How DO YOU prepare .01 M NaOH?

0.01M NaOH is 0.01 moles of NaOH in 1L of water. The molecular weight of NaOH is 23 + 1 + 16 = 40g/mole, and 0.01 moles would have a mass of 0.40g (0.01moles x 40g/mole).

So, adding 0.40g NaOH to 1L water gives a solution of 0.01M NaOH.