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Each workplace must have an Internal Responsibility System (IRS) in place to help keep employees safe. What are the three main levels of responsibility as dictated by the IRS?

A.

The stakeholders, the supervisor, and the employee.

B.

The supervisor, the employee, and the client.

C.

The employer, the employee, and the client.

D.

The employer, the supervisor, and the employee.

What is a Certificate for Payment?

A.

It is a document that indicates that a vendor has been paid for the work that has been completed on a project.

B.

It is a document produced by an architect, engineer, or owner that details the work that has been completed on a project and then approves payment for that work.

C.

It is a document that a bidder receives when an owner accepts the bid, outlining how payment for the project will be completed.

D.

It is a document that outlines the project milestones and how much will be paid when each milestone is completed.

It can take a lot of time to construct a new building, and often legislation, codes, or standards will change during that time. With which codes must the end design be compliant?

A.

The end design must meet the requirements that are in place at the end of the process.

B.

The end design must meet the requirements that were in place when permits were issued.

C.

The end design must meet requirements that were in place when they broke ground.

D.

The end design must meet requirements that were in place when the contract was signed.

Which Ontario ministry is responsible for overseeing the Ontario Building Code?

A.

The Ministry of Energy.

B.

The Ministry of Economic Development, Job Creation and Trade.

C.

The Ministry of Municipal Affairs and Housing.

D.

The Ministry of the Environment, Conservation, and Parks.

What does IRS stand for?

A.

Internal Responsibility System.

B.

Interim Response System.

C.

Internal Response Sound.

D.

Interim Reply System.

Why is there a National Day of Mourning on April 28th?

A.

It was the day when the Ontario Workmen's Compensation Act was implemented in the Ontario parliament.

B.

It was the day when the Ontario Workmen's Compensation Act was passed in the Ontario parliament.

C.

It was the day when the Ontario Workmen's Compensation Act was changed in the Ontario parliament.

D.

It was the day when the Ontario Workmen’s Compensation Act was given a third reading in the Ontario parliament, giving it final approval.

Brown and Green have a concept for a new survey measuring instrument based on their many years in the Civil Survey field. They want to establish a business to raise capital, design, manufacture, and market this new instrument. Both Brown and Green are well established, are in their mid-50s, and have no family members who would be prepared to take over the business when they are ready to retire in about 10 years.

If Brown and Green had assets and needed to raise money for their new venture, which form of business might make it easier to obtain a bank loan?

A.

A joint venture because they would not have to personally guarantee the loan.

B.

A corporation because they would not have to personally guarantee the loan.

C.

A partnership because they would not have to personally guarantee the loan.

D.

Either a corporation or partnership as long as they personally guaranteed the new business loan; although generally, a corporation has more flexibility.

Brown and Green have a concept for a new survey measuring instrument based on their many years in the Civil Survey field. They want to establish a business to raise capital, design, manufacture, and market this new instrument. Both Brown and Green are well established, are in their mid-50s, and have no family members who would be prepared to take over the business when they are ready to retire in about 10 years.

What form of business would they choose if they wanted to ensure their personal assets would be available when they are ready to retire?

A.

A limited liability partnership

B.

A partnership

C.

A sole proprietorship

D.

A corporation

Brown and Green have a concept for a new survey measuring instrument based on their many years in the Civil Survey field. They want to establish a business to raise capital, design, manufacture, and market this new instrument. Both Brown and Green are well established, are in their mid-50s, and have no family members who would be prepared to take over the business when they are ready to retire in about 10 years.

In your opinion, is there justification for starting up with one business form and converting to another form later?

A.

Yes, there is justification for starting up with one business and converting to another form because it provides the owners with interesting variety.

B.

No, there is no justification for starting up with one business form and converting to another form because it is too expensive.

C.

Yes, starting out as a partnership might be the easiest/cheapest way to get the business started and it could be switched to a corporation for liability protection and tax advantages when growth begins.

D.

No, it is bad business practice to change the form in which a business is being operated as it creates confusion among clients and suppliers.

Brown and Green have a concept for a new survey measuring instrument based on their many years in the Civil Survey field. They want to establish a business to raise capital, design, manufacture, and market this new instrument. Both Brown and Green are well established, are in their mid-50s, and have no family members who would be prepared to take over the business when they are ready to retire in about 10 years.

Once the business is running and profitable, which business form facilitates getting money out of the business while maintaining the business as a going concern?

A.

A partnership, because they can declare dividends, sell some of their shares, and/or pay themselves a salary.

B.

A corporation, because they can declare dividends, sell some of their shares, and/or pay themselves a salary.

C.

A sole proprietorship, because they can declare dividends, sell some of their shares, and/or pay themselves a salary.

D.

A joint venture of two sole proprietorships, because they can declare dividends, sell some of their shares, and/or pay themselves a salary.