Exam 6: Cost and Profitability Assessment

Discuss the advantages of incorporation.

A patent granted in Canada or the United States provides you with protection outside the country for a period of one year from the day on which the patent was granted.

List the typical duties performed by the board of directors.

All of the following are advantages of a general partnership,except:

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.

What are the three basic criteria that your device or invention must meet in order to be patentable?

In a co-operative,membership may consist of employees or producers but not customers.

Many small businesses are ditching Excel,instead preferring the use of _______ to handle estimates,invoice clients and keep track of expenses.

A potential business name which is similar to (or contractions of)the names of companies already in business,are likely to be accepted providing the business is in a different field.

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

Describe the disadvantages of the co-operative form of business.

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

For companies with publicly trading stock,the responsibilities of the board of directors are much more rigorous and complex than for those of other types of companies.

Limited partners can participate in a single aspect of the business (for instance,sales or marketing),but they cannot participate in the general operational activities of the business.