Free NASAA Series 65 (Uniform Investment Adviser Law Examination) Economic Factors and Business Information Practice Questions
Economic factors and business information on the NASAA Series 65 exam cover macroeconomic indicators, monetary and fiscal policy, financial statement analysis, quantitative methods, and fundamental business valuation techniques.
140 questions67 easy43 medium30 hard2026 syllabus
Sample Questions
Question 1
Easy
Beta is best described as a measure of:
🎉
Correct Answer: A
Solution
A is correct. Beta measures systematic (market) risk — specifically, how a security's return tends to move relative to the broader market. A beta of 1.0 means the security moves in line with the market, greater than 1.0 indicates higher market sensitivity, and less than 1.0 indicates lower sensitivity. Formally, beta equals the covariance of the asset's returns with market returns divided by the variance of market returns. Because beta isolates only the portion of risk that cannot be diversified away, it is the risk measure used in the Capital Asset Pricing Model to price market (systematic) risk.
Question 2
Medium
Which of the following best describes fiscal policy?
🎉
Correct Answer: C
Solution
C is correct. Fiscal policy refers to the federal government's use of taxation and spending to influence the economy. It is set by Congress and the executive branch through legislation such as tax law changes and budget appropriations.
Question 3
Hard
A client asks her investment adviser why inflation tends to accelerate during the expansion phase of the business cycle. Which explanation is most accurate?
🎉
Correct Answer: A
Solution
A is correct because during expansions, employment rises, wages increase, and consumers spend more. When aggregate demand for goods and services grows faster than productive capacity can supply them, demand-pull inflation results — the classic inflationary mechanism during economic booms.
FreeFellow was built by Jeffrey Ting, a credentialed actuary and CFA charterholder who passed thirteen of the hardest exams in finance on the first attempt, and paid four-figure prep fees for every one. The learning itself was always free. The price was a moat.
So he started writing his own questions, then lessons, then mock exams, until it grew into a full prep platform covering 35 finance credentials with more than 40,000 original practice questions. The name says exactly what it is: the question bank is free, and Fellow is what you become once you pass.
01
Cost shouldn't decide who gets in.
The exam is a fair gate. A four-figure prep course is not. FreeFellow takes the second gate down, so the exam is the only one left.
02
Free should mean free.
No trial clock, no email gate, no credit card. The question bank, worked solutions, lessons, and readiness score stay free, and they are enough to pass.
03
Built by someone who sat where you sit.
He paid for the big-name courses, found nothing he respected, and built the prep he wished had existed. Not a marketing team that has never sat an exam.
