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FINRA Series 66 Practice Test

FINRA Series 66 Practice Test

Start today’s free 10-question FINRA Series 66 set with source-backed explanations, local progress, and a fresh rotation every morning.

10 Free Daily Questions Source-backed Explanations 200 Verified Questions

Questions updated at Aug 22, 2026, 12:38 AM CDT

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Today's 10 FINRA Series 66 questions

Use this FINRA Series 66 practice test to review NASAA Uniform Combined State Law Examination. Questions rotate daily and each answer links back to the source used to write it.

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200 verified questions are in the live bank. Free daily questions are selected from a rotating sample set. Unlock Pro to access the full question bank.

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Question 1 of 10
Objective Apply futures and options characteristics II. Investment Vehicle Characteristics (17%)

A futures position moves adversely and the account equity falls below required maintenance levels. What is the most immediate practical concern?

Concept tested:
Source:Economic Purpose of Futures Markets and How They Work
Question 2 of 10
Objective Distinguish retirement plans III. Client/Customer Investment Recommendations and Strategies (30%)

A client asks whether a Roth IRA owner generally has lifetime required minimum distributions under current federal rules. Which statement is most accurate?

Concept tested:
Question 3 of 10
Objective Apply client-communication rules IV. Laws, Regulations, Guidelines, and Unethical Practices (45%)

An investment adviser wants to advertise one highly profitable recommendation from the prior year while omitting several losing recommendations from the same strategy. What is the BEST compliance response?

Concept tested:
Question 4 of 10
Objective Interpret descriptive statistics and risk measures I. Economic Factors and Business Information (8%)

Portfolio A and Portfolio B have similar objectives. Portfolio A has a higher Sharpe ratio over the same period using the same risk-free rate. What does that indicate?

Concept tested:
Question 5 of 10
Objective Build a complete client profile III. Client/Customer Investment Recommendations and Strategies (30%)

A retired client receives Social Security and pension income. Why should the adviser document those amounts?

Concept tested:
Question 6 of 10
Objective Apply equity-holder rights and restrictions II. Investment Vehicle Characteristics (17%)

An employee receives stock that cannot be freely resold until securities-law conditions are satisfied. Which equity restriction is most directly involved?

Concept tested:
Question 7 of 10
Objective Apply securities and issuer regulation IV. Laws, Regulations, Guidelines, and Unethical Practices (45%)

A state-registered security is sold using a materially false statement about the issuer. Which state-law principle remains relevant even if the security was properly registered?

Concept tested:
Question 8 of 10
Objective Apply time-value-of-money concepts I. Economic Factors and Business Information (8%)

A client invests $40,000 today and wants to estimate what the account will be worth in 8 years at an assumed annual return. Which time-value-of-money calculation directly answers the question?

Concept tested:
Question 9 of 10
Objective Evaluate portfolio performance III. Client/Customer Investment Recommendations and Strategies (30%)

A client wants to measure the actual return experienced on the client's dollars, including the timing and size of contributions and withdrawals. Which measure is most appropriate?

Concept tested:
Question 10 of 10
Objective Distinguish insurance-based products II. Investment Vehicle Characteristics (17%)

A client wants tax-deferred accumulation but also wants to understand whether account value can fall with underlying investment performance. Which product characteristic describes a variable annuity?

Concept tested:
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The free daily FINRA Series 66 set includes crawlable question text, answer choices, correct answer labels, objective mapping, and source links. Only the first SEO card includes answer explanations and any extra learning features. Pro-only bank questions stay locked; this section mirrors only the 10 free daily questions already shown on this page.

Question 1 A futures position moves adversely and the account equity falls below required maintenance levels. What is the most immediate practical concern?

Answer choices

  1. A. The contract's coupon rate will reset
  2. B. The investor receives FDIC protection
  3. C. The trader may be required to add funds or the position may be liquidated under margin rules
  4. D. The position automatically converts into common stock

Correct answer

The trader may be required to add funds or the position may be liquidated under margin rules

Futures use margin and daily marking-to-market; adverse moves can create margin calls and possible liquidation.

Wrong-answer review

  • A. The contract's coupon rate will reset: Incorrect. This option describes a different product characteristic, overstates a feature, or fails to address the specific risk or structure tested in the scenario. Futures use margin and daily marking-to-market; adverse moves can create margin calls and possible liquidation.
  • B. The investor receives FDIC protection: Incorrect. This option describes a different product characteristic, overstates a feature, or fails to address the specific risk or structure tested in the scenario. Futures use margin and daily marking-to-market; adverse moves can create margin calls and possible liquidation.
  • D. The position automatically converts into common stock: Incorrect. This option describes a different product characteristic, overstates a feature, or fails to address the specific risk or structure tested in the scenario. Futures use margin and daily marking-to-market; adverse moves can create margin calls and possible liquidation.

Extra learning features

Why candidates miss this

The distractor ‘The investor receives FDIC protection’ is tempting because it touches on a common misconception about investment protection. The decisive clue is the emphasis on ‘adverse moves’ and ‘margin rules,’ directly referencing the core mechanics of futures contracts and the potential for margin calls. Likely wrong answer: The investor receives FDIC protection Review focus: Economic Purpose of Futures Markets and How They Work

Why this matters

Failure to manage margin risk in futures positions can lead to rapid account depletion and significant losses, potentially jeopardizing the investor’s capital and overall financial stability. This understanding is crucial for informed trading decisions and risk mitigation.

Objective/domain: II. Investment Vehicle Characteristics (17%)

Source: Economic Purpose of Futures Markets and How They Work

Question 2 A client asks whether a Roth IRA owner generally has lifetime required minimum distributions under current federal rules. Which statement is most accurate?

Answer choices

  1. A. The original Roth IRA owner generally is not required to take lifetime RMDs
  2. B. Roth IRA owners must begin RMDs on the same schedule as traditional IRA owners
  3. C. Roth IRAs can never be inherited
  4. D. Roth IRAs cannot hold securities

Correct answer

The original Roth IRA owner generally is not required to take lifetime RMDs

Objective/domain: III. Client/Customer Investment Recommendations and Strategies (30%)

Source: Publication 590-B — Distributions from Individual Retirement Arrangements (IRAs)

Question 3 An investment adviser wants to advertise one highly profitable recommendation from the prior year while omitting several losing recommendations from the same strategy. What is the BEST compliance response?

Answer choices

  1. A. Present the winning recommendation alone as long as the security symbol is disclosed.
  2. B. Present only the recommendation with the largest dollar gain because it is objectively verifiable.
  3. C. Present the recommendation alone if the advertisement states that other recommendations are available on request.
  4. D. Do not present the selected recommendation in a manner that creates a materially misleading or unfair impression of the adviser’s investment recommendations.

Correct answer

Do not present the selected recommendation in a manner that creates a materially misleading or unfair impression of the adviser’s investment recommendations.

Objective/domain: IV. Laws, Regulations, Guidelines, and Unethical Practices (45%)

Source: Investment Adviser Marketing

Question 4 Portfolio A and Portfolio B have similar objectives. Portfolio A has a higher Sharpe ratio over the same period using the same risk-free rate. What does that indicate?

Answer choices

  1. A. Portfolio A had the lower beta in every case
  2. B. Portfolio A produced more excess return per unit of total volatility
  3. C. Portfolio A had the higher raw return in every case
  4. D. Portfolio A was perfectly correlated with the market

Correct answer

Portfolio A produced more excess return per unit of total volatility

Objective/domain: I. Economic Factors and Business Information (8%)

Source: Uniform Combined State Law Examination (Series 66) Overview and Test Specifications

Question 5 A retired client receives Social Security and pension income. Why should the adviser document those amounts?

Answer choices

  1. A. They determine the client's stock voting rights
  2. B. They eliminate the need to assess risk tolerance
  3. C. They make all municipal bonds suitable
  4. D. They affect cash flow, liquidity needs, tax planning and the amount the portfolio must support

Correct answer

They affect cash flow, liquidity needs, tax planning and the amount the portfolio must support

Objective/domain: III. Client/Customer Investment Recommendations and Strategies (30%)

Source: Uniform Combined State Law Examination (Series 66) Overview and Test Specifications

Question 6 An employee receives stock that cannot be freely resold until securities-law conditions are satisfied. Which equity restriction is most directly involved?

Answer choices

  1. A. Voting proxy solicitation
  2. B. Bond call protection
  3. C. Restricted-stock resale limitations
  4. D. Mutual-fund breakpoint

Correct answer

Restricted-stock resale limitations

Objective/domain: II. Investment Vehicle Characteristics (17%)

Source: Uniform Combined State Law Examination (Series 66) Overview and Test Specifications

Question 7 A state-registered security is sold using a materially false statement about the issuer. Which state-law principle remains relevant even if the security was properly registered?

Answer choices

  1. A. Registration immunizes all sales communications
  2. B. State antifraud authority
  3. C. Only the issuer's tax return matters
  4. D. The investor must first pass Series 66

Correct answer

State antifraud authority

Objective/domain: IV. Laws, Regulations, Guidelines, and Unethical Practices (45%)

Source: Uniform Combined State Law Examination (Series 66) Overview and Test Specifications

Question 8 A client invests $40,000 today and wants to estimate what the account will be worth in 8 years at an assumed annual return. Which time-value-of-money calculation directly answers the question?

Answer choices

  1. A. Future value
  2. B. Present value
  3. C. Current yield
  4. D. Price-to-earnings ratio

Correct answer

Future value

Objective/domain: I. Economic Factors and Business Information (8%)

Source: Uniform Combined State Law Examination (Series 66) Overview and Test Specifications

Question 9 A client wants to measure the actual return experienced on the client's dollars, including the timing and size of contributions and withdrawals. Which measure is most appropriate?

Answer choices

  1. A. Time-weighted return
  2. B. Beta
  3. C. Current yield
  4. D. Dollar-weighted return

Correct answer

Dollar-weighted return

Objective/domain: III. Client/Customer Investment Recommendations and Strategies (30%)

Source: Uniform Combined State Law Examination (Series 66) Overview and Test Specifications

Question 10 A client wants tax-deferred accumulation but also wants to understand whether account value can fall with underlying investment performance. Which product characteristic describes a variable annuity?

Answer choices

  1. A. Its investment return is fixed by the insurer and cannot decline
  2. B. It is a bank deposit insured by the FDIC
  3. C. Its contract value can vary with the performance of selected investment options, so loss is possible
  4. D. It has no fees beyond the underlying fund expense

Correct answer

Its contract value can vary with the performance of selected investment options, so loss is possible

Objective/domain: II. Investment Vehicle Characteristics (17%)

Source: Variable Annuities

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