Question 1

One of the most common means of shifting at least some of the risk associated with the occurrence of a major catastrophe is through insurance.

Accepted Answer

A) True 
 B)False  True

Question 2

When it comes to selecting a business name to be registered, or for the purpose of incorporation, all of the following apply except:

Accepted Answer

A)  The name must be acceptable to the Registrar of Companies in your province. 
B)  Names are generally approved on the first submission. 
C)  Any name that is similar to a name already registered will be rejected to avoid public confusion. 
D)  The name is typically reserved for your exclusive use for 90 days. 
A)  The name must be acceptable to the Registrar of Companies in your province. 
B)  Names are generally approved on the first submission. 
C)  Any name that is similar to a name already registered will be rejected to avoid public confusion. 
D)  The name is typically reserved for your exclusive use for 90 days. B

Question 3

Which of the following did Canadians vote as the number one invention in the "Greatest Canadian Invention"?

Accepted Answer

A)  The Telephone (1876, Alexander Graham Bell) 
B)  The Wonderbra (1964, Louise Poirier) 
C)  The Zipper (1913, Gideon Sundback) 
D)  Insulin (1921, Frederick Banting, Charles Best) 
A)  The Telephone (1876, Alexander Graham Bell) 
B)  The Wonderbra (1964, Louise Poirier) 
C)  The Zipper (1913, Gideon Sundback) 
D)  Insulin (1921, Frederick Banting, Charles Best) A

Question 4

Which of the following is considered a disadvantage of a limited partnership?

Accepted Answer

A)  Difficulty in changing ownership 
B)  Limited liability 
C)  Growth potential 
D)  Great access to capital 
A)  Difficulty in changing ownership 
B)  Limited liability 
C)  Growth potential 
D)  Great access to capital

Question 5

As a sole proprietor, your taxes are:

Accepted Answer

A)  More complex, compared to a corporation. 
B)  Declared on a separate form provided by Revenue Canada. 
C)  Fairly simple, since your business income is declared on your personal tax return. 
D)  Paid in installments throughout the year, but keep separate from your personal employment income. 
A)  More complex, compared to a corporation. 
B)  Declared on a separate form provided by Revenue Canada. 
C)  Fairly simple, since your business income is declared on your personal tax return. 
D)  Paid in installments throughout the year, but keep separate from your personal employment income.

Question 6

All of the following items are patentable, except:

Accepted Answer

A)  A computer program 
B)  A window opening device 
C)  A tool 
D)  A method of making wine 
A)  A computer program 
B)  A window opening device 
C)  A tool 
D)  A method of making wine

Question 7

Which of the following is not patentable?

Accepted Answer

A)  A composition 
B)  A process 
C)  An idea 
D)  An apparatus 
A)  A composition 
B)  A process 
C)  An idea 
D)  An apparatus

Question 8

Not-for-Profit organizations cannot incorporate in Canada.

Accepted Answer

A) True 
 B)False

Question 9

Under the sole proprietorship business form, the owner's personal assets (home, cottage, etc.) are not at risk should the business venture encounter financial distress.

Accepted Answer

A) True 
 B)False

Question 10

If you use alternative spellings in your business name, or insert punctuation marks or numbers to try to add a bit of flair, it is more likely to be remembered.

Accepted Answer

A) True 
 B)False

Question 11

A ______ is a word, symbol, picture, design, or combination of these that distinguishes your goods and services from those of others in the marketplace.

Accepted Answer

A)  Trademark 
B)  Patent 
C)  Copyright 
D)  Registered symbol 
A)  Trademark 
B)  Patent 
C)  Copyright 
D)  Registered symbol

Question 12

Limited partners have one major power-the ability to remove the general partner(s).

Accepted Answer

A) True 
 B)False

Question 13

In Ontario, small businesses should plan to pay approximately ______ in taxes, when considering both HST and income tax that they must surrender to Revenue Canada at the end of the year.

Accepted Answer

A)  10-15% 
B)  20-30% 
C)  35-50% 
D)  60-80% 
A)  10-15% 
B)  20-30% 
C)  35-50% 
D)  60-80%

Question 14

Which of the following types of insurance will enable you to continue to pay the bills if your business should be closed down by damage due to fire, flood, or other catastrophe?

Accepted Answer

A)  Credit insurance 
B)  Business interruption or loss-of-income insurance 
C)  Key-person insurance 
D)  General liability insurance 
A)  Credit insurance 
B)  Business interruption or loss-of-income insurance 
C)  Key-person insurance 
D)  General liability insurance

Question 15

The Harmonized Sales Tax (HST) is:

Accepted Answer

A)  A tax paid only by businesses operating in the music industry. 
B)  The name of the tax that the federal government charges incorporated businesses only. 
C)  The tax that combines the Employment tax and the Pension tax. 
D)  A tax which is the integration of the provincial sales tax and the federal government's Goods and Services Tax (GST). 
A)  A tax paid only by businesses operating in the music industry. 
B)  The name of the tax that the federal government charges incorporated businesses only. 
C)  The tax that combines the Employment tax and the Pension tax. 
D)  A tax which is the integration of the provincial sales tax and the federal government's Goods and Services Tax (GST).

Question 16

If your business has taxable revenues which do not exceed ______ you do not have to register for the GST or HST.

Accepted Answer

A)  $30,000 
B)  $50,000 
C)  $100,000 
D)  All businesses in Canada have to register for the GST or HST. 
A)  $30,000 
B)  $50,000 
C)  $100,000 
D)  All businesses in Canada have to register for the GST or HST.

Question 17

What is the difference between a general partnership and a limited partnership?

Accepted Answer

In a limited partnership, the partners'

Question 18

How long is a registered trademark valid?

Accepted Answer

A)  1 year 
B)  5 years 
C)  15 years 
D)  Indefinitely 
A)  1 year 
B)  5 years 
C)  15 years 
D)  Indefinitely

Question 19

Which of the following types of insurance protects you from extraordinary bad debt losses due to a customer going out of business?

Accepted Answer

A)  Key-person insurance 
B)  Credit insurance 
C)  Business interruption insurance 
D)  Business premises insurance 
A)  Key-person insurance 
B)  Credit insurance 
C)  Business interruption insurance 
D)  Business premises insurance

Question 20

Which of the following terms is used to describe a business owner with whom you have formed a relationship over time and respect them for the advice and consultation they can offer to your small business?

Accepted Answer

A)  Board officer 
B)  Director 
C)  Mentor 
D)  Ethics agent 
A)  Board officer 
B)  Director 
C)  Mentor 
D)  Ethics agent

One of the most common means of shifting at least some of the risk associated with the occurrence of a major catastrophe is through insurance.

When it comes to selecting a business name to be registered, or for the purpose of incorporation, all of the following apply except:

Which of the following did Canadians vote as the number one invention in the "Greatest Canadian Invention"?

Which of the following is considered a disadvantage of a limited partnership?

As a sole proprietor, your taxes are:

All of the following items are patentable, except:

Which of the following is not patentable?

Not-for-Profit organizations cannot incorporate in Canada.

Under the sole proprietorship business form, the owner's personal assets (home, cottage, etc.) are not at risk should the business venture encounter financial distress.

If you use alternative spellings in your business name, or insert punctuation marks or numbers to try to add a bit of flair, it is more likely to be remembered.

A ______ is a word, symbol, picture, design, or combination of these that distinguishes your goods and services from those of others in the marketplace.

Limited partners have one major power-the ability to remove the general partner(s).

In Ontario, small businesses should plan to pay approximately ______ in taxes, when considering both HST and income tax that they must surrender to Revenue Canada at the end of the year.

Which of the following types of insurance will enable you to continue to pay the bills if your business should be closed down by damage due to fire, flood, or other catastrophe?

The Harmonized Sales Tax (HST) is:

If your business has taxable revenues which do not exceed ______ you do not have to register for the GST or HST.

What is the difference between a general partnership and a limited partnership?

How long is a registered trademark valid?

Which of the following types of insurance protects you from extraordinary bad debt losses due to a customer going out of business?

Which of the following terms is used to describe a business owner with whom you have formed a relationship over time and respect them for the advice and consultation they can offer to your small business?

Assessing Your Potential for an Entrepreneurial Career

Exploring Business Ideas and Opportunities

Market Feasibility Study

Cost and Profitability Assessment

Business Plans

Financing Your Business and Accounting Practices

Marketing

Sales

Buying a Business

Buying a Franchise

Filters

Exam 6: Legal Considerations

One of the most common means of shifting at least some of the risk associated with the occurrence of a major catastrophe is through insurance.

When it comes to selecting a business name to be registered, or for the purpose of incorporation, all of the following apply except:

Which of the following did Canadians vote as the number one invention in the "Greatest Canadian Invention"?

Which of the following is considered a disadvantage of a limited partnership?

As a sole proprietor, your taxes are:

All of the following items are patentable, except:

Which of the following is not patentable?

Not-for-Profit organizations cannot incorporate in Canada.

Under the sole proprietorship business form, the owner's personal assets (home, cottage, etc.) are not at risk should the business venture encounter financial distress.

If you use alternative spellings in your business name, or insert punctuation marks or numbers to try to add a bit of flair, it is more likely to be remembered.

A ______ is a word, symbol, picture, design, or combination of these that distinguishes your goods and services from those of others in the marketplace.

Limited partners have one major power-the ability to remove the general partner(s).

In Ontario, small businesses should plan to pay approximately ______ in taxes, when considering both HST and income tax that they must surrender to Revenue Canada at the end of the year.

Which of the following types of insurance will enable you to continue to pay the bills if your business should be closed down by damage due to fire, flood, or other catastrophe?

The Harmonized Sales Tax (HST) is:

If your business has taxable revenues which do not exceed ______ you do not have to register for the GST or HST.

What is the difference between a general partnership and a limited partnership?

How long is a registered trademark valid?

Which of the following types of insurance protects you from extraordinary bad debt losses due to a customer going out of business?

Which of the following terms is used to describe a business owner with whom you have formed a relationship over time and respect them for the advice and consultation they can offer to your small business?

Assessing Your Potential for an Entrepreneurial Career

Exploring Business Ideas and Opportunities

Market Feasibility Study

Cost and Profitability Assessment

Business Plans

Financing Your Business and Accounting Practices

Marketing

Sales

Buying a Business

Buying a Franchise

Filters