Free practice + study guide

Series 3 — National Commodity Futures Exam

PrepPass also publishes a complete study guide for this exam as a downloadable book (230 pages, 281 practice questions inside, $24.99).

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PrepPass team · Verified against National Futures Association (NFA); administered by FINRA · How we review

01

Test what you know · free, all of it

Five ways to practise.

The same 102 questions, dealt five ways. Pick the one that fits the time you have.

Quick 10Start here
Ten questions, no feedback while you answer. Then one report: all 10 explained, each pointing at the chapter that teaches it.
10 questionsabout 5 minevery answer explained
By section
Pick Futures Fundamentals, Regulations (CEA, CFTC, NFA, AML), Hedging, Basis & Spreads, Options on Futures. An explanation appears the moment you answer.
102 questionsuntimed
Timed mock
Sit it like the real thing, then get a score report by section.
100 questions125 minutes
Read every question
The whole bank with answers shown — for review, not testing.
all 102, by section
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02

Learn what the questions test

Practice finds the gaps. Reading closes them. The five chapters below are free to read online. The study guide book is a separate download, sold on its own page.

Practice · free
102
questions, each explained — finds what you don't know yet
Learn · the guide
230
pages in the study guide book, section by section

The five sections, as chapters

free to read online
  1. 1Futures Fundamentals: Contracts, Clearing, Margin and DeliveryFutures Fundamentals · 30% of the exam — the largest sectionRead free →
  2. 2Hedging, Basis and SpreadsHedging, Basis & Spreads · 18%Read free →
  3. 3Options on Futures15%Read free →
  4. 4Orders and Price AnalysisFundamental & Technical Analysis · 8%Read free →
  5. 5Regulations: CFTC and NFA RulesRegulations (CEA, CFTC, NFA, AML) · 29%Read free →
Cover: Series 3 Study Guide — 2026 Edition
Study guide · PDF + EPUB
Series 3 Study Guide — 2026 Edition
230 pages · 281 practice questions inside
$24.99 one-time · yours to keep
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  • 281 original commodity futures exam practice questions, each with a worked explanation, in one PDF + EPUB you keep
03

Before you sit

Know the exam you're walking into.

Free study guideEvery section, onlineTopics by weightWhat to study firstHow hard is it?Honest answer, with numbersScores & retakesWhat the board publishesOne-page cram sheetNight-before facts
04

See the questions first

Two from the bank, answered.

Real items, with the answer marked and the reason written out — the same format as all 102.

Futures Fundamentals

In a standardized exchange-traded futures contract, which term is NOT set in advance by the exchange?

  1. AThe quantity of the commodity per contract
  2. BThe acceptable grade or quality of the commodity
  3. CThe price at which the trade is executedCorrect
  4. DThe delivery months available for trading

Why: The exchange standardizes quantity, grade, delivery months, and delivery terms so contracts are fungible. Price is the one term left to the open auction market, negotiated between buyer and seller each time a trade occurs.

Regulations (CEA, CFTC, NFA, AML)

Which entity is the federal agency that administers the Commodity Exchange Act and oversees the U.S. futures markets?

  1. AThe Securities and Exchange Commission (SEC)
  2. BThe Commodity Futures Trading Commission (CFTC)Correct
  3. CThe National Futures Association (NFA)
  4. DThe Federal Reserve Board

Why: The CFTC is the independent federal regulator that administers the Commodity Exchange Act and polices the futures markets for fraud and manipulation. The SEC regulates securities, and the NFA is the industry self-regulatory organization.

Read all 102 questions with answers →

06

The exam itself

Series 3 — National Commodity Futures Exam, by the numbers.

Questions120
Time150 minutes
SectionsFutures Fundamentals · Hedging, Basis & Spreads · Options on Futures · Fundamental & Technical Analysis · Regulations (CEA, CFTC, NFA, AML)
Passing score70% each part
Our bank102 questions · updated September 2026Written from National Futures Association (NFA); administered by FINRA
LanguagesEnglish
SourceNational Futures Association (NFA); administered by FINRA
08

Securities License Exams (SIE & Series)

On the same path.

FINRA Series 6300 free questions · mock 50 q / 90 min · guide $14.99FINRA Series 7310 free questions · mock 125 q / 225 min · guide $14.99FINRA SIE — Securities Industry Essentials470 free questions · mock 75 q / 105 min · guide $14.99

All 8 exams in Securities License Exams (SIE & Series) →

Studying for the Series 3 — National Commodity Futures Exam in order? Series 3 Study Guide — 2026 Edition — PDF + EPUB, $24.99 · 14-day refund →

09

Questions

Asked before starting.

Is the practice really free, or does it stop after a few questions?

All 102 questions, the timed mock and the report are free with no sign-up. A free account only adds saving your progress. The study guide book is sold separately, $24.99 one-time; nothing in the practice requires it.

Is your mock the same as the real Series 3 — National Commodity Futures Exam?

No. Ours is 100 questions in 125 minutes; the real exam is 120 questions in 150 minutes. Use the mock for stamina and section timing, not as a score predictor.

What score do I need?

70% each part — as published by National Futures Association (NFA); administered by FINRA. Confirm the current rule with them before your exam date.

Is there a study guide for the Series 3 — National Commodity Futures Exam?

Yes. PrepPass sells Series 3 Study Guide — 2026 Edition, a PDF + EPUB download, $24.99 one-time; the practice on this page stays free without it. See the study guide →

Practice questions are AI-assisted study material written from National Futures Association (NFA); administered by FINRA and reviewed by PrepPass — for practice only, not official exam questions. Bank updated September 2026. PrepPass is an independent study resource and is not affiliated with, endorsed by, or approved by National Futures Association (NFA); administered by FINRA. Always confirm current exam details with National Futures Association (NFA); administered by FINRA.
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