STC SERIES 66 EXAM WITH CORRECT
QUESTIONS AND ANSWERS 2025
Jurisdiction: Where is the offer made for U.S. Mail or Telephone? - CORRECT-ANSWERSIn two
states at most.
The state from which it originated and the state to which it is directed.
(For mail, not the state to which it may be forwarded).
Jurisdiction: Where is the offer made for Television or Radio? - CORRECT-ANSWERSOne state
only.
The state in which the camera or microphone is located)
Jurisdiction: Where is the offer made for Newspaper or Magazine? - CORRECT-ANSWERSOne
state or no state.
,The state in which the newspaper or magazine is published, unless more than two-thirds of the
circulation is outside the state.
Exempt Issuers - CORRECT-ANSWERS-US Government and Agencies
-Municipalities
-Non-profit, religious, educational and charitable organizations.
-Banks, Savings & Loans, and Trust companies.
-Railroads.
-Small business investment companies.
-Commercial Paper.
Exempt Transactions - CORRECT-ANSWERSReg D Rule 506 Private Placements (if):
-Only Sophisticated ivestors
-No more than 35 Non-Accredited Investors
-Buyer receives Offering Memorandum.
,-Resale of security is restricted.
Rule 147 Interstate Offerings:
-100% purchasers in state.
-80% of company's assets are in state.
-80% of the company's business must be carried out in the state.
-80% of operations revenue is generated in the state.
Small-Issue Exemption- Reg A
-Less than $5 million raised during 12 month period.
*Offering Statement filed.
What is another word for tax rate? - CORRECT-ANSWERSMarginal Rate (after the last dollar
that you earn each year is taxed at your marginal rate).
, Open-End (Mutual Fund) - CORRECT-ANSWERSContinuously issue new shares
-Common shares only
-Sold by prospectus.
Sold at NAV + sales charge (if any)
Sponsor stands ready to redeem shares at the next calculated NAV (forward pricing)
Shares remain in the primary market.
Cannot be sold short.
Closed-End fund - CORRECT-ANSWERSUsually do a one-time issuance of common shares.
-May issue preferred stock or bonds.
QUESTIONS AND ANSWERS 2025
Jurisdiction: Where is the offer made for U.S. Mail or Telephone? - CORRECT-ANSWERSIn two
states at most.
The state from which it originated and the state to which it is directed.
(For mail, not the state to which it may be forwarded).
Jurisdiction: Where is the offer made for Television or Radio? - CORRECT-ANSWERSOne state
only.
The state in which the camera or microphone is located)
Jurisdiction: Where is the offer made for Newspaper or Magazine? - CORRECT-ANSWERSOne
state or no state.
,The state in which the newspaper or magazine is published, unless more than two-thirds of the
circulation is outside the state.
Exempt Issuers - CORRECT-ANSWERS-US Government and Agencies
-Municipalities
-Non-profit, religious, educational and charitable organizations.
-Banks, Savings & Loans, and Trust companies.
-Railroads.
-Small business investment companies.
-Commercial Paper.
Exempt Transactions - CORRECT-ANSWERSReg D Rule 506 Private Placements (if):
-Only Sophisticated ivestors
-No more than 35 Non-Accredited Investors
-Buyer receives Offering Memorandum.
,-Resale of security is restricted.
Rule 147 Interstate Offerings:
-100% purchasers in state.
-80% of company's assets are in state.
-80% of the company's business must be carried out in the state.
-80% of operations revenue is generated in the state.
Small-Issue Exemption- Reg A
-Less than $5 million raised during 12 month period.
*Offering Statement filed.
What is another word for tax rate? - CORRECT-ANSWERSMarginal Rate (after the last dollar
that you earn each year is taxed at your marginal rate).
, Open-End (Mutual Fund) - CORRECT-ANSWERSContinuously issue new shares
-Common shares only
-Sold by prospectus.
Sold at NAV + sales charge (if any)
Sponsor stands ready to redeem shares at the next calculated NAV (forward pricing)
Shares remain in the primary market.
Cannot be sold short.
Closed-End fund - CORRECT-ANSWERSUsually do a one-time issuance of common shares.
-May issue preferred stock or bonds.
