Statements II, III and V are true about test reports. Test reports are documents that provide information on the results and status of testing activities for a given period or phase. Test reports should give stakeholders information as basis for decisions, such as whether to release the software product, whether to continue testing, whether to change the scope or priorities of testing, etc. Test reports should summarize what happened through a period of testing, such as what test cases were executed, what defects were found, what risks were identified, what issues were encountered, what achievements were made, etc. Test reports should include information about remaining risks, such as what defects are still open, what test cases are still pending, what functionalities are still untested, what uncertainties are still unresolved, etc. Statements I and IV are not true about test reports. Test reports do not need to be approved by the test team, the development team, or the customer, unless it is specified by the test policy or the test plan. Test reports only need to be reviewed and verified by the test leader or the test manager before being distributed to the intended recipients. Verified References: A Study Guide to the ISTQB Foundation Level 2018 Syllabus - Springer, page 141.