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

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

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 main purpose of state securities laws, often referred to as "Blue Sky Laws"?

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

6. 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?

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

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

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

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

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

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

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