Series 65 – Uniform Investment Adviser Law Exam Cheat Sheet 2026

The 30 highest-yield Series 65 – Uniform Investment Adviser Law Exam facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. What is the primary tax advantage of municipal bonds for U.S. investors? → Interest income is generally exempt from federal income tax
2. What is a Roth IRA's primary tax advantage? → Qualified withdrawals in retirement are tax-free
3. Which of the following best describes the 'backdoor Roth IRA' strategy? → Making a non-deductible Traditional IRA contribution then converting it to a Roth IRA
4. Which type of mutual fund charges a fee when shares are purchased? → Front-end load fund
5. Which of the following securities is exempt from registration under the Uniform Securities Act? → U.S. government securities
6. What is the formula for calculating a company's price-to-earnings (P/E) ratio? → Market price per share divided by earnings per share
7. Which of the following would require an investment adviser to register with the state rather than the SEC? → An adviser with $90 million AUM and no institutional clients
8. What distinguishes a SIMPLE IRA from a SEP-IRA? → SIMPLE IRAs allow employee salary deferrals; SEP-IRAs are funded only by employers
9. What is the annual contribution limit for a Traditional IRA for an individual under age 50 in 2024? → $7,000
10. Under the Uniform Securities Act, which of the following is NOT exempt from the definition of a broker-dealer? → A firm that regularly buys and sells securities for its own account with the public
11. A SEP-IRA allows employers to contribute up to what percentage of an employee's compensation (subject to the annual dollar limit)? → 25%
12. What is the primary purpose of the money supply (M1, M2) measurement? → To measure the total amount of money available in the economy
13. What does GDP measure? → Total value of all goods and services produced within a country in a given period
14. When a participant rolls over funds from a 401(k) plan to a Traditional IRA, what is the tax treatment if done as a direct rollover? → The rollover is tax-free and penalty-free with no withholding
15. Which type of risk refers to the possibility that a country's political or economic instability will negatively impact investments? → Country risk
16. What is asset allocation? → Dividing a portfolio among different asset classes such as stocks, bonds, and cash
17. At what age must Required Minimum Distributions (RMDs) begin for most retirement accounts under current law (SECURE 2.0)? → 73
18. Which of the following is an example of fiscal policy? → Congress passing a tax cut
19. Under ERISA, which of the following best describes a plan fiduciary's duty of loyalty? → Acting solely in the interest of plan participants and beneficiaries
20. Which of the following best describes the Consumer Price Index (CPI)? → A measure of changes in the price of a basket of consumer goods and services
21. What is the tax treatment of dividends received from a mutual fund held in a taxable account when reinvested automatically? → They are taxable in the year received, even if reinvested
22. What does a company's debt-to-equity ratio indicate? → The proportion of a company's financing from debt relative to equity
23. What is the Capital Asset Pricing Model (CAPM) used to calculate? → The expected return of an asset based on its systematic risk (beta) relative to the market
24. A client in the 37% marginal tax bracket holds stock for 13 months before selling at a gain. What tax rate applies to the long-term capital gain? → 20%
25. What is a put option? → The right to sell a security at a specified price before expiration
26. What does a passive investment strategy seek to do? → Replicate the performance of a market index with minimal trading and low costs
27. What is the primary benefit of a 529 college savings plan? → Earnings grow tax-deferred and qualified withdrawals for education are federal tax-free
28. Under the Uniform Securities Act, how long does a securities registration remain effective? → One year, until December 31 of the year of registration
29. What is meant by 'liquidity' as an investment constraint? → The client's need to convert investments to cash quickly without significant loss of value
30. Which document must investment advisers provide to clients under the Investment Advisers Act? → Form ADV Part 2 (the brochure)