A client holds a 25-year fixed-rate Treasury bond. If inflation expectations rise unexpectedly, the bond's market price will most likely:

Decrease, because market interest rates tend to rise

Increase, because Treasuries are a safe haven

Remain unchanged, because Treasuries have no default risk

Increase, because the coupon resets higher

A fund's annual returns over five years were 4%, -2%, 10%, 4%, and 9%. Which set of statistics is correct?

Mean 6.25%, median 4%, mode 10%

Which feature is characteristic of a closed-end investment company?

A fixed number of shares that trade on an exchange at a premium or discount to NAV

Continuous offering of new shares at NAV plus a sales charge

Daily redemption of shares by the fund at NAV

A fixed, unmanaged portfolio that terminates on a set date

A wheat farmer expects to harvest 50,000 bushels in four months and fears prices will fall before then. Which hedge is appropriate?

Buy call options on wheat futures

Take no position, since futures only benefit speculators

Free Series 65 Practice Test

Take free, original Series 65 practice questions weighted to the official outline, with an explanation after every answer and a score for each section at the end.

Updated 2026-09-23 · 2 sources · By the SeriesPrepKit team

Free Series 65 practice test

Series 65 practice questions

An economist wants a data series that tends to turn BEFORE the overall economy does. Which is a leading economic indicator?

How the real Series 65 is weighted

Our free questions are drawn across these sections. Source: NASAA - Series 65 Test Specifications (effective June 12, 2023).
Outline section	Weight	Scored questions
I. Economic Factors and Business Information	15%	20
II. Investment Vehicle Characteristics	25%	32
III. Client Investment Recommendations and Strategies	30%	39
IV. Laws, Regulations and Guidelines, incl. Prohibition on Unethical Business Practices	30%	39

How the real exam is scored

NASAA scores the Series 65 as a raw count: you pass with 92 of 130 scored questions. Unscored pretest items (10 on your exam) do not count and are not identified, so answer every question. There is no penalty for guessing.

Format: 130 scored + 10 unscored multiple-choice questions, four answer choices each.
Time: 3 hr.
Delivery: Test center; NASAA allows online testing only by accommodation.

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We are building a free, timed, 130-question Series 65 exam with a section-by-section score report. Leave your email to be told when it opens; meanwhile, the diagnostic below is live now.

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Frequently asked questions

Is this Series 65 practice test free?

Yes. The sample questions on this page are free with explanations and no account. The full bank, drills and timed exams are part of paid access ($99 one-time).

Are these real Series 65 exam questions?

No. Live exam content is confidential. These are original questions written to the published NASAA outline.

How many questions are on the real Series 65?

130 scored plus 10 unscored pretest questions, with 3 hr to finish.

What score should I get on practice tests before the real Series 65?

There is no official conversion. As a rule of thumb, book the exam once you score comfortably above the passing mark on several timed full-length tests and no single section is dragging.

Sources

FINRA - Series 65 Uniform Investment Adviser Law Exam (accessed 2026-09-23)
NASAA - Series 65 Test Specifications (effective June 12, 2023) (accessed 2026-09-23)