Question 1

All of the following are advantages of the sole proprietorship form of business organization,except:

Accepted Answer

A) Tax simplicity 
B) Individual control 
C) No sharing of profits 
D) Limited liability 
A) Tax simplicity 
B) Individual control 
C) No sharing of profits 
D) Limited liability

Question 2

All of the following are examples of Canadian co-operative enterprises,except:

Accepted Answer

A) Mountain Equipment Co-operative 
B) Desjardins 
C) The Co-operators Insurance 
D) Sportinglife 
A) Mountain Equipment Co-operative 
B) Desjardins 
C) The Co-operators Insurance 
D) Sportinglife

Question 3

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 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

A business name which implies a connection with or approval of the Royal Family,are likely to be rejected.

Accepted Answer

A) True 
 B)False

Question 6

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 7

What is a trade secret? Provide some examples.

Accepted Answer

A trade secret is difficult to define bu

Question 8

How do survival rates of co-operatives compare to those of other business corporations?

Accepted Answer

A) Co-operatives are less sustainable than other business corporation. 
B) The survival rate of a co-operative enterprise is more than twice that of other business corporations after 10 years. 
C) The survival rate of a co-operative enterprise is about half that of other business corporations after 10 years. 
D) There is no research which compares the sustainability of co-operatives to that of other business corporations. 
A) Co-operatives are less sustainable than other business corporation. 
B) The survival rate of a co-operative enterprise is more than twice that of other business corporations after 10 years. 
C) The survival rate of a co-operative enterprise is about half that of other business corporations after 10 years. 
D) There is no research which compares the sustainability of co-operatives to that of other business corporations.

Question 9

A(n)________ gives you the right to preclude others from reproducing or copying your original published work.

Accepted Answer

A) Patent 
B) Trademark 
C) Industrial design 
D) Copyright 
A) Patent 
B) Trademark 
C) Industrial design 
D) Copyright

Question 10

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 11

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 12

Which of the following did Canadians vote as the number one invention in the HYPERLINK "" "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)

Question 13

What period of time is covered by a patent?

Accepted Answer

A) 10 years 
B) 20 years 
C) 30 years 
D) 50 years 
A) 10 years 
B) 20 years 
C) 30 years 
D) 50 years

Question 14

In order to incorporate,a business must be earning:

Accepted Answer

A) Less than $30,000 
B) In excess of $100,000 
C) In excess of $500,000 
D) There is no specific earnings threshold for incorporation 
A) Less than $30,000 
B) In excess of $100,000 
C) In excess of $500,000 
D) There is no specific earnings threshold for incorporation

Question 15

What are some important considerations when deciding on a name that grabs people's attention,is easy to remember,has long-lasting appeal,and reinforces your brand?

Accepted Answer

The list of "do's" and "don'ts" include:

Question 16

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 17

Which of the following types of insurance considered life insurance purchased by the business with the business being the sole beneficiary?

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 18

Patents have to be filed:

Accepted Answer

A) Before publication 
B) Within 1 year of publication 
C) Within 5 years of publication 
D) Within 60 days of publication 
A) Before publication 
B) Within 1 year of publication 
C) Within 5 years of publication 
D) Within 60 days of publication

Question 19

What is meant by "patent pending"?

Accepted Answer

If you have a patent application in proc

Question 20

Compare a private company to a public company.

Accepted Answer

Public companies are those like Alcan an

All of the following are advantages of the sole proprietorship form of business organization,except:

All of the following are examples of Canadian co-operative enterprises,except:

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 is considered a disadvantage of a limited partnership?

A business name which implies a connection with or approval of the Royal Family,are likely to be rejected.

Which of the following is not patentable?

What is a trade secret? Provide some examples.

How do survival rates of co-operatives compare to those of other business corporations?

A(n)________ gives you the right to preclude others from reproducing or copying your original published work.

The Harmonized Sales Tax (HST)is:

All of the following items are patentable,except:

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

What period of time is covered by a patent?

In order to incorporate,a business must be earning:

What are some important considerations when deciding on a name that grabs people's attention,is easy to remember,has long-lasting appeal,and reinforces your brand?

As a sole proprietor,your taxes are:

Which of the following types of insurance considered life insurance purchased by the business with the business being the sole beneficiary?

Patents have to be filed:

What is meant by "patent pending"?

Compare a private company to a public company.

Buying a Franchise

Marketing

Financing Your Business and Accounting Practices

Legal Considerations

Business Plans

Market Feasibility Study

Exploring Business Ideas and Opportunities

Assessing Your Potential for an Entrepreneurial Career

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Exam 6: Cost and Profitability Assessment

All of the following are advantages of the sole proprietorship form of business organization,except:

All of the following are examples of Canadian co-operative enterprises,except:

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 is considered a disadvantage of a limited partnership?

A business name which implies a connection with or approval of the Royal Family,are likely to be rejected.

Which of the following is not patentable?

What is a trade secret? Provide some examples.

How do survival rates of co-operatives compare to those of other business corporations?

A(n)________ gives you the right to preclude others from reproducing or copying your original published work.

The Harmonized Sales Tax (HST)is:

All of the following items are patentable,except:

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

What period of time is covered by a patent?

In order to incorporate,a business must be earning:

What are some important considerations when deciding on a name that grabs people's attention,is easy to remember,has long-lasting appeal,and reinforces your brand?

As a sole proprietor,your taxes are:

Which of the following types of insurance considered life insurance purchased by the business with the business being the sole beneficiary?

Patents have to be filed:

What is meant by "patent pending"?

Compare a private company to a public company.

Buying a Franchise

Marketing

Financing Your Business and Accounting Practices

Legal Considerations

Business Plans

Market Feasibility Study

Exploring Business Ideas and Opportunities

Assessing Your Potential for an Entrepreneurial Career

Buying a Business

Sales

Filters