Printable PDF Practice Test for FINRA Exams

🧾 Printable PDF Practice Test for FINRA Exams
📘 Simulate the Real Exam Environment with a Downloadable Test

If you’re preparing for FINRA exams like the Series 65, Series 66, or Series 7, practicing with a printable PDF practice test can be one of the best ways to simulate the real testing environment. Here’s a ready-to-print practice test format that mirrors typical FINRA-style questions.

📋 Sample Practice Test (20 Questions)

(Use a timer: allow about 30–35 minutes for this mini-test.)

1. Which of the following is TRUE about an investment adviser representative (IAR)?
A) IARs must register with the SEC.
B) IARs must register in each state where they have a place of business.
C) IARs only register if they manage over $100 million.
D) IARs are automatically exempt from state registration.

2. An individual recommends securities and receives a flat fee from clients. They would be classified as:
A) A broker-dealer
B) An investment adviser
C) A solicitor
D) A transfer agent

3. Under the Uniform Securities Act, which of the following is considered a non-exempt transaction?
A) Private placement to 5 accredited investors
B) Sale by a fiduciary (e.g., trustee)
C) A non-issuer transaction in a listed security
D) A retail sale solicited by a broker-dealer

4. Which of the following actions would violate the fiduciary duty owed by an adviser?
A) Recommending a diversified portfolio
B) Failing to disclose a potential conflict of interest
C) Charging an asset-based fee
D) Advising against excessive risk-taking

5. An agent may legally share in a customer’s profits if:
A) Oral consent is obtained from the client.
B) Written consent is obtained from the client and the firm.
C) The client has signed a waiver.
D) Only if the agent is related to the client.

6. Under the Investment Advisers Act of 1940, which of the following is NOT required to register as an investment adviser?
A) A financial planner who offers investment advice
B) A bank
C) A mutual fund portfolio manager
D) A pension consultant

7. A bond is selling at 105. Its yield to maturity is:
A) Higher than its coupon rate
B) Equal to its coupon rate
C) Lower than its coupon rate
D) Impossible to determine

8. Which of the following is an institutional investor under the Uniform Securities Act?
A) An individual with a $1 million net worth
B) An insurance company
C) A small private trust with $20,000 in assets
D) A self-directed IRA account

9. The penalty for criminal violations of the Uniform Securities Act is:
A) $2,000 fine and/or 1 year in jail
B) $5,000 fine and/or 3 years in jail
C) $10,000 fine and/or 5 years in jail
D) $15,000 fine and/or 7 years in jail

10. A private placement is considered an exempt transaction when:
A) It is offered to more than 50 retail investors.
B) It is offered to no more than 10 retail investors in a 12-month period.
C) The issuer files a prospectus with the SEC.
D) No commission is paid for soliciting non-institutional investors.

11. Which document must a new client receive from an investment adviser at or before signing a contract?
A) The adviser’s registration certificate
B) The ADV Part 2A brochure
C) The ADV Part 1 summary
D) A letter from the state administrator

12. Which of the following would NOT be considered a security?
A) A limited partnership interest
B) A fixed annuity
C) A stock option
D) A municipal bond

13. If a customer initiates an unsolicited order for an unregistered security, the transaction is:
A) Illegal under all circumstances
B) An exempt transaction
C) Considered a misrepresentation
D) Subject to additional suitability review

14. A client receives a rescission offer after an unlawful securities sale. How long does the client have to accept the offer?
A) 7 days
B) 14 days
C) 30 days
D) 90 days

15. The federal covered adviser designation applies to advisers who:
A) Manage over $110 million in AUM
B) Only manage mutual funds
C) Are licensed broker-dealers
D) Are exempt from state registration due to the 5-client rule

16. Which best describes the “prudent investor rule”?
A) Investing to maximize commissions
B) Speculative investing is recommended for all clients
C) Managing assets based on risk/return objectives of the client
D) Investing based solely on economic conditions

17. An agent cannot do which of the following?
A) Recommend securities based on a client’s goals
B) Borrow money from a client
C) Accept written orders from a client
D) Submit client orders to a broker-dealer

18. Which of the following is considered an advertisement under the Investment Advisers Act?
A) A one-on-one conversation with a client
B) A research report tailored for one institutional client
C) A website offering investment advice
D) A personal recommendation made in private conversation

19. An investment adviser with custody of client funds must do all EXCEPT:
A) File audited financials annually
B) Provide clients quarterly account statements
C) Maintain a $35,000 net worth
D) Offer discretionary authority only after SEC approval

20. Which situation would most likely require state registration of a security?
A) Private placement to 2 accredited investors
B) A NYSE-listed security
C) Sale of a U.S. Treasury bond
D) Sale of a security issued by a start-up company

📝 How to Use This Practice Test

• Print the questions without looking at the answer key.
• Simulate a real test environment with no notes or external help.
• After finishing, self-grade using a clean answer sheet (can be added if you’d like).

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You can also check full prep resources at:
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