1. What is the primary factor that distinguishes private investments from public investments?

2. Which of the following is NOT a risk associated with investing in private companies?

3. What is the maximum amount a company can raise in a Tier 2 Regulation A (Reg A) offering within a 12-month period?

4. What is the primary role of the U.S. Securities and Exchange Commission (SEC)?

5. What does the SEC primarily regulate in terms of securities offerings?

6. What is the primary purpose of Regulation D under the SEC's regulations?

7. Under Rule 506(b) of Regulation D, how many non-accredited investors can participate in a securities offering within a 90-calendar-day period?

8. Who can invest up to 10% of their annual income or net worth in Regulation Crowdfunding (Reg CF) offerings?

9. What is the main purpose of state securities laws, often referred to as "Blue Sky Laws"?

10. Which of the following is NOT one of the elements of the Howey test used by the SEC to determine whether an investment is a security?

11. Which of the following investments is NOT considered a security under the Howey test?

12. What is the primary purpose of the Howey test in securities regulation?

13. What is the maximum amount a company can raise in a RegCF offering within a 12-month period?