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NEW QUESTION: 1
A. Option A
B. Option D
C. Option B
D. Option C
Answer: C,D
NEW QUESTION: 2
Which of the following persons is required to maintain its records in accordance with state dictates and meet the minimum net capital requirement imposed by the state?
I. federal covered adviser
II. state-registered investment adviser III. investment adviser representative
A. I, II, and III
B. II only
C. I and II only
D. II and III only
Answer: B
Explanation:
Explanation/Reference:
Explanation: Only the investment adviser that is required to register with the state must maintain its records in accordance with state dictates and meet the minimum net capital requirement imposed by the state. A federal covered adviser is registered with the SEC and need only execute a notice filing with the state. Its record-keeping rules and net capital requirement are dictated by the SEC. An investment adviser representative must register with the state, but there are no record-keeping or minimum net capital requirement dictates for representatives.
NEW QUESTION: 3
Consider the following list of statements about audits and management reviews:
I. Audits are usually more effective than management reviews at finding defects
II. Audits and management reviews have the same main goals, the only difference is related to the roles and level of formality
III. A typical outcome of an audit includes observations and recommendations, corrective actions and a pass/fail assessment
IV. An audit is not the appropriate mechanism to use at the code review in order to detect defects prior to dynamic testing
Which of the following statements is true?
Number of correct responses: 1
A. III. and IV. are true; I and II are false;
B. II. and III are true; I. and IV. are false;
C. I, III and IV are true; II. is false;
D. I. and III. are true; II. and IV. are false;
Answer: A