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Question $1$

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Who is responsible for the day$-$to$-$day running of the corporation?

Question $1$Answer

a$.$

The shareholders

b$.$

The directors

c$.$

The auditors

d$.$

The officers

Question $2$

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Arnold is a senior level manager for XYZ Ltd who has persistently tried to get his secretary$,$ Joanna, to go out on dates with him. She is very uncomfortable about this and always politely refuses, but she is becoming worried about losing her job for refusing. Which of the following is this most likely to amount to$?$

Question $2$Answer

a$.$

Harassment

b$.$

Disobedience

c$.$

Insubordination

d$.$

Dishonesty

Question $3$

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In the context of debtor$$creditor law, which of following best describes a properly drafted demand letter?

Question $3$Answer

a$.$

Notification from a creditor$$s lawyer specifying that the debtor has defaulted and that full payment is due by a given date

b$.$

Notification from borrower$$s lawyer stating that the defaulted loan is under bankruptcy proceedings

c$.$

Notification from a borrower$$s lawyer specifying how a defaulted loan will be repaid

d$.$

Notification from a creditor$$s lawyer specifying that the debtor has defaulted and that the debtor will be charged with fraud

Question $4$

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All of the following are ways for a business to ensure they have adequate insurance, except:

Question $4$Answer

a$.$

Carefully assess all of your real and personal property risk.

b$.$

Advise insurers of any material change in the risk.

c$.$

Disclose only material that you are asked specifically to disclose.

d$.$

Inspect your premises and equipment regularly, and keep them in good repair.

Question $5$

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Techno Ltd have produced a technological device that is in such high demand that they are finding it difficult to keep up with orders. They patented it in Canada right at the outset; however, now it is highly desired by consumers in the United States, Sweden, and other European countries. Where is it protected at the moment?

Question $5$Answer

a$.$

Canada, the United States, and Sweden

b$.$

Canada and the United States

c$.$

Canada only

d$.$

Canada, the United States, Sweden, and all other European countries

Question $6$

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What is a floating charge?

Question $6$Answer

a$.$

A pledge of a certain class of collateral, pursuant to which a lender retains specific items until the debt is repaid

b$.$

A pledge of an unspecified class of collateral, pursuant to which a lender retains items of its choosing until the debt is repaid

c$.$

A pledge of a certain class of collateral, pursuant to which a debtor is permitted to dispose of items in that class

d$.$

A pledge of an unspecified class of collateral, pursuant to which a debtor is permitted to dispose of items from any class

Question $7$

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Which of the following is not a way that businesses can combine their efforts in running a business?

Question $7$Answer

a$.$

Licensing

b$.$

Limited liability partnership

c$.$

Joint venture

d$.$

Franchising

Question $8$

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InReach Solutions is planning for some significant growth to their business, and the financial team at the company has determined that they need to secure some bank financing to fund ongoing operations. Mandeep is a high$-$level manager and has been tasked with preparing a business plan to present to the bank, in order to persuade it to extend credit to InReach Solutions. Which of the following would not belong in an effective business plan aimed at securing bank financing?

Question $8$Answer

a$.$

How the business intends to use the money

b$.$

The reasons for borrowing

c$.$

The banking history of the business$$s key employees.

d$.$

A description of the sources and types of collateral available

Question $9$

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Which of the following is the most legally acceptable way for a resignation to take place?

a$.$ an employee saying $$I quit$$ and walking off the job site

Question $9$Answer

a$.$

an employee saying $$I quit$$ and walking off the job site

b$.$

an employee giving notice voluntarily and making their intention clear

c$.$

an employee resigning because of a fundamental change to their employment

d$.$

an employer giving the employee a choice between resigning and being dismissed

Question $10$