1. Which of the following is least important as a reason for a written investment policy statement (IPS)? A. The IPS may be required by regulation. B. Having a written IPS is pat of best practice for a porfolio manager. C. Having a written IPS ensures the dient's risk and return objectives can be achieved. 2. Which of the following bat describes the underlying rationale for a written investment policy statement (IPS)? A. A written IPS communicates a plan for trying to achieve investment success B. A written IPS provides in vestment managers with a ready defense against dient lawsuits. C. A written IPS allows investment managers to instruct dients about the proper use and purpose of investments. 3. A written investment policy statement (IPS) is most likely to succeed if A. Created by a software program to assure consistent quality B. It is a collaborative effort of the client and the portfolio manager. C. It reflects the investment philosophy of the portfolio manager