What is the difference between BIG-IP APM and BIG-IP LTM?

HI , best wishes for your test prep! For test purposes, the Local Traffic Manager is about application delivery, so more along the lines of L4-L7 proxy functionality, monitoring, HA, scale-out, protocol validation, etc. The ASM is a web application firewall (which is valid for the test version, but is End of Sale, the next-gen of the ASM is now the Advanced WAF product), and primarily dials in on L7 security functionality.