Series 63: Chapter 1 Practice Questions

Taken from our Series 63 Online Guide

Chapter 1 Practice Questions

  1. 1. All of the following are factors that are considered when determining if someone is an investment adviser except:
  2. A. Receiving compensation
  3. B. Assets under management
  4. C. Providing advice
  5. D. Job description
  6. 2. Which of the following would most likely be considered an investment adviser?
  7. A. A lawyer overseeing the management of a client’s trust
  8. B. A college professor who teaches a class on investing
  9. C. A personal finance author who focuses on planning for retirement
  10. D. A publisher of a subscription-based online newsletter that includes an interactive component where investors can put in information and receive advice specific to their needs.
  11. 3. Which of the following are exceptions to the definition of an investment adviser subject to state registration?
  12. I. An investment adviser representative
  13. II. An investment adviser with $150 million in client assets under management
  14. III. The publisher of a general interest business magazine
  15. IV. A bank or savings institution
  16. A. II only
  17. B. II and III
  18. C. I, II, and III
  19. D. I, II, III, and IV
  20. 4. All of the following would allow someone with no office in the state, but who otherwise is clearly defined as an investment adviser to avoid state registration except:
  21. A. The De Minimis Rule
  22. B. The adviser’s only clients were institutional clients
  23. C. Their assets under management did not exceed $100 million
  24. D. The adviser had no more than five non-institutional clients
  25. 5. The net capital requirement for an adviser who has discretion, but not custody, over a client account is:
  26. A. $0
  27. B. $500
  28. C. $10,000
  29. D. $35,000
  30. 6. According to the Uniform Securities Act, an investment adviser may be disciplined because of:
  31. I. A felony from fifteen years ago
  32. II. A non-material error on their registratio

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