Series 65 Practice Test: Free NASAA Uniform Investment Adviser Law Exam Questions (2026)

250 practice questions for the Series 65, NASAA's Uniform Investment Adviser Law exam, the test most states require before you can register as an investment adviser representative. They follow NASAA's test specifications and its 4 sections, weighted the way the real exam is: economic factors and business information (15%), investment vehicle characteristics (25%), client investment recommendations and strategies (30%) and laws, regulations and ethics (30%). The math is here and worked out: time value of money, Sharpe ratio and beta, CAPM, current and tax-equivalent yield, duration, the dividend discount model, total and real returns. The law follows what NASAA actually tests: the Uniform Securities Act of 1956 as NASAA amended it, NASAA's adviser model rules, the Investment Advisers Act and SEC rules. Each question is tagged to its outline section, so your score report shows exactly where you miss, and every answer explains why the best choice is best, gives you a Remember line, and links its source.

The real test: 130 scored multiple-choice questions plus 10 unscored pretest questions (140 in all) in 180 minutes, closed book. You pass by answering at least 92 of the 130 scored questions. NASAA writes it and FINRA gives it; the fee is $187 and there is no corequisite, and most states require it (or the Series 66 with the Series 7, or a CFP, ChFC, CFA, PFS or CIMA) to register as an investment adviser representative. It covers 4 sections: economic factors and business information (15%), investment vehicle characteristics (25%), client investment recommendations and strategies (30%) and laws, regulations and ethics (30%). Our practice test is full length, 130 scored questions plus 10 unscored in 180 minutes, split like the specifications, passing at 92 of 130.

Passing score: The Series 65 passing score (92 of 130), the retake waits and who can skip the exam

Here: 250 questions. Our own practice questions, built on NASAA's Series 65 test specifications and written from public sources (the Uniform Securities Act of 1956 as amended by NASAA, NASAA model rules, the Investment Advisers Act and SEC rules, the Internal Revenue Code and IRS pages, ERISA and DOL rules, Investor.gov, the Federal Reserve, BEA and TreasuryDirect), with every answer's source linked. Topics are the exam's 4 sections. Not NASAA's exam questions. Free.

What's on the test

"On the test" is the rough share of a 130-question test for each topic, following the exam's published weights.

10 sample questions

1. Real GDP has fallen for two straight quarters, unemployment is rising and inventories are piling up. Which phase of the business cycle best fits?

   • A.Recovery after a trough
   • B.Expansion
   • C.Contraction
   • D.Peak
   Show answer

   C. Contraction

   S65-1 · I. Economic Factors and Business Information · Investor.gov: Asset Allocation, BEA: GDP

2. A client has $300,000 in a single savings account in her own name at one FDIC-insured bank. How much is insured?

   • A.$500,000
   • B.$300,000
   • C.$100,000
   • D.$250,000
   Show answer

   D. $250,000

   S65-39 · II. Investment Vehicle Characteristics · FDIC: Deposit Insurance

3. A business owner wants limited personal liability and pass-through taxation, with no limit on the number or type of owners. Which entity fits best?

   • A.A sole proprietorship
   • B.A general partnership
   • C.A limited liability company
   • D.An S corporation
   Show answer

   C. A limited liability company

   S65-101 · III. Client Investment Recommendations and Strategies · Internal Revenue Code §1361, NASAA: Series 65 Study Guide

4. An adviser manages only qualifying private funds with $120 million of assets in the United States. What is its federal status?

   • A.A state-registered adviser in every state where a fund investor lives
   • B.Exempt from every federal filing as a private adviser
   • C.A fully registered SEC adviser, like any adviser over $110 million
   • D.An exempt reporting adviser
   Show answer

   D. An exempt reporting adviser

   S65-176 · IV. Laws, Regulations, and Guidelines, Including Prohibition on Unethical Business Practices · Advisers Act Rule 203(m)-1, Advisers Act Rule 204-4, Investor.gov: Exempt Reporting Adviser

5. To lift a weak economy, Washington considers several steps. Which one is fiscal policy?

   • A.The Fed buys Treasuries in the open market
   • B.The Fed raises the interest it pays on reserve balances
   • C.Congress cuts income tax rates and raises spending
   • D.The Fed lowers its target range for the federal funds rate
   Show answer

   C. Congress cuts income tax rates and raises spending

   S65-2 · I. Economic Factors and Business Information · Federal Reserve: Monetary Policy, Federal Reserve: Open Market Operations

6. How does an investor earn a return on a Treasury bill?

   • A.By an inflation adjustment added to principal each year
   • B.Bought at a discount, repaid at face value
   • C.Dividends from the Treasury
   • D.By collecting semiannual coupon payments until maturity
   Show answer

   B. Bought at a discount, repaid at face value

   S65-40 · II. Investment Vehicle Characteristics · TreasuryDirect: Treasury Bills

7. Why do owners of a C corporation face 'double taxation'?

   • A.The IRS taxes every shareholder twice each year
   • B.Its owners must pay tax on profits the company never earns
   • C.Both the state and federal governments tax its sales
   • D.Profits are taxed twice: company, then dividends
   Show answer

   D. Profits are taxed twice: company, then dividends

   S65-102 · III. Client Investment Recommendations and Strategies · Internal Revenue Code §11, Internal Revenue Code §1361

8. An adviser advises only venture capital funds, with $900 million under management. How is it treated federally?

   • A.As a state-registered adviser in its home state
   • B.As a broker-dealer that must join FINRA
   • C.As a required SEC registrant, since it is over $110 million
   • D.As an exempt reporting adviser, whatever its size
   Show answer

   D. As an exempt reporting adviser, whatever its size

   S65-177 · IV. Laws, Regulations, and Guidelines, Including Prohibition on Unethical Business Practices · Advisers Act Rule 203(l)-1, Advisers Act §203

9. The Federal Reserve wants to cool inflation. Which action fits that goal?

   • A.Cutting the interest it pays on reserves
   • B.Lowering the discount rate for banks
   • C.Buying large amounts of Treasury bonds
   • D.Raising its federal funds rate target
   Show answer

   D. Raising its federal funds rate target

   S65-3 · I. Economic Factors and Business Information · Federal Reserve: Federal Funds Rate, Federal Reserve: Interest on Reserve Balances

10. Which describes commercial paper?

    • A.Short-term unsecured corporate debt
    • B.A long-term bond secured by a company's real estate
    • C.A money market fund share with a fixed $1 NAV guarantee
    • D.An insured bank deposit
    Show answer

    A. Short-term unsecured corporate debt

    S65-41 · II. Investment Vehicle Characteristics · Investor.gov: Promissory Notes, Investor.gov: Money Markets

What the study guide does

• Short study rounds and flip cards.
• A practice test built like the real one: 130 questions, 92 to pass.
• Pass Meter: your chance of passing if you sat the test today, worked out from your own answers.
• An explanation for every answer.