Series 99 Practice Exam.
40 verified questions, instant feedback.
Know the exam before you sit it
the facts most prep sites buryEvery free resource for this exam
family overview →Get a free Series 99 study plan
A week-by-week plan plus new practice questions, straight to your inbox.
Browse all questions & answers
1. A candidate wants to determine, on average, how much time is available per scored question given the exam's total duration and question count. Which value is closest?
- A. About 1.2 minutes per question
- B. About 1.8 minutes per question
- C. About 2.5 minutes per question
- D. About 3.0 minutes per question
Show answer & explanation
Answer: B
Dividing the 90-minute allotment by the 50 scored questions yields roughly 1.8 minutes per question.2. The Series 99 examination's testing time is published as '1 hour and 30 minutes.' Expressed entirely in minutes, this equals which value?
- A. 70 minutes
- B. 80 minutes
- C. 90 minutes
- D. 110 minutes
Show answer & explanation
Answer: C
One hour equals 60 minutes; adding the additional 30 minutes gives 60 + 30 = 90 minutes total.3. Which statement correctly pairs two published characteristics of the Series 99 examination?
- A. It contains 50 scored questions and requires a passing score of 68 percent
- B. It contains 75 scored questions and requires a passing score of 70 percent
- C. It contains 50 scored questions and requires a passing score of 72 percent
- D. It contains 100 scored questions and requires a passing score of 68 percent
Show answer & explanation
Answer: A
The Series 99 examination contains 50 scored questions and has a passing score of 68 percent. The other combinations misstate one or both figures.4. A candidate is preparing for a licensing exam and wants to know how many scored questions the exam contains. Which figure is correct?
- A. 40 scored questions
- B. 50 scored questions
- C. 60 scored questions
- D. 75 scored questions
Show answer & explanation
Answer: B
The exam consists of 50 scored questions, as published by the exam administrator.5. How much total time is allotted to complete the exam?
- A. 60 minutes
- B. 75 minutes
- C. 90 minutes
- D. 120 minutes
Show answer & explanation
Answer: C
The exam is allotted 90 minutes (1 hour and 30 minutes) for completion.6. A candidate answers a number of questions correctly. What minimum percentage must be achieved to pass the exam?
- A. 60 percent
- B. 65 percent
- C. 68 percent
- D. 72 percent
Show answer & explanation
Answer: C
The published passing score for the exam is 68 percent.7. What is the enrollment fee to sit for the exam?
- A. $75
- B. $100
- C. $125
- D. $150
Show answer & explanation
Answer: B
The cost to take the exam is $100.8. When evaluating the risk profile of an investment product, which characteristic generally increases the potential for greater price volatility?
- A. A shorter time to maturity for a fixed-income instrument
- B. Higher sensitivity of the product's value to changes in market conditions
- C. A guaranteed principal return backed by an insurer
- D. A fixed, contractually stated coupon paid at par
Show answer & explanation
Answer: B
As a matter of conceptual product analysis, greater sensitivity of a product's value to changing market conditions is associated with greater price volatility and therefore greater risk. This reasoning does not rely on any specific figure.9. Which situation best illustrates liquidity risk in an investment product?
- A. The product's issuer defaults on a scheduled payment
- B. The product cannot be sold quickly without accepting a significantly lower price
- C. Rising interest rates reduce the market value of the product
- D. Inflation erodes the real value of future fixed payments
Show answer & explanation
Answer: B
Liquidity risk is the risk that a product cannot be converted to cash quickly without a meaningful loss in value. The other choices describe default risk, interest-rate risk, and inflation risk respectively. This is a conceptual distinction requiring no grounded figure.10. An investor holds a fixed-income product and is concerned that the purchasing power of its future payments may decline over time. Which type of risk is this concern describing?
- A. Liquidity risk
- B. Default risk
- C. Inflation (purchasing-power) risk
- D. Reinvestment risk of principal at maturity
Show answer & explanation
Answer: C
Inflation, or purchasing-power, risk is the risk that rising prices erode the real value of fixed future payments. This differs from liquidity, default, and reinvestment risk. This is a conceptual distinction requiring no grounded figure.11. A registered representative is asked how many scored questions appear on the Series 99 examination. Which response is correct?
- A. 40 scored questions
- B. 50 scored questions
- C. 60 scored questions
- D. 75 scored questions
Show answer & explanation
Answer: B
The Series 99 examination contains 50 scored questions.12. A candidate budgets time evenly across all scored questions on the Series 99 exam. Approximately how much time is available per scored question?
- A. About 1.2 minutes per question
- B. About 1.8 minutes per question
- C. About 2.5 minutes per question
- D. About 3.0 minutes per question
Show answer & explanation
Answer: B
With 90 minutes for 50 scored questions, dividing 90 by 50 yields 1.8 minutes per question.13. Two candidates each pay the standard Series 99 enrollment fee. What is their combined total cost?
- A. $150
- B. $175
- C. $200
- D. $250
Show answer & explanation
Answer: C
The Series 99 exam fee is $100 per candidate. Two candidates paying $100 each results in a combined total of $200.14. A candidate reviewing the administrative structure of the Series 99 examination wants to know how many scored questions determine the result. Which figure is correct?
- A. 40 scored questions
- B. 50 scored questions
- C. 60 scored questions
- D. 75 scored questions
Show answer & explanation
Answer: B
The examination consists of 50 scored questions, which are the items that determine the candidate's result.15. During the enrollment window, a firm's principal is confirming logistics for a covered person sitting the examination. What is the total time allotted to complete it?
- A. 60 minutes
- B. 75 minutes
- C. 90 minutes
- D. 120 minutes
Show answer & explanation
Answer: C
The examination allots 90 minutes, equivalent to one hour and thirty minutes, for completion.16. Which of the following best describes the total amount of time provided to complete the Series 99 examination?
- A. 45 minutes
- B. 60 minutes
- C. 90 minutes
- D. 120 minutes
Show answer & explanation
Answer: C
The Series 99 examination provides 90 minutes (1 hour and 30 minutes) of testing time.17. A firm is budgeting the enrollment cost for an associate who must register for the Series 99 qualification exam. What is the published cost of the exam?
- A. $50
- B. $75
- C. $100
- D. $150
Show answer & explanation
Answer: C
The published cost of the Series 99 examination is $100.18. To earn a passing result on the Series 99 examination, a candidate must achieve at least what score?
- A. 60 percent
- B. 68 percent
- C. 70 percent
- D. 72 percent
Show answer & explanation
Answer: B
The passing score for the Series 99 examination is 68 percent.19. To pass the Series 99 examination, a candidate must achieve at least what score?
- A. 60 percent
- B. 65 percent
- C. 68 percent
- D. 72 percent
Show answer & explanation
Answer: C
The passing score for the Series 99 exam is 68 percent.20. What is the enrollment fee to sit for the Series 99 examination?
- A. $60
- B. $85
- C. $100
- D. $175
Show answer & explanation
Answer: C
The cost to take the Series 99 exam is $100.21. A firm is budgeting for the qualification of a newly hired operations professional. What is the registration cost of the Series 99 examination?
- A. $60
- B. $85
- C. $100
- D. $175
Show answer & explanation
Answer: C
The cost of the examination is $100.22. To be qualified through the Series 99 examination, a candidate must meet or exceed the established minimum result. What is the passing score?
- A. 60 percent
- B. 68 percent
- C. 70 percent
- D. 72 percent
Show answer & explanation
Answer: B
The passing score for the examination is 68 percent.23. A candidate scores 68 percent on the Series 99 examination. Based on the established standard, what is the outcome?
- A. A failing result, because 68 percent is below the threshold
- B. A passing result, because 68 percent meets the required standard
- C. An incomplete result requiring a retake
- D. A provisional result pending review
Show answer & explanation
Answer: B
Because the passing score is 68 percent, a candidate who scores exactly 68 percent meets the required standard and passes.24. A candidate is preparing to sit for the Series 99 examination. According to the exam's published specifications, how many scored questions will the candidate need to answer?
- A. 25 scored questions
- B. 50 scored questions
- C. 75 scored questions
- D. 125 scored questions
Show answer & explanation
Answer: B
The Series 99 examination consists of 50 scored questions. The other figures do not match the published specification.25. An operations professional has 90 minutes of scheduled testing time for a qualification exam that contains 50 scored questions. On average, roughly how much time may be allotted per scored question if the time is divided evenly across them?
- A. About 1.8 minutes per question
- B. About 3.0 minutes per question
- C. About 4.5 minutes per question
- D. About 0.9 minutes per question
Show answer & explanation
Answer: A
Dividing the 90-minute testing window by the 50 scored questions yields 90 ÷ 50 = 1.8 minutes per question on average.26. A candidate answers 34 of the 50 scored questions correctly on the Series 99 examination. Based on the published passing threshold, what is the outcome?
- A. The candidate fails, because 34 correct is below the required threshold
- B. The candidate passes, because 34 correct equals 68 percent, which meets the passing score
- C. The candidate's result cannot be determined without knowing unscored questions
- D. The candidate passes, but only because partial credit is awarded
Show answer & explanation
Answer: B
With 50 scored questions, 34 correct answers equals 34 ÷ 50 = 68 percent, which meets the published passing score of 68 percent.27. A study group is comparing the enrollment fee and the number of scored questions on the Series 99 exam. If the $100 fee is spread evenly across all 50 scored questions, what is the cost attributable to each scored question?
- A. $1.00 per scored question
- B. $2.00 per scored question
- C. $4.00 per scored question
- D. $5.00 per scored question
Show answer & explanation
Answer: B
Dividing the $100 fee by the 50 scored questions gives $100 ÷ 50 = $2.00 per scored question.28. A candidate must budget both the fee and the passing requirement for the Series 99 exam. Which pairing accurately reflects the published fee and the minimum passing score?
- A. A $75 fee and a 68 percent passing score
- B. A $100 fee and a 60 percent passing score
- C. A $100 fee and a 68 percent passing score
- D. A $150 fee and a 72 percent passing score
Show answer & explanation
Answer: C
The published fee for the Series 99 examination is $100 and the minimum passing score is 68 percent. Only option C states both figures correctly.29. An operations professional candidate wants to know the maximum time allotted to complete the Series 99 exam. What is the correct amount of time?
- A. 60 minutes
- B. 75 minutes
- C. 90 minutes
- D. 120 minutes
Show answer & explanation
Answer: C
Candidates are given 90 minutes (1 hour and 30 minutes) to complete the Series 99 exam.30. A candidate has exactly 90 minutes to answer 50 scored questions. On average, approximately how much time may be spent per question if the time is divided evenly?
- A. About 1.8 minutes per question
- B. About 3.0 minutes per question
- C. About 0.9 minutes per question
- D. About 4.5 minutes per question
Show answer & explanation
Answer: A
Dividing the 90-minute allotment by the 50 scored questions yields roughly 1.8 minutes per question. This is a derived calculation from the two grounded figures, not a separately stated fact.31. With a passing threshold of 68 percent on 50 scored questions, what is the minimum number of questions a candidate must answer correctly to pass?
- A. 32 questions
- B. 34 questions
- C. 36 questions
- D. 38 questions
Show answer & explanation
Answer: B
68 percent of 50 scored questions equals 34 questions. A candidate must answer at least 34 correctly to reach the passing threshold. This is derived from the two grounded figures.32. A representative is comparing two products. Which factor most directly reflects credit (default) risk rather than market risk?
- A. The likelihood that the issuer will fail to meet its payment obligations
- B. The degree to which the product's price moves with broad market indices
- C. The ease with which the product can be sold without a large price concession
- D. The effect of general interest-rate changes on the product's price
Show answer & explanation
Answer: A
Credit or default risk concerns the possibility that an issuer fails to make required payments, which is distinct from market risk, liquidity risk, and interest-rate risk. This is a conceptual distinction requiring no grounded figure.33. A candidate has been sitting for the Series 99 exam for one hour. Based on the total time allotted, how much time remains?
- A. 15 minutes
- B. 30 minutes
- C. 45 minutes
- D. 60 minutes
Show answer & explanation
Answer: B
The exam allots 90 minutes in total. After 60 minutes have elapsed, 30 minutes remain (90 − 60 = 30).34. Using the exam's passing standard and its number of scored questions, approximately how many scored questions must a candidate answer correctly to reach the minimum passing level?
- A. About 30 questions
- B. About 34 questions
- C. About 40 questions
- D. About 45 questions
Show answer & explanation
Answer: B
Applying the 68 percent passing standard to the 50 scored questions gives 34 questions (0.68 × 50 = 34) as the approximate number needed to pass.35. An operations professional answers 40 of the 50 scored questions correctly. Relative to the passing standard, how does this result compare?
- A. It is below the passing standard
- B. It exactly meets the passing standard
- C. It exceeds the passing standard
- D. It cannot be determined from the information given
Show answer & explanation
Answer: C
Forty correct out of 50 scored questions is 80 percent, which exceeds the 68 percent passing standard.36. A candidate answers 33 of the 50 scored Series 99 questions correctly. Based on the exam's passing standard, what is the outcome?
- A. Pass — 33 correct is a 66 percent score, which meets the standard
- B. Fail — 33 correct is a 66 percent score, which is below the required 68 percent
- C. Pass — any score above 50 percent is passing
- D. Fail — the candidate needed at least 40 correct answers
Show answer & explanation
Answer: B
With 50 scored questions, 33 correct answers equals 66 percent (33/50). Because the passing score is 68 percent, a 66 percent result does not pass.37. Using the Series 99 passing standard, what is the minimum number of the 50 scored questions a candidate must answer correctly to pass?
- A. 32 questions
- B. 34 questions
- C. 38 questions
- D. 40 questions
Show answer & explanation
Answer: B
The passing score is 68 percent of 50 scored questions, which is 34 questions (0.68 × 50 = 34). Answering 34 correctly meets the standard; 33 (66 percent) does not.38. A candidate passes the Series 99 exam with exactly the minimum passing percentage. How many of the 50 scored questions did the candidate answer incorrectly at that threshold?
- A. 12 questions
- B. 14 questions
- C. 16 questions
- D. 18 questions
Show answer & explanation
Answer: C
The passing score is 68 percent, meaning 68 percent of 50 (34 questions) are correct. The remaining 32 percent — 16 of the 50 scored questions — are answered incorrectly.39. Two firms are comparing enrollment paperwork. One states the exam lasts 'an hour and a half.' Is this description consistent with the official duration?
- A. No, the exam lasts one hour
- B. No, the exam lasts two hours
- C. Yes, the exam lasts one hour and thirty minutes
- D. No, the exam lasts forty-five minutes
Show answer & explanation
Answer: C
The official duration is 90 minutes, which equals one hour and thirty minutes, so an 'hour and a half' is an accurate description.40. A compliance associate is assembling a one-line reference card summarizing the Series 99 exam's core administrative facts. Which line is entirely correct?
- A. 50 questions, 90 minutes, 68 percent to pass, $100 fee
- B. 60 questions, 90 minutes, 70 percent to pass, $100 fee
- C. 50 questions, 120 minutes, 68 percent to pass, $85 fee
- D. 75 questions, 90 minutes, 72 percent to pass, $175 fee
Show answer & explanation
Answer: A
The examination has 50 scored questions, a 90-minute allotment, a 68 percent passing score, and a $100 fee; only option A states all four correctly.