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IACCP MASTER QBANK 2025
BRAND NEW ACTUAL EXAM WITH
ANSWERS.
An SEC-registered adviser must provide a Form ADV Part 2A
Firm Brochure to which TWO clients? (Choose two.)
A. - A subscriber to the SEC-registered adviser's monthly financial
planning newsletter.
B. - The general partner of a hedge fund to which the SEC-
registered adviser provides portfolio management services.
C. - A 401K plan to which the SEC-registered adviser provides
pension consulting services.
D. - A mutual fund registered under the Investment Company Act
of 1940 to which the SEC-registered adviser provides sub-
advisory services. - correct answers -B. - The general partner of a
hedge fund to which the SEC-registered adviser provides portfolio
management services.
C. - A 401K plan to which the SEC-registered adviser provides
pension consulting services.
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All financial institutions including investment advisers must fulfill
which THREE requirements regarding compliance with OFAC?
(Choose three.)
A. - File by September 30th of each year a comprehensive report
on all blocked property held as of June 30 of the current year.
B. - Immediately cease communications with any person who
appears on the SDN list.
C. - Notify OFAC within 10 days of any blocked or rejected
transactions.
D. - Freeze or reject all funds and transactions of persons on the
SDN - correct answers -A. - File by September 30th of each year
a comprehensive report on all blocked property held as of June
30 of the current year.
C. - Notify OFAC within 10 days of any blocked or rejected
transactions.
D. - Freeze or reject all funds and transactions of persons on the
SDN
If an investment adviser has proxy voting authority, which record
is NOT required to be maintained?
A. - Records of written requests for proxy voting information.
If an investment adviser has proxy voting authority, which record
is NOT required to be maintained?
A. - Records of written requests for proxy voting information.
B. - Evidence of annual offer of proxy policies and procedures.
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C. - Proxy statements received for client securities.
D. - Records of votes cast on behalf of clients. - correct answers -
B. - Evidence of annual offer of proxy policies and procedures.
Investment Advisory Firm A refers a client to Investment Advisory
Firm B for a fee. Which TWO documents would Firm A be
required to provide to the client? (Choose two.)
A. - The solicitor's disclosure document.
B. - A copy of Adviser B's compliance policies and procedures.
C. - A written copy of Adviser B's code of ethics.
D. - The Adviser B's Form ADV Part 2. - correct answers -A. - The
solicitor's disclosure document.
D. - The Adviser B's Form ADV Part 2.
An investment adviser claims in its disclosure brochure that: "The
information in this brochure has been approved by the SEC."
Which provision under the Investment Advisers Act of 1940 is
violated by this claim?
A. - Fiduciary duty
B. - The Anti-fraud Rule
C. - The Codes of Ethics Rule
D. - The Brochure Rule - correct answers -B. - The Anti-fraud
Rule
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When using an outside solicitor to obtain clients, the investment
adviser is required to obtain which document PRIOR to executing
an advisory contract?
A. - A statement from the client supplying the name and address
of the previous investment adviser.
B. - A signed and dated client acknowledgment of receipt of
required disclosures.
C. - A written description of the client's investment objectives.
D. - A copy of the client's last custodial statement listing all
marketable securities. - correct answers -B. - A signed and dated
client acknowledgment of receipt of required disclosures.
Which THREE types of clients can be charged performance-
based fees under the Investment Advisers Act of 1940?
A. Mutual Funds having more than $1 million in managed assets
B. Hedge funds established under the Investment Company Act
Section 3(c)(7) (exemption for private funds.)
C. Natural persons having $500K under management with the
adviser
D. Clients with at least $1 million under management with the
adviser or a minimum net worth of $2 million - correct answers -
IACCP MASTER QBANK 2025
BRAND NEW ACTUAL EXAM WITH
ANSWERS.
An SEC-registered adviser must provide a Form ADV Part 2A
Firm Brochure to which TWO clients? (Choose two.)
A. - A subscriber to the SEC-registered adviser's monthly financial
planning newsletter.
B. - The general partner of a hedge fund to which the SEC-
registered adviser provides portfolio management services.
C. - A 401K plan to which the SEC-registered adviser provides
pension consulting services.
D. - A mutual fund registered under the Investment Company Act
of 1940 to which the SEC-registered adviser provides sub-
advisory services. - correct answers -B. - The general partner of a
hedge fund to which the SEC-registered adviser provides portfolio
management services.
C. - A 401K plan to which the SEC-registered adviser provides
pension consulting services.
, Page | 2
All financial institutions including investment advisers must fulfill
which THREE requirements regarding compliance with OFAC?
(Choose three.)
A. - File by September 30th of each year a comprehensive report
on all blocked property held as of June 30 of the current year.
B. - Immediately cease communications with any person who
appears on the SDN list.
C. - Notify OFAC within 10 days of any blocked or rejected
transactions.
D. - Freeze or reject all funds and transactions of persons on the
SDN - correct answers -A. - File by September 30th of each year
a comprehensive report on all blocked property held as of June
30 of the current year.
C. - Notify OFAC within 10 days of any blocked or rejected
transactions.
D. - Freeze or reject all funds and transactions of persons on the
SDN
If an investment adviser has proxy voting authority, which record
is NOT required to be maintained?
A. - Records of written requests for proxy voting information.
If an investment adviser has proxy voting authority, which record
is NOT required to be maintained?
A. - Records of written requests for proxy voting information.
B. - Evidence of annual offer of proxy policies and procedures.
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C. - Proxy statements received for client securities.
D. - Records of votes cast on behalf of clients. - correct answers -
B. - Evidence of annual offer of proxy policies and procedures.
Investment Advisory Firm A refers a client to Investment Advisory
Firm B for a fee. Which TWO documents would Firm A be
required to provide to the client? (Choose two.)
A. - The solicitor's disclosure document.
B. - A copy of Adviser B's compliance policies and procedures.
C. - A written copy of Adviser B's code of ethics.
D. - The Adviser B's Form ADV Part 2. - correct answers -A. - The
solicitor's disclosure document.
D. - The Adviser B's Form ADV Part 2.
An investment adviser claims in its disclosure brochure that: "The
information in this brochure has been approved by the SEC."
Which provision under the Investment Advisers Act of 1940 is
violated by this claim?
A. - Fiduciary duty
B. - The Anti-fraud Rule
C. - The Codes of Ethics Rule
D. - The Brochure Rule - correct answers -B. - The Anti-fraud
Rule
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When using an outside solicitor to obtain clients, the investment
adviser is required to obtain which document PRIOR to executing
an advisory contract?
A. - A statement from the client supplying the name and address
of the previous investment adviser.
B. - A signed and dated client acknowledgment of receipt of
required disclosures.
C. - A written description of the client's investment objectives.
D. - A copy of the client's last custodial statement listing all
marketable securities. - correct answers -B. - A signed and dated
client acknowledgment of receipt of required disclosures.
Which THREE types of clients can be charged performance-
based fees under the Investment Advisers Act of 1940?
A. Mutual Funds having more than $1 million in managed assets
B. Hedge funds established under the Investment Company Act
Section 3(c)(7) (exemption for private funds.)
C. Natural persons having $500K under management with the
adviser
D. Clients with at least $1 million under management with the
adviser or a minimum net worth of $2 million - correct answers -
