PART 1 - TRUE/FALSE (1 MARK). Fill in the circle next to the correct response. 1. Bella was certified as an accountant last year. Edward was one of her first clients. Edward was interested in buying a condominium from Dahomes Inc., who have told Edward that he can expect $1million a year in net revenue. Edward hired Bella to review the net revenue estimates. Bella did not properly apply costs related to common areas, making the net revenue look higher, and incorrectly told Edward that he could expect to make $2million in net revenue. Edward bought the condominium and has now learned of Bella's error. Edward will be able to terminate the contract with Dahomes Inc. for the purchase of the condo due to mistake. True False 2. A sole proprietor cannot have employees. True False 3. Sally has opened up a nail salon in the basement of her home. She also works at the makeup counter of her local Shopper's Drug Mart on the weekend. When Sally files her income tax, she will report both the income from the nail salon and the income from Shopper's Drug Mart as personal income on the same return. True False 4. Standard form contracts are preferred as they cover many contingencies that can cause disputes between businesses. True False 5. E-commerce businesses are at greater risk than bricks and mortar stores because the Internet is not regulated. True False 6. A dispute has arisen between business entities with a lengthy relationship, and each would suffer economically if the relationship were to suddenly end. In order to maintain the relationship and quickly resolve the dispute, the best procedure is for the businesses to avoid litigation and attempt to negotiate a resolution. True False 7. A key difference between a public company and private company is the ability of a complete stranger to become a shareholder. True False 8. Canadian law provides that business owners may discriminate in employee hiring practices if the particular skill or quality is necessary for the job. True False 9. Minority shareholders of a company have control over key decisions. True False 10. Johann has been engaged to work as an independent contractor doing software coding by a tech start- up. Johann's room-mate is currently unemployed and watches Netflix all day, so rather than working