Exemptions and Exclusions
The terms “exclusions” and “exemptions” appear a lot in the exam, and should not be confused for one another.
# Exclusions
Exclusion means excluded from, or not included in, a definition.
Simply put: since you aren’t included in the definition of something, regulations that apply to that something don’t apply to you.
# Exemptions
Exemption means not being subject to the registration provisions even though a person meets the definition