Series 65 Exam Podcast Franz Amussen

Series 65 Exam Free Audio Lesson 8 2024

Series 65 Exam Free Audio Lesson 8 2024 is a lesson for the Series 65 Exam which can lead to the candidate being licensed as an Investment Advisor Representative.

The other possible exam would be the series 66 examination.

What is the Series 65 Exam?

The Series 65 Exam

The Series 65 is another path to becoming an Investment Advisor Representative (IAR)

Sometimes called the IAR in a box

Unlike the Series 66 Exam the Series 65 exam does not have the Series 7 Requirement

The Series 65 unlike broker-dealer exams (think the Series 7 Exam) the Series 65 Exam requires no company sponsor.

When taking the Series 65 to join an RIA firm as a IAR, candidates must complete the exam within 180 minutes. A passing score is 72%, which translates to correctly answering 94 of the 130 scored questions. The Financial Industry Regulatory Authority, which administers the exam, does not release Series 65 pass rates. But this is a TOUGH exam, many people do not pass on the first try.

The test covers financial industry regulation, securities law, ethics, investments and economics. All these topics factor into a financial advisor’s day-to-day work. Most candidates devote considerable time to studying for the Series 65.

Different States have different requirements in become an Investment Advisor Representative (IAR) so check your states department of securities licensing to find out its requirements.

 

 



 

Series 65 vs Series 66 Exam

The Series 65 exam is designed for those who do not have a Series 7 license. The content of both exams are similar though the Series 65 will be more heavily concentrated on Investment products and economics (like you would need to learn for the SIE and Series 7 Exam). … The Series 66 exam has a little more State law (such as what you will find in the Series 63 Exam) and some esoteric investment products.

Our audio lessons for both the Series 65 and Series 66 cover the material you would need to learn for the SIE and Series 7 exam so it may be a little more than you need for the Series 66 but we want you to be fully prepared!

The only difference between the two series of exam lessons (the 65 and 66) is that the Series 66 exam also covers the material needed for the Series 63 exam.

Our other website s for FINRA and other certification Exams include:

https://www.siepodcast.com

https://www.series7podcast.com

https://series66podcast.com

https://series65podcast.com

https://www.series7podcast.com

https://series6lessons.com

https://series22podcast.com

https://insuranceexampodcast.com

https://www.siepodcast.com

https://series79podcast.com

https://insuranceexampodcast.com

https://www.reexampodcast.com/

 

 

Series 65 Exam Quiz Mutual Funds 2

This is a Series 65 Exam Lesson 25 Quiz Mutual Funds pt. 2: a free quiz for Series 65 Exam Quiz Mutual Funds 2 which is covering mutual funds pt 2 . Try it and see how you do if you need help listen the lesson over.

Series 65 Exam Lesson 25 Quiz Mutual Funds pt. 2

Series 65 Exam Lesson 25 Quiz Mutual Funds pt. 2 covering more fundamentals of mutual funds you need to understand for the Series 65 Exam

Below are questions based on the lesson 25  of the series. Choose the letter of the correct answer.

Series 65 Exam Lesson 25 Quiz Mutual Funds pt. 2

1. Which of the following is true about closed-end funds?

(Select all that apply.)

A. It can trade at a premium or at discount to net asset value.

B. It is redeemed.

C. It has a fixed maturity and interest rate.

D. It trades as a common stock on the exchanges wherever it is listed.

2. Which of the following details can be found on the website of the company that sponsors a closed-end fund?

(Select all that apply.)

A. discount to net asset value

B. net asset value

C. premium

D. price of the stock

3. It is the amount annually collected from the shareholders, which include all the operating cost of the fund.

A. conversion ratio

B. expense ratio

C. liquidity ratio

D. Sharpe ratio

4. If a closed-end fund has a very high expense ratio, one reason you might wish to buy the fund is because ___.

A. it is sold at net asset value

B. it is sold at net asset value less than the expense ratio

C. it is sold at par value

D. it is sold at a big discount to net asset value

5. In financial industry, “Red Herring” refers to ___.

A. expense ratio

B. hedge funds

C. master limited partnerships

D. preliminary prospectus

6. Which of the following is true about a preliminary prospectus?

(Select all that apply.)

A. It contains the price of shares agreed upon.

B. It contains the total number of shares issued.

C. It does not contain the price of shares agreed upon.

D. It does not contain the total number of shares issued.

7. One way that funds will get a higher return than the market average or a bigger loss than the market average is by leveraging their assets.

A. True

B. False

8. A fund is leveraged at 9.2%. If it has $80,000,000 in its assets, the portfolio would reflect a value of ___.

A. $7,360,000

B. $72,640,000

C. $73,600,000

D. $87,360,000

9. Leveraged funds enhance returns and outperform the market when stocks are going down.

A. True

B. False

10. A mutual fund or a management company must distribute their income ___.

A. annually

B. monthly

C. quarterly

D. weekly

11. A management company distributes its income in a form of ___.

(Select all that apply.)

A. capital gains

B. commissions

C. dividends

D. interest

12. These are capital gains that the management company must distribute at least on an annual basis.

A. capital yield

B. distribution yield

C. dividend yield

D. income yield

13. Dividend yield is the dividend that is paid out from the stocks that the management company owns and then passed through to the investors.

A. True

B. False

14. If you buy a closed-end fund before or close to the record date, your net asset value would decline by the amount of the distribution.

A. True

B. False

15. What would be a good reason for management companies to organize as master limited partnerships?

A. They want to acquire big positions in closed-end funds.

B. They want to avoid the double taxation.

C. They want to decrease their management expenses.

D. They want to increase their management fees.

16.

Series 65 Exam Quiz Mutual Funds 3

This is a Series 65 Exam Lesson 26 Quiz Mutual Funds pt. 3: a free quiz for Series 65 Exam Quiz Mutual Funds 3 which is covering mutual funds pt 3 . Try it and see how you do if you need help listen the lesson over.

Series 65 Exam Lesson 25 Quiz Mutual Funds pt. 2

Series 65 Exam Lesson 26 Quiz Mutual Funds pt. 3 covering more fundamentals of mutual funds you need to understand for the Series 65 Exam

Below are questions based on the lesson 26  of the series. Choose the letter of the correct answer.

Series 65 Exam Lesson 26 Quiz Mutual Funds pt. 3

1. Which of the following is true about hedge funds?

(Select all that apply.)

A. They are not allowed to cut off withdrawals by their investors.

B. They are open to any kind of investor.

C. They charge a management fee.

D. They have a cap on the amount that is available to be withdrawn at any given time.

2. What is the minimum capital for a hedge fund?

A. $100,000

B. $200,000

C. $500,000

D. $1,000,000

3. Which of the following is qualified as an accredited investor according to the Securities Act of 1933?

(Select all that apply.)

A. a bank

B. a charitable organization with a total asset of $5 million

C. a trust with a total asset of $10 million

D. an employee benefit plan that has a total asset of $3 million

4. A business is qualified to be an accredited investor if all its equity owners are accredited investors.

A. True

B. False

5. A natural person can be an accredited investor if that person ___.

(Select all that apply.)

A. has an income exceeding $200,000 in each of the two most recent years and a reasonable expectation of the same income level in the current year

B. has individual net worth that exceeds $1 million including the value of the primary residence of such person

C. has a joint income with the spouse exceeding $200,000 in each of the two most recent years and a reasonable expectation of the same income in the current year

D. has a joint net worth with the person’s spouse that exceeds $1 million excluding the value of the primary residence of such person

6. The performance of a hedge fund is always better than the market.

A. True

B. False

7. Which of the following strategies does a hedge fund employ?

(Select all that apply.)

A. global macro hedge fund strategy

B. relative value arbitrage

C. high-frequency trading

D. currency strategies

8. A mutual fund’s annual and semiannual report has an income statement similar to a regular corporate income statement.

A. True

B. False

9. Which of the following can be found in a mutual fund’s income statement?

(Select all that apply.)

A. dividends

B. capital gains

C. expenses

D. net income

10. Which of the following is true about expense ratio?

(Select all that apply.)

A. It applies to closed-end funds but not to open-end funds.

B. It gives an overall look at how much it costs to pay the management to buy the stocks instead of buying it yourself without paying any management fee.

C. It is the total net assets divided by the total expenses.

D. It shows the efficiency of the fund.

11. If you’re buying a fund at a very big discount but has a very high expense ratio, the discount you’re buying those stocks may disappear.

A. True

B. False

12. An investment company should distribute at least ___ of its income in order to be regulated under the Investment Company Act of 1940.

A. 80%

B. 85%

C. 90%

D. 95%

13. If an investment company is not regulated under the Investment Company Act of 1940, ___.

A. it becomes taxed as a regular corporation

B. it has to pay an additional tax equivalent to 2% of the total capital gainsbr...

Series 65 Exam Lesson 29 Annuities Quiz

This is a Series 65 Exam Lesson 29 Annuities Quiz: a free quiz for Series 65 Exam Lesson 29 Annuities Quiz which is covering the unit investment trust . Try it and see how you do if you need help listen the lesson over.

Series Series 65 Exam Lesson 29 Annuities Quiz

Series 65 Exam Lesson 29 Annuities Quiz  is covering the Annuities information you need to understand for the Series 65 Exam

Below are questions based on Series 65 Exam Lesson 29 Annuities lesson of the series. Choose the letter of the correct answer.

Series 65 Exam Lesson 29 Annuities Quiz

1. It is a contract wherein the buyer make payments and after some time, the insurance company will make a series of payments back to the buyer.

A. annuity contract

B. bond contract

C. option contract

D. variable contract

2. Which of the following is NOT true regarding the selling of an annuity contract?

A. The seller of an annuity contract has to have an insurance license.

B. The insurance license for selling an annuity contract is regulated at the national level.

C. The insurance license for selling an annuity contract is issued by the state.

D. All of the above are true regarding the selling of an annuity contract.

3. The earnings on the accumulated funds in an annuity grow tax-deferred.

A. True

B. False

4. Annuity contracts are sold by investment advisors.

A. True

B. False

5. Insurance company accounting is quite different from generally accepted accounting principles.

A. True

B. False

6. Which is the correct formula for a combined ratio?

A. (earned premiums – insured losses) ÷ expense of the company

B. (insured losses + expense of the company) ÷ earned premiums

C. earned premiums ÷ (insured losses + expense of the company)

D. expense of the company ÷ (earned premiums – insured losses)

7. An insurance company had an insurance losses of $10 million, expenses of $3.5 million, and an earned premium of $9 million. What is the combined ratio?

A. 29%

B. 67%

C. 150%

D. 350%

8. An insurance company is paying out more money than it earns when the combined ratio is ___.

A. a negative percentage

B. above 100%

C. below 100%

D. equal to 100%

9. Which of the following is true about a long tail business?

A. It happens when insurance premiums are collected over the years while it takes a long time before a claim arrives (e.g. medical malpractice insurance).

B. It happens when the combined ratio is greater than 100%.

C. It happens when the interest rates are low causing a higher investment income.

D. It happens when there is an investment profit that is not calculated in the combined ratio.

10. In a variable annuity, the insurance company guarantees the annuitant a specific rate of return on his investment over a certain period of time.

A. True

B. False

11. In a fixed annuity, if interest rates are low, the offer of the insurance company would be ___.

A. high

B. low

C. fixed regardless of the interest rates

D. The offer of the insurance company may vary but is independent from the interest rate.

12. In calculating how much a life annuity is going to pay an annuitant, an insurance company takes into consideration the annuitant’s ___.

(Select all that apply.)

A. age

B. financial status

C. gender

D. health

13. It is an annuity wherein a beneficiary could still receive the monthly payments even if the owner of the annuity has already died.

A. joint and last survivor annuity

B. life annuity

C. life annuity with a period certain

D. unit refund life annuity

14. Which of the following is true about joint and last survivor annuity? (Select all that apply.)

A.

Series 65 Exam Lesson 28 Unit Investment Trust

This is a Series 65 Exam Lesson 28 Unit Investment Trust: a free quiz for Series 65 Exam Lesson 28 Unit Investment Trust which is covering the unit investment trust . Try it and see how you do if you need help listen the lesson over.

Series 65 Exam Lesson 28 Unit Investment Trust Quiz

Series 65 Exam Lesson 28 Unit Investment Trust Quiz  is covering the Unit Investment Trust information you need to understand for the Series 65 Exam

Below are questions based on Series 65 Exam Lesson 28 Unit Investment Trust  of the series. Choose the letter of the correct answer.

Series 65 Exam Lesson 28 Unit Investment Trust Quiz

1. It is a specific portfolio of bonds that is self-liquidating.

A. unit investment trust

B. open-end mutual fund

C. closed-end mutual fund

D. hedge fund

2. The unit investment trust is regulated by the Investment Company Act of 1940.

A. True

B. False

3. What is the implication of a unit investment trust being self-liquidating?

A. The investor will get back over time the principal plus interest.

B. The net asset value of the trust is independent from the market value.

C. The trust is free from ownership risk.

D. There is a constant interest rate until the trust’s maturity.

4. Which of the following is true about a unit investment trust which invests in fixed income investments?

(Select all that apply.)

A. Buying the trust is buying shares of beneficial interest.

B. Holding the unit investment trust to its maturity returns the investment (assuming no defaults).

C. If the trust is sold prior to maturity, it has more interest rate risk than other fixed income portfolio.

D. Unlike a bond, this trust is a fixed portfolio.

5. A fixed income unit investment trust differs from an open-end mutual fund in such a way that ___.

(Select all that apply.)

A. A fixed income unit investment trust is self-liquidating; an open-end mutual fund is not.

B. An open-end mutual fund has breakpoints; a fixed income unit investment trust has none.

C. An open-end mutual fund is perpetual; a fixed income unit investment trust is not.

D. An open-end mutual fund pays a little, if any, management fee; a fixed income unit investment trust pays very high management fees.

6. A unit investment trust does not expand nor contract in size once issued.

A. True

B. False

7. Unit investment trusts can invest in ___.

(Select all that apply.)

A. closed-end funds

B. corporate bonds

C. government securities

D. equities

8. The shares of beneficial interest in a unit investment trust can be redeemed prior to maturity.

A. True

B. False

9. A unit investment trust that invests in a master limited partnership will receive a ___ at the end of the year.

A. 1099-DIV

B. 1601F

C. CF-213

D. K-1

10. A trust invests in a closed-end fund. The fund’s net asset value is $28.74. It currently trades at $29.03. What is the percentage of the premium?

A. 0.01%

B. 0.09%

C. 0.99%

D. 1%

11. It is a unit investment trust used to fund variable annuities.

A. fixed income unit investment trust

B. municipal bond unit investment trust

C. participating unit investment trust

D. stock unit investment trust

12. In a fixed income unit investment trust, if any of the bonds in the fund default, the principal that the investor would be getting back would ___.

A. increase

B. decrease

C. remain the same

D. be equal to the market value

13. A unit investment trust that invests in US government bonds that is held in maturity is NOT subject to ___.

A. credit worthiness risk

B. currency risk

C. interest rate risk

D. principal risk

14.

S

Series 65 Podcast Interview with Whistleblower Attorney Mark Pugsley 2024

This is an interview with Whistleblower Attorney Mark Pugsley while this is not information that is required for the Series 7 Exam I think you will be a more knowledgeable advisor if you are aware of the information contained in this interview.

Mark Pugsley is quite famous for his part in bringing down Milton Trevor of Nikola corporation.  He was featured prominently in the podcast BAD BETS

This is information about Mark Pugsley from his website

“Mark Pugsley has been handling securities disputes, financial fraud and whistleblower cases for 28 years. His whistleblower practice includes preparing and filing whistleblower tips with the Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission (CFTC) and the Internal Revenue Service (IRS), he also handles False Claims Act or “Qui Tam” lawsuits, FINRA arbitrations and other types of investment disputes.

Mark is based in our Utah office, the state which boasts the largest number of Ponzi schemes per capita in the country. He has been recognized by Super Lawyers, Best Lawyers, Benchmark Plaintiffs, and Martindale Hubbell as one of the top securities lawyers in the country. He is licensed to practice law in Utah and California.

Mark represents whistleblowers in a number of high-profile ongoing cases, including the whistleblowers in the Washakie Renewable Energy scam in which executives pleaded guilty to criminal charges in a $1 billion biodiesel tax fraud scheme.  He also represents the whistleblowers in the Nikola Motors case who uncovered widespread fraud by the CEO, Trevor Milton.  The whistleblower report to the SEC in the Nikola case led to a $125 million settlement by the company with the SEC, and Mr. Milton was charged civilly and criminally with securities fraud, among other charges. Another of his whistleblower clients uncovered an ongoing $200 million Ponzi scheme that led to civil and criminal actions by the DOJ, SEC and State regulators.  These cases are ongoing.

Significant recoveries for his whistleblower, investment fraud and FINRA Arbitration clients include the following:



* Representation of two whistleblowers in an SEC whistleblower case that was approved for an award in April of 2021. His clients were awarded 30% of the $9,384,253 in ordered fines and penalties – the maximum award possible.

* Represented the Declarant in a whistleblower case filed against Vivint Smart Home Inc.. On January 6, 2021 the Justice Department announced that Vivint had agreed to pay the United States $3.2 million to resolve the case. His client will receive a significant reward.

* Represented a client in an $11 million CFTC whistleblower case that was approved for an award in January of 2020. His client will receive a significant portion of all restitution and civil penalties collected by the CFTC.

* Representation of three clients in a 5-day trial in Utah State Court where his clients were awarded compensatory damages in excess of $3 million, $2 million in punitive damages, and attorney’s fees.

* Represented a bankruptcy trustee and trustee of a private actions trust pursuing the claims of over 400 victims of a Ponzi scheme against a national life insurance company for securities fraud and the negligent employment of the agents who perpetrated the scheme for over a decade. The parties reached an 8-figure settlement in 2018.

* Represented 15 clients in a FINRA arbitration case alleging more than $6 million in out of pocket damages involving a rogue broker from a national brokerage firm. The firm settled the case shortly before the arbitration hearing in Au...