AWS Certified Solutions Architect Associate Test 3

AWS managed policies are designed to provide permissions for many common use cases. Forexample, there are AWS managed policies that define typical permissions for administrators (allaccess), for power users (all access except IAM), and for other various levels of access to AWSservices. AWS managed policies make it easier for you to assign appropriate permissions to users,groups, and roles than if you had to write the policies yourself.
http://docs.aws.amazon.com/IAM/latest/UserGuide/access_policies_managed-vs-inline.html