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Question - 1 1. List and explain the major components of an investment policy statement (IPS). Question - 2 1. Which of the following is least important as a reason for a written investment policy statement (IPS)? Why? A. The IPS may be required by regulation. B. Having a written IPS is part of best practice for a portfolio manager. C. Having a written IPS ensures the client's risk and return objectives can be achieved. 2. Which of the following best describes the underlying rationale for a written investment policy statement (IPS)? Why? A. A written IPS communicates a plan for trying to achieve investment success. B. A written IPS provides investment managers with a ready defense against client lawsuit. C. A written IPS allows investment managers to instruct clients about the proper use and purpose of investments. 3. A written investment policy statement (IPS) is most likely to succeed if: Why? 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