An inverted yield curve occurs when:

Short-term Treasury yields are higher than long-term Treasury yields

Corporate bond yields fall below Treasury yields of equal maturity

Yields on all Treasury maturities are exactly the same level

Long-term Treasury yields are much higher than short-term yields

When market interest rates rise, the price of an existing fixed-rate bond generally:

Rises only if the bond is callable

Which bond is backed by the full taxing power of the issuing municipality?

A revenue bond supported by toll collections

An industrial development revenue bond

A special tax bond backed only by a gasoline tax

A limited partner in a real estate program receives an allocated passive loss. How can that loss generally be used?

To offset passive income from other sources, with unused losses carried forward

To offset portfolio income such as dividends and interest from bond funds

To offset wages and salaries from the investor's full-time job in the same tax year it is allocated

It cannot be used at all and is permanently lost when it is allocated

How are life insurance death benefits paid to a named beneficiary generally treated for federal income tax purposes?

They are generally excluded from the beneficiary's gross income

They are taxed as ordinary income to the beneficiary in the year received

They are taxed as long-term capital gains to the beneficiary

They are taxed as ordinary income only above the premiums paid

Which is a financial (quantitative) factor in a client profile rather than a non-financial one?

Investment experience and knowledge

Attitude toward investment risk

What distinguishes strategic asset allocation from tactical asset allocation?

Strategic sets long-term targets; tactical makes short-term deviations from them

Strategic is used only for retirement plans, tactical only for taxable accounts

Strategic applies only to bonds, while tactical applies only to equities

Strategic changes weights weekly based on news; tactical never deviates from targets

Free Series 66 Practice Test

Take free, original Series 66 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 66 practice test

Series 66 practice questions

Which sequence correctly lists the phases of the business cycle?

How the real Series 66 is weighted

Our free questions are drawn across these sections. Source: NASAA - Series 66 Test Specifications (effective June 12, 2023).
Outline section	Weight	Scored questions
I. Economic Factors and Business Information	8%	8
II. Investment Vehicle Characteristics	17%	17
III. Client Investment Recommendations and Strategies	30%	30
IV. Laws, Regulations and Guidelines, incl. Prohibition on Unethical Business Practices	45%	45

How the real exam is scored

NASAA scores the Series 66 as a raw count: you pass with 73 of 100 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: 100 scored + 10 unscored multiple-choice questions, four answer choices each.
Time: 2 hr 30 min.
Delivery: Test center; NASAA allows online testing only by accommodation.

Get notified when the free full-length Series 66 exam opens

We are building a free, timed, 100-question Series 66 exam with a section-by-section score report. Leave your email to be told when it opens; meanwhile, the diagnostic below is live now.

Want the full bank?

Outline-weighted original questions with explanations, section drills and timed full-length exams. $99 one-time, 12 months, free access extension until you pass.

Get Series 66 access - $99

Frequently asked questions

Is this Series 66 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 66 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 66?

100 scored plus 10 unscored pretest questions, with 2 hr 30 min to finish.

What score should I get on practice tests before the real Series 66?

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 66 Uniform Combined State Law Exam (accessed 2026-09-23)
NASAA - Series 66 Test Specifications (effective June 12, 2023) (accessed 2026-09-23)