. It is unethical and fraudulent for an agent or broker-dealer to inform a client that such a change is pending based on speculation. If the agent or broker-dealer does not have specific knowledge of the change as a factual matter, the agent or broker-dealer is prohibited from informing a client that such a change is pending.Incorrect
Sharing information regarding future listing of a security
A broker-dealer or agent may not provide information to a client, or a potential client, regarding an upcoming change in the list for a particular security unless the broker-dealer or agent knows with certainty that the change in listing will occur in the near future. This type of information is considered a material fact. A change in the listing of a security may cause an increase in the security’s market value, and it may provide an indication of the anticipated future performance of the security. It is unethical and fraudulent for an agent or broker-dealer to inform a client that such a change is pending based on speculation. If the agent or broker-dealer does not have specific knowledge of the change as a factual matter, the agent or broker-dealer is prohibited from informing a client that such a change is pending. -
Question 5 of 15
5. Question
Which of the following statements is true regarding whole life insurance?
I. Life insurance is a contract between an insurance company and the government in which the insurance company guarantees a payment to the beneficiaries of the insured
II. Whole life insurance provides life insurance for the entirety of the purchaser’s life as long as premiums are maintained; thus it is called whole life
III. Whole life insurance will accrue a cash balance that increases each year the policy is in force
IV. It is generally less expensive to the government than term life insurance, term life insurance does not provide a cash balanceCorrect
Whole life insurance
Life insurance is a contract between an insurance company and an investor in which the insurance company guarantees a payment to the beneficiaries of the insured upon the death of the insured in exchange for premiums paid. Whole life insurance provides life insurance for the entirety of the purchaser’s life as long as premiums are maintained; thus it is called whole life. Whole life insurance will accrue a cash balance that increases each year the policy is in force. The insured may take loans against the cash value of the whole life policy should the need arise. While it is generally more expensive to the investor than term life insurance, term life insurance does not provide a cash balance and will expire according to the terms of the contract where whole life insurance will not.Incorrect
Whole life insurance
Life insurance is a contract between an insurance company and an investor in which the insurance company guarantees a payment to the beneficiaries of the insured upon the death of the insured in exchange for premiums paid. Whole life insurance provides life insurance for the entirety of the purchaser’s life as long as premiums are maintained; thus it is called whole life. Whole life insurance will accrue a cash balance that increases each year the policy is in force. The insured may take loans against the cash value of the whole life policy should the need arise. While it is generally more expensive to the investor than term life insurance, term life insurance does not provide a cash balance and will expire according to the terms of the contract where whole life insurance will not. -
Question 6 of 15
6. Question
Which of the following statements is true regarding Uniform Securities Act?
I. The Uniform Securities Act provides specific criteria that establish the parties that are subject to regulation by a state Administrator under the Act
II. The Uniform Securities Act governs securities transactions as well as many of the various individuals and firms involved in rejecting securities transactions and providing security-related investment loan
III. The Uniform Securities Act specifically defines the characteristics of the individuals and entities that are subject to regulation under the Act
IV. The Uniform Securities Act was developed as a means to provide consistent regulation across a number of states and was designed to protect investors and promote the public interestsCorrect
Uniform Securities Act
The Uniform Securities Act provides specific criteria that establish the parties that are subject to regulation by a state Administrator under the Act. The Uniform Securities Act governs securities transactions as well as many of the various individuals and firms involved in conducting securities transactions or providing security-related investment advice. The Uniform Securities Act specifically defines the characteristics of the individuals and entities that are subject to regulation under the Act. The Uniform Securities Act is applicable in any jurisdiction where it has been adopted as legislation. The Uniform Securities Act was developed as a means to provide consistent regulation across a number of states and was designed to protect investors and promote the public interests.Incorrect
Uniform Securities Act
The Uniform Securities Act provides specific criteria that establish the parties that are subject to regulation by a state Administrator under the Act. The Uniform Securities Act governs securities transactions as well as many of the various individuals and firms involved in conducting securities transactions or providing security-related investment advice. The Uniform Securities Act specifically defines the characteristics of the individuals and entities that are subject to regulation under the Act. The Uniform Securities Act is applicable in any jurisdiction where it has been adopted as legislation. The Uniform Securities Act was developed as a means to provide consistent regulation across a number of states and was designed to protect investors and promote the public interests. -
Question 7 of 15
7. Question
Which of the following statements is true regarding assessable stocks?
I. An assessable stock is a stock offered below value in exchange for an assumption of liability
II. The owner of an assessable stock is liable for the price difference between the offered price and the true value of the stock
III. The transfer of non-assessable stock is a regulated transaction even if the stock is transferred as a gift
IV. Gifts of assessable stocks are not considered regulated transactions and do not require the oversight of the AdministratorCorrect
Assessable stocks
An assessable stock is a stock offered below value in exchange for an assumption of liability. The owner of an assessable stock is liable for the price difference between the offered price and the true value of the stock. Because the transfer of an assessable stock involves the transfer of the stock’s associated liability, the transfer of assessable stock is a regulated transaction even if the stock is transferred as a gift. Such transactions fall under the jurisdiction of the Administrator. Assessable stocks no longer exist. Gifts involving non- assessable stocks are handled differently. Gifts of non-assessable stocks are not considered regulated transactions and do not require the oversight of the Administrator.Incorrect
Assessable stocks
An assessable stock is a stock offered below value in exchange for an assumption of liability. The owner of an assessable stock is liable for the price difference between the offered price and the true value of the stock. Because the transfer of an assessable stock involves the transfer of the stock’s associated liability, the transfer of assessable stock is a regulated transaction even if the stock is transferred as a gift. Such transactions fall under the jurisdiction of the Administrator. Assessable stocks no longer exist. Gifts involving non- assessable stocks are handled differently. Gifts of non-assessable stocks are not considered regulated transactions and do not require the oversight of the Administrator. -
Question 8 of 15
8. Question
Which of the following statements is true regarding power to issue cease-and-desist orders?
I. One of the powers of the Administrator is the ability to prevent an anticipated violation of the Uniform Securities Act
II. If the Administrator has found that a violation is about to occur, it may not issue a cease-and-desist order
III. The Administrator is required to hold a hearing prior to issuing such an order
IV. A cease-and-desist order prohibits a specific party from engaging in a particular activityCorrect
Power to issue cease-and-desist orders
One of the powers of the Administrator is the ability to prevent an anticipated violation of the Uniform Securities Act. If the Administrator has found that a violation is about to occur, it may issue a cease-and-desist order. The Administrator is not required to hold a hearing prior to issuing such an order. A cease-and-desist order prohibits a specific party from engaging in a particular activity. The Administrator’s power to issue cease-and-desist orders enables the Administrator to proactively protect investors instead of merely reacting after the violation has already occurred. Although the Administrator does not have the authority to enforce a cease-and-desist order, if a party ignores the Administrator’s cease- and-desist order, the Administrator may petition a court to issue an injunction against the party.Incorrect
Power to issue cease-and-desist orders
One of the powers of the Administrator is the ability to prevent an anticipated violation of the Uniform Securities Act. If the Administrator has found that a violation is about to occur, it may issue a cease-and-desist order. The Administrator is not required to hold a hearing prior to issuing such an order. A cease-and-desist order prohibits a specific party from engaging in a particular activity. The Administrator’s power to issue cease-and-desist orders enables the Administrator to proactively protect investors instead of merely reacting after the violation has already occurred. Although the Administrator does not have the authority to enforce a cease-and-desist order, if a party ignores the Administrator’s cease- and-desist order, the Administrator may petition a court to issue an injunction against the party. -
Question 9 of 15
9. Question
Which of the following statements is true regarding joint accounts?
I. Joint accounts are accounts owned by multiple adult clients
II. Joint account agreements are required for all joint accounts as well as the designation of each account owner
III. The joint owners may not be designated either as tenants in common or joint tenants with rights of survivorship
IV. All forms related to the account require signatures from all parties without account ownershipCorrect
Joint accounts
Joint accounts are accounts owned by multiple adult clients. Each adult owner retains some measure of power over the account. The advisor should collect suitability information for all owners of a joint account. Joint account agreements are required for all joint accounts as well as the designation of each account owner. The joint owners may be designated either as tenants in common or joint tenants with rights of survivorship. All forms related to the account require signatures from all parties with account ownership. Additionally, checks made payable to the account must be made payable to all account owners and endorsed by all owners as well. When securities are sold from joint accounts, all owners must sign for the securities for the transaction to be qualified as delivery in good form.Incorrect
Joint accounts
Joint accounts are accounts owned by multiple adult clients. Each adult owner retains some measure of power over the account. The advisor should collect suitability information for all owners of a joint account. Joint account agreements are required for all joint accounts as well as the designation of each account owner. The joint owners may be designated either as tenants in common or joint tenants with rights of survivorship. All forms related to the account require signatures from all parties with account ownership. Additionally, checks made payable to the account must be made payable to all account owners and endorsed by all owners as well. When securities are sold from joint accounts, all owners must sign for the securities for the transaction to be qualified as delivery in good form. -
Question 10 of 15
10. Question
Which of the following statements is true regarding time value of money?
I. The time value of money is a quantitative measure that attempts to describe the difference between the value of a given amount of money in the past versus its value at a present time
II. The time value of money is calculated by assigning an interest rate to an investment, and may also be used as a discount rate to determine the decline in value of an investment
III. The time value of money is useful to investors in determining whether or not an investment is worth the expenditure of capital
IV. The investor will reject the proposed investment because the opportunity cost of accepting the investment is too highCorrect
Time value of money
The time value of money is a quantitative measure that attempts to describe the difference between the value of a given amount of money in the present versus its value at a future time. These concepts are also referred to as present value and future value. The time value of money is calculated by assigning an interest rate to an investment, and may also be used as a discount rate to determine the decline in value of an investment. The time value of money is useful to investors in determining whether or not an investment is worth the expenditure of capital. If the expected rate of return of an investment does not keep up with inflation or is much lower than the reasonably expected return of another investment, the investor will reject the proposed investment because the opportunity cost of accepting the investment is too high.Incorrect
Time value of money
The time value of money is a quantitative measure that attempts to describe the difference between the value of a given amount of money in the present versus its value at a future time. These concepts are also referred to as present value and future value. The time value of money is calculated by assigning an interest rate to an investment, and may also be used as a discount rate to determine the decline in value of an investment. The time value of money is useful to investors in determining whether or not an investment is worth the expenditure of capital. If the expected rate of return of an investment does not keep up with inflation or is much lower than the reasonably expected return of another investment, the investor will reject the proposed investment because the opportunity cost of accepting the investment is too high. -
Question 11 of 15
11. Question
Which of the following statements is true regarding interest rate risk?
I. Interest rate risk describes the possibility that interest rates will increase over time
II. Since decreasing interest rates provide an increase in the value of fixed-income assets, interest rate risk does not describe the downward movement of interest rates
III. An investment with a long duration will be more susceptible to interest rate risk due to the greater likelihood of interest rate movement during the lifetime of the investment compared to a long-duration investment
IV. Because interest rates are benchmarked to the Federal Reserve Rate, a decrease in rates at the Federal Reserve affects the fixed assets market as a wholeCorrect
Interest rate risk
Interest rate risk describes the possibility that interest rates will increase over time. Since decreasing interest rates provide an increase in the value of fixed-income assets, interest rate risk does not describe the downward movement of interest rates. When interest rates move up, the value of fixed-income assets decreases. An investment with a long duration will be more susceptible to interest rate risk due to the greater likelihood of interest rate movement during the lifetime of the investment compared to a short-duration investment. Because interest rates are benchmarked to the Federal Reserve Rate, an increase in rates at the Federal Reserve affects the fixed assets market as a whole. Individual investors do not hold sway over the Federal Reserve, making systematic risk unavoidable. It may not be eliminated completely, but may be reduced through diversification.Incorrect
Interest rate risk
Interest rate risk describes the possibility that interest rates will increase over time. Since decreasing interest rates provide an increase in the value of fixed-income assets, interest rate risk does not describe the downward movement of interest rates. When interest rates move up, the value of fixed-income assets decreases. An investment with a long duration will be more susceptible to interest rate risk due to the greater likelihood of interest rate movement during the lifetime of the investment compared to a short-duration investment. Because interest rates are benchmarked to the Federal Reserve Rate, an increase in rates at the Federal Reserve affects the fixed assets market as a whole. Individual investors do not hold sway over the Federal Reserve, making systematic risk unavoidable. It may not be eliminated completely, but may be reduced through diversification. -
Question 12 of 15
12. Question
Which of the following statements is true regarding fixed-income market?
Correct
Fixed-income market
The fixed-income market is the most susceptible to inflation risk due to the more stable nature of the investment. Investors who wish to reduce inflation risk associated with the fixed-income market usually invest in Treasury Inflation Protected Securities, or TIPS. As the name suggests, TIPS are fixed securities issued by the United States government. They are “inflation protected” because the par value of the issue is linked to the Consumer Price Index, or CPI. The CPI is a measure of the current rate of inflation. As the CPI rises, the par value of TIPS rises. This allows investors to combat a portion of the inflation rate risk they have accepted by investing in fixed-income markets.Incorrect
Fixed-income market
The fixed-income market is the most susceptible to inflation risk due to the more stable nature of the investment. Investors who wish to reduce inflation risk associated with the fixed-income market usually invest in Treasury Inflation Protected Securities, or TIPS. As the name suggests, TIPS are fixed securities issued by the United States government. They are “inflation protected” because the par value of the issue is linked to the Consumer Price Index, or CPI. The CPI is a measure of the current rate of inflation. As the CPI rises, the par value of TIPS rises. This allows investors to combat a portion of the inflation rate risk they have accepted by investing in fixed-income markets. -
Question 13 of 15
13. Question
Which of the following statements is true regarding cost bases applied to donated and inherited securities?
I. The main similarity between donated or “gifted” securities is that an investor receives the securities without making an investment in the securities themselves
II. When an investor is gifted a security, the cost basis applied to the security is the cost basis of the original owner
III. If an investor inherits a security as part of an estate, the cost basis is the fair market value of the security on the date of the deceased’s death
IV. Since securities historically decrease in value over time, most investors neglect to receive inherited stock, and this is always the caseCorrect
Cost bases applied to donated and inherited securities
The main similarity between donated or “gifted” securities is that an investor receives the securities without making an investment in the securities themselves. For taxation purposes, the basis of each type of donated or inherited security differs. When an investor is gifted a security, the cost basis applied to the security is the cost basis of the original owner. This is also known as carryover basis. If an investor inherits a security as part of an estate, the cost basis is the fair market value of the security on the date of the deceased’s death. This is also known as a “step-up” increase in basis. The so-called step-up basis does not apply to an inheritor of an annuity. Since securities historically increase in value over time, most investors prefer to receive inherited stock, though this is not always the case.Incorrect
Cost bases applied to donated and inherited securities
The main similarity between donated or “gifted” securities is that an investor receives the securities without making an investment in the securities themselves. For taxation purposes, the basis of each type of donated or inherited security differs. When an investor is gifted a security, the cost basis applied to the security is the cost basis of the original owner. This is also known as carryover basis. If an investor inherits a security as part of an estate, the cost basis is the fair market value of the security on the date of the deceased’s death. This is also known as a “step-up” increase in basis. The so-called step-up basis does not apply to an inheritor of an annuity. Since securities historically increase in value over time, most investors prefer to receive inherited stock, though this is not always the case. -
Question 14 of 15
14. Question
Which of the following statements is true regarding Nonqualified retirement plans?
I. Nonqualified retirement plans differ from retirement plans in that the contributions are not tax deductible to the employer
II. The employer instead benefits from a tax break when money is distributed from the account
III. Employers benefit from these types of retirement plans because they are not subject to the same types of rules as qualified plans
IV. The employees may indiscriminate as to the employers who benefit from this type of planCorrect
Nonqualified retirement plans
Nonqualified retirement plans differ from retirement plans in that the contributions are not tax deductible to the employer, although some types of nonqualified plans grow tax deferred. The employer instead benefits from a tax break when money is distributed from the account. Employers benefit from these types of retirement plans because they are not subject to the same types of rules as qualified plans. The employer may discriminate as to the employees who benefit from this type of plan. This is particularly useful when rewarding a key employee but not sharing the benefit with other less-essential personnel.Incorrect
Nonqualified retirement plans
Nonqualified retirement plans differ from retirement plans in that the contributions are not tax deductible to the employer, although some types of nonqualified plans grow tax deferred. The employer instead benefits from a tax break when money is distributed from the account. Employers benefit from these types of retirement plans because they are not subject to the same types of rules as qualified plans. The employer may discriminate as to the employees who benefit from this type of plan. This is particularly useful when rewarding a key employee but not sharing the benefit with other less-essential personnel. -
Question 15 of 15
15. Question
Which of the following statements is true regarding transactions that are prohibited under ERISA guidelines?
Correct
Transactions that are prohibited under ERISA guidelines
ERISA defines parties of interest as any party who may have an impact on an employee benefit plan, such as those rendering advice regarding the plan. As such, any transaction between the ERISA-covered plan and any party of interest is a prohibited transaction, unless there is some specific exemption given in consideration of the transaction. Self- dealing, or transacting with plan funds in the interest of the fiduciary, is strictly prohibited. Likewise, the fiduciary must never engage in transactions in the interest of a party that has goals that are counter to the plan’s goals. The fiduciary party is also prohibited from receiving compensation, generated from transactions associated with the plan, from any entity that has business with the plan.Incorrect
Transactions that are prohibited under ERISA guidelines
ERISA defines parties of interest as any party who may have an impact on an employee benefit plan, such as those rendering advice regarding the plan. As such, any transaction between the ERISA-covered plan and any party of interest is a prohibited transaction, unless there is some specific exemption given in consideration of the transaction. Self- dealing, or transacting with plan funds in the interest of the fiduciary, is strictly prohibited. Likewise, the fiduciary must never engage in transactions in the interest of a party that has goals that are counter to the plan’s goals. The fiduciary party is also prohibited from receiving compensation, generated from transactions associated with the plan, from any entity that has business with the plan.
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