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NEED HELP WITH ANSWERS TO THESE QUESTIONS PLEASE !QUESTION 1What is a sole proprietorship? ( )

A corporation with a single shareholder

( )

A business with a separate legal entity centered around a single owner

( )

A stand alone entity with a single owner

( )

A business with a single owner that does not operate as a separate legal entity.

1 points  [Save Answer]

QUESTION 2

Which of the following is a characteristic of a sole proprietorship?

( )

It is the oldest and simplest form of business organization

( )

The owner employs him/herself in the business

( )

The owner's liability for business loss/debt is limited

( )

Business income is taxed at the business rate.

1 points  [Save Answer]

QUESTION 3

What is a partnership?

( )

A business with two or more owners that does not operate as a separate legal entity

( )

A stand alone entity with two or more owners

( )

An organization that is formed when two people decide to purchase property together

( )

A corporation with only two shareholders

1 points  [Save Answer]

QUESTION 4

Which of the following statements is true of a partnership?

( )

A partnership must have a written agreement between the partners

( )

A partnership is essentially a corporation with more than one owner

( )

Liability of each partner for the debts of the partnership is unlimited

( )

A corporation cannot be included as a member of a partnership.

1 points  [Save Answer]

QUESTION 5

Under what business structure(s) can business owners' personal assets be seized to fulfill obligations of the business?

( )

Limited partnership

( )

Partnership

( )

Corporation

( )

Sole proprietorship

( )

Only b and d

1 points  [Save Answer]

QUESTION 6

What is a corporation?

( )

A separate legal entity created for the purpose of providing owners with tax advantages

( )

A separate and distinct legal entity from its owners.

( )

A business entity designated to maximize profits and tax benefits for the shareholders.

( )

A collection of distinct legal entities, the shareholders, that function collectively

1 points  [Save Answer]

QUESTION 7

Which of the following statements is/are true about the securities of a corporation?

( )

Preferred shareholders generally only have contingent voting rights

( )

Interest on bonds must be paid whether or not a corporation has earned a profit in that year

( )

Bond holders have a direct voice in the management of a corporation during the normal operation of the business.

( )

Only a and b

1 points  [Save Answer]

QUESTION 8

Which of the following is an advantage of corporations over other business organizations?

( )

Ability to use operating losses to reduce personal taxes of shareholders

( )

Corporate income is taxed at the shareholder level at the shareholders' individual rates

( )

Liability of each shareholder for the debts of the corporation is unlimited

( )

A corporation has perpetual succession.

1 points  [Save Answer]

QUESTION 9

The three basic types of business organizations are:

( )

limited partnership, limited company, sole proprietorship

( )

sole ownership, joint venture, corporation

( )

partnership, sole proprietorship, corporation

( )

sole ownership, partnership, limited company

1 points  [Save Answer]

QUESTION 10

What is an advantage of a sole proprietorship?

( )

It allows the owner access to financial resources

( )

It is fast and easy to set up

( )

It allows the owner to make decisions without consulting others

( )

It does not require the owner to take on a lot of liability

1 points  [Save Answer]

QUESTION 11

What is an advantage of a partnership?

( )

The partners have no liability for the business debt

( )

The partners can easily pass the business onto the next generation

( )

The partners have access to more financing that in a sole proprietorship

( )

The parties can pool their resources to satisfy any judgment or liability

1 points  [Save Answer]

QUESTION 12

What is a limited partnership?

( )

A partnership in which the authority of some partners is limited

( )

A partnership in which the liability of all partners is limited, as in a corporation

( )

A partnership in which partners have different levels of liability

( )

A collective business venture designed to shield certain partners from responsibility

1 points  [Save Answer]

QUESTION 13

What is one characteristic included in the legal definition of a partnership under the Partnership Act?

( )

It is formed for the joint ownership of property

( )

It is a separate legal entity

( )

It is formed by a written agreement

( )

It is in common, in other words all partners are involved in the business.

1 points  [Save Answer]

QUESTION 14

When dealing with a partnership, actual authority means:

( )

Relates to an act involving the firm's business which is executed by a person authorized to do so.

( )

May be implied from previous conduct or general circumstances

( )

Occurs when the person with whom a partner is dealing is unaware of a lack of authority for a transaction, and knows or believes him/her to be a partner.

( )

All of the above

( )

Only a and b

1 points  [Save Answer]

QUESTION 15

The case of Mercantile Credit v. Garrod dealt with liability of a partnership (and partner Garrod), for the acts of the other partner, Parkin. The court decided:

( )

The issue was clearly one of apparent authority

( )

The plaintiff had no reason to know that Parkin was acting without actual authority

( )

Parkin was acting within apparent authority, therefore the firm (and Garrod) were liable

( )

All of the above

( )

Only b and c

QUESTION 16

What is an advantage of a corporation?

( )

It is easy to set up

( )

The owners are not personally liable for the debts of the business

( )

It allows for the hiring of more employees

( )

There is less regulation and therefore more flexibility

1 points  [Save Answer]

QUESTION 17

What is a private corporation?

( )

One who is exempt from disclosure requirements to the general public

( )

One whose shares are not available for purchase by the general public

( )

One which does not aspire to rapid growth

( )

One which does not require loan from financial institutions

1 points  [Save Answer]

QUESTION 18

Which one of the following is not a right of an owner of shares of a corporation?

( )

To receive the surplus on dissolution of the corporation

( )

To vote at meetings

( )

To receive any divided declared

( )

To share in the assets of the corporation

1 points  [Save Answer]

QUESTION 19

Which of the following statements regarding a corporation is correct?

( )

Ability to use operating losses to reduce personal taxes on shareholders

( )

Minimal regulatory requirements

( )

Ease and low cost of startup

( )

Limited personal liability of shareholders and protection of personal assets

1 points  [Save Answer]

QUESTION 20

What are articles of incorporation?

( )

A legal document describing the corporation

( )

A legal document forming the corporation that is registered with the provincial or federal government

( )

A legal document creating the management structure of the corporation

( )

A legal document outlining the structure of the corporation

1 points  [Save Answer]

QUESTION 21

Which of the following statements regarding unincorporated businesses is not correct

( )

Ease and low cost of startup

( )

Minimal regulatory requirements

( )

It is taxed independently and must file annual income tax returns

( )

Organizational simplicity

1 points  [Save Answer]

QUESTION 22

Which one of the following statements about a sole proprietorship is not correct?

( )

Income (or loss) is included in the sole proprietor's income and taxed at the rate applicable to the owner

( )

A sole proprietorship is the most risky form of business ownership

( )

A sole proprietor who carries on business in his own name must register under the Business Names Act

( )

The owner of a sole proprietorship cannot employ himself

1 points  [Save Answer]

QUESTION 23

Which one of the following statements is correct?

( )

A federal corporation has the right to carry on business in any province

( )

A province cannot bar a federal corporation from using a name similar to one already in use in a province

( )

A province can give its corporations the legal capacity to carry on business in another province, if that province chooses to recognize the extra-provincially incorporated corporation

( )

All of the above

( )

Only a and b

1 points  [Save Answer]

QUESTION 24

Limited liability for a corporation means:

( )

In case of bankruptcy, or a judgment against the corporation, the personal assets of individual shareholders are not available to satisfy creditors

( )

Minimal regulatory requirements

( )

A corporation has the right to carry on business in a limited georgraphic area

( )

Ability to use operating losses to reduce personal taxes on shareholders

1 points  [Save Answer]

QUESTION 25

A corporation may raise funds through the issue of debt securities. Which one of the following is not a debt security?

( )

Debentures

( )

Notes

( )

Corporate bonds

( )

Preferred shares

( )

Bank loan secured by accounts receivable

1 points  [Save Answer]

QUESTION 26

Common shareholders of a corporation:

( )

Have rights against the corporation

( )

Have a right to vote at corporate annual meetings

( )

Receive interest on their investment

( )

Are creditors

1 points  [Save Answer]

QUESTION 27

Bondholders of a corporation:

( )

Have no right to vote

( )

Receive the surplus upon liquidation of the corporation

( )

Receive dividends

( )

Are members of the corporation

1 points  [Save Answer]

QUESTION 28

Preferred shares of a corporation have two special rights attached to them. They are:

( )

Dividend rights and windup rights

( )

Windup rights and voting rights

( )

Control rights and windup rights

( )

Dividend rights and full voting rights

1 points  [Save Answer]

QUESTION 29

What is the Employment Standards Act

( )

Legislation that tells employers the minimum standards for how to operate their business

( )

Legislation that creates standards for safety in the workplace.

( )

Legislation that tells employees how they must behave in the workplace

( )

Legislation that sets out the rights, responsibilities and obligations that employees and employers have with a workplace setting

1 points  [Save Answer]

QUESTION 30

Which Ontario Act governs employee hours of work?

( )

Employment Standards Act

( )

Hours of Work Act

( )

Employment Relations Act

( )

Labour Relations Act

1 points  [Save Answer]

QUESTION 31

What is the Labour Relations Act?

( )

An Act that governs relationships between unions and employers

( )

An act that governs the relationship between employees and employers

( )

An Act that governs relationships between government and public sector employees

( )

An act that governs the relationship between owners and employees

1 points  [Save Answer]

QUESTION 32

What is the purpose of the Ontario Human Rights Code?

( )

To ensure that Ontarians are protected from discrimination from laws passed by governments

( )

To ensure that all Ontarians are treated fairly all the time

( )

To ensure that human rights are respected in Ontario all the time

( )

To ensure that all Ontarians have equal rights and opportunities without discrimination in key areas of daily life

1 points  [Save Answer]

QUESTION 33

What is the purpose of the Human Rights Tribunal?

( )

To help citizens of Ontario understand how the Ontario Human Rights Code works

( )

To hear human rights cases and make decisions about those cases

( )

To make decisions regarding the types of human rights laws that must be enforced

( )

To provide information on the Ontario Human Rights Code

1 points  [Save Answer]

QUESTION 34

What is one purpose of the Occupational Health and Safety Act?

( )

To make employers solely responsible for the health and safety of their employees

( )

To set out detailed rules regarding safety precautions to be taken in the workplace

( )

To help employees understand how to keep themselves safe in the workplace

( )

To outline the duties and responsibilities of employers and employees for health and safety

1 points  [Save Answer]

QUESTION 35

What is the purpose of Bill 168: Amendment to the Occupational Health and Safety Act - Workplace Violence?

( )

To ensure that workplace violence leads to criminal charges against the perpetrator and possibly the employer

( )

To define workplace violence and specified worker rights and responsibilities with respect to workplace violence and workplace harassment

( )

To assist employees in identifying ways to stop workplace violence

( )

To bring attention to the possibility of workplace violence

1 points  [Save Answer]

QUESTION 36

In occupational health and safety, "due diligence" means:

( )

Having and enforcing a due diligence program

( )

Training workers

( )

Conducting workplace hazard assessments

( )

Having a safety policy

1 points  [Save Answer]

QUESTION 37

What does copyright apply to?

( )

All original work that is represented in some fixed material form

( )

Any printed material

( )

Any intellectual work that someone claims ownership of

( )

All artistic work

1 points  [Save Answer]

QUESTION 38

The author of a copyrighted work retains certain rights even if that copyright is owned by someone else. Those rights are:

( )

Moral rights

( )

Licensing rights

( )

Royalty rights

( )

Moral rights and royalty rights

1 points  [Save Answer]

QUESTION 39

Which of the following is not capable of copyright protection?

( )

Essays

( )

Phrases

( )

Phrases and Speeches

( )

Speeches

1 points  [Save Answer]

QUESTION 40

What type of law is the use of company confidential information covered by?

( )

Copyright law

( )

Contract law

( )

Tort law

( )

Public law

1 points  [Save Answer]

QUESTION 41

Intellectual property protection does not apply to which of the following?

( )

A recently discovered historical fact

( )

Industrial designs

( )

Computer software

( )

Movie plots

1 points  [Save Answer]

QUESTION 42

What is the most important criteria when determining whether an employee's actions are legally considered to be whistleblowing?

( )

The employee's actions must be driven by consideration of his or her job description and responsibilities

( )

The employee's actions must be driven by professional ethics

( )

The employee's actions must be driven by consideration of the company's reputation

( )

The employee's actions must be driven by a desire to bring something to the public's attention

1 points  [Save Answer]

QUESTION 43

What is one possible company approach to the environment with respect to engineering work?

( )

A cost oriented approach in which the company adheres to the environmental regulations as a cost of doing business and nothing more

( )

A government approach in which the company follows government guidelines only when they are required by the government to act or respond to an environmental issue

( )

A crisis management approach in which the company deals with issues just in time as they reach a critical point

( )

A laissez faire approach in which the company pays no attention to environmental management

1 points  [Save Answer]

QUESTION 44

Ennio Morricone died on July 6, 2020. When does the Canadian copyright on the music he wrote expire?

( )

July 6, 2020

( )

December 31, 2070

( )

December 31. 2045

( )

July 6, 2070

1 points  [Save Answer]

QUESTION 45

Bill Withers died on March 30, 2020. When does the Canadian copyright on the music and lyrics he wrote expire?

( )

December 31, 2070

( )

March 30, 2020

( )

March 30, 2070

( )

December 31, 2045

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