Step 1: Understanding the Concept
Protein hormones like FSH cannot enter the cell, so they act through receptors on the cell membrane.
Step 2: Order of events
IV: the hormone binds the receptor to form a hormone-receptor complex.
III: the complex activates adenylate cyclase.
II: a second messenger (cyclic AMP) is generated.
V: biochemical responses occur.
I: the physiological response, such as ovarian growth, appears.
Step 3: Conclusion
The sequence is IV, III, II, V, I.
Final Answer:
The sequence is IV - III - II - V - I.
\[ \boxed{\text{(C) }\text{IV - III - II - V - I}} \]