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Canadian Business Law Today 2nd Edition Test Bank

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TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false. 1) Laws are the rules of conduct that protect the rights of individuals and businesses. 1) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 01-01 Understand the law's role in society. Topic : 01-01 Law in Today's Society Source : Chapter 01 Test Bank > TB 01-01 Laws are the rules of conduct that protect t...

2) In the business world, there are laws to protect businesses from harm. 2) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 01-01 Understand the law's role in society. Topic : 01-01 Law in Today's Society Source : Chapter 01 Test Bank > TB 01-02 In the business world, there are laws to pro...

3) A privacy policy is a list of rules of conduct for employees relating to the creation, usage,

control, and maintenance of personal information. 3) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 01-01 Understand the law's role in society. Topic : 01-01 Law in Today's Society Source : Chapter 01 Test Bank > TB 01-03 A privacy policy is a list of rules of condu...

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4) Businesses must follow the guidelines of the Personal Information Protection and

Electronic Documents Act (PIPEDA), when collecting and using personal information from their customers. 4) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Medium Learning Objective : 01-01 Understand the law's role in society. Topic : 01-01 Law in Today's Society Source : Chapter 01 Test Bank > TB 01-04 Businesses must follow the guidelines of the...

5) PIPEDA dictates that a business may only use the personal information it collects solely

for the purpose it collects it 5) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Understand Difficulty : Easy Learning Objective : 01-01 Understand the law's role in society. Topic : 01-01 Law in Today's Society Source : Chapter 01 Test Bank > TB 01-05 PIPEDA dictates that a business may only use...

6) A business need only obtain consent once for the personal information it collects. 6) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Understand Difficulty : Medium Learning Objective : 01-01 Understand the law's role in society. Topic : 01-01 Law in Today's Society Source : Chapter 01 Test Bank > TB 01-06 A business need only obtain consent once for...

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7) When drafting a privacy policy, it is important to include what information is being

collected and how it is being collected. 7) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Medium Learning Objective : 01-01 Understand the law's role in society. Topic : 01-01 Law in Today's Society Source : Chapter 01 Test Bank > TB 01-07 When drafting a privacy policy, it is import...

8) Business law encompasses all the laws that a business requires to form and run a

business. 8) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 01-02 Understand how the law plays a part in business. Topic : 01-02 Law and the World of Business Source : Chapter 01 Test Bank > TB 01-08 Business law encompasses all the laws that a...

9) Business laws are in place to protect the business, the owner, and the public. 9) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 01-02 Understand how the law plays a part in business. Topic : 01-02 Law and the World of Business Source : Chapter 01 Test Bank > TB 01-09 Business laws are in place to protect the bu...

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10) Laws guide the businessperson in the proper and lawful way to conduct the business. 10) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 01-02 Understand how the law plays a part in business. Topic : 01-02 Law and the World of Business Source : Chapter 01 Test Bank > TB 01-10 Laws guide the businessperson in the proper ...

11) Businesses must retain documents or run the risk of losing a lawsuit if they are sued. 11) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 01-02 Understand how the law plays a part in business. Topic : 01-02 Law and the World of Business Source : Chapter 01 Test Bank > TB 01-11 Businesses must retain documents or run the ...

12) Businesses need not retain documentation, in any case. 12) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 01-02 Understand how the law plays a part in business. Topic : 01-02 Law and the World of Business Source : Chapter 01 Test Bank > TB 01-12 Businesses need not retain documentation, in...

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96) A business person needs to only be aware of the levels of court in the province in which

they do business. 96) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 02-02 Understand the hierarchy of the Canadian civil courts. Topic : 02-02 Hierarchy of the Canadian Civil Courts Source : Chapter 02 Test Bank > TB 02-09 A business person needs to only be aware of ...

97) Decisions of the Supreme Court of Canada are final and can cannot be appealed. 97) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 02-02 Understand the hierarchy of the Canadian civil courts. Topic : 02-02 Hierarchy of the Canadian Civil Courts Source : Chapter 02 Test Bank > TB 02-10 Decisions of the Supreme Court of Canada are...

98) Decisions of the Supreme Court of Canada must be decided by all 9 Justices. 98) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 02-02 Understand the hierarchy of the Canadian civil courts. Topic : 02-02 Hierarchy of the Canadian Civil Courts Source : Chapter 02 Test Bank > TB 02-11 Decisions of the Supreme Court of Canada mus...

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99) A party can appeal any case in which they do not like the decision. 99) ______ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 02-02 Understand the hierarchy of the Canadian civil courts. Topic : 02-02 Hierarchy of the Canadian Civil Courts Source : Chapter 02 Test Bank > TB 02-12 A party can appeal any case in which they do...

100)

The Superior Court of each province is the highest trial court in that province. ___

100)

___ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 02-02 Understand the hierarchy of the Canadian civil courts. Topic : 02-02 Hierarchy of the Canadian Civil Courts Source : Chapter 02 Test Bank > TB 02-13 The Superior Court of each province is the h...

101)

Provincial Court Judges in each province are appointed by the provincial government. 101) ___ ___ ⊚ true ⊚ false

Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 02-02 Understand the hierarchy of the Canadian civil courts. Topic : 02-02 Hierarchy of the Canadian Civil Courts Source : Chapter 02 Test Bank > TB 02-14 Provincial Court Judges in each province are...

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102)

Missing a limitation deadline may result in your claim being dismissed. ___

102)

___ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 02-02 Understand the hierarchy of the Canadian civil courts. Topic : 02-03 Understanding Civil Litigation Processes and Proceedings Source : Chapter 02 Test Bank > TB 02-15 Missing a limitation deadline may result in ...

Each province has a uniform set of Civil Procedure Rules that must be followed in every litigation

103)

___

103)

___ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 02-03 Understand the litigation process and civil court proceedings. Topic : 02-03 Understanding Civil Litigation Processes and Proceedings Source : Chapter 02 Test Bank > TB 02-16 Each province has a uniform set of Civil Pro...

Documents that are labelled without prejudice for the purpose of settlement do not need to be disclosed

104)

___

104)

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105)

A mediator controls the process of the dispute resolution. ___

105)

___ ⊚ true ⊚ false Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 02-04 Explain Alternative Dispute Resolution. Topic : 02-04 Alternative Dispute Resolution Source : Chapter 02 Test Bank > TB 02-18 A mediator controls the process of the dispu...

MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers the question. 106) A settlement in a civil matter is ___

106)

___ A) mandatory B) optional C) binding D) required by the provincial civil rules Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 02-01 Understand the civil court systems in Canada. Topic : 02-01 The Civil Court Systems in Canada Source : Chapter 02 Test Bank > TB 02-19 A settlement in a civil matter is

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947)

Which of the following statements is false? 947)

___

___ A) a bankrupt can be fined for his actions leading to bankruptcy, and a "proposal" can stave off bankruptcy. B) a receiving order or a voluntary assignment will create a bankruptcy. C) bankruptcy is a federal matter, and inspectors are appointed by creditors. D) bankruptcy is a provincial matter, and inspectors are appointed by creditors. Question Details Accessibility : Keyboard Navigation Bloom's : Understand Difficulty : Easy Learning Objective : 11-05 Describe insolvency and bankruptcy and the procedures involved. Topic : 11-05 Insolvency and Bankruptcy Source : Chapter 11 Test Bank > TB 11-74 Which of the following statements is false?

When a debtor voluntarily gives his property over to a trustee in bankruptcy, this is referred to as a(n) 948) ___ ___ A) act of bankruptcy B) assignment into bankruptcy C) fraudulent preference D) fraudulent conveyance

948)

Question Details Accessibility : Keyboard Navigation Bloom's : Understand Difficulty : Easy Learning Objective : 11-05 Describe insolvency and bankruptcy and the procedures involved. Topic : 11-05 Insolvency and Bankruptcy Source : Chapter 11 Test Bank > TB 11-75 When a debtor voluntarily gives his property...

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Where an act of bankruptcy has occurred under the Bankruptcy and Insolvency Act, who may file a petition for a receiving order? 949) ___ ___ A) Any creditor B) Any creditor owed in excess of $100 C) Any secured creditor D) The debtor

949)

Question Details Accessibility : Keyboard Navigation Bloom's : Understand Difficulty : Easy Learning Objective : 11-06 Understand the ranking of creditors in a bankruptcy. Topic : 11-06 Creditors in a Bankruptcy Source : Chapter 11 Test Bank > TB 11-76 Where an act of bankruptcy has occurred unde...

Preferred creditors, secured creditors, and unsecured creditors are three basic classes of creditors in a bankruptcy procedure. What is their priority in the proceeding? 950) ___ ___ A) Preferred, secured, and unsecured B) Preferred, unsecured, and secured C) Secured, preferred, and unsecured D) Secured, unsecured, and preferred

950)

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SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 951) A business should have multiple payment options available to clients to make it easier to conduct business. What types of payment arrangements, from those available, should a company consider employing in addition to cheques or cash?

Question Details Accessibility : Keyboard Navigation Bloom's : Remember Difficulty : Easy Learning Objective : 11-01 Understand the different financial institutions to which businesses have a Topic : 11-01 Financial Institutions Source : Chapter 11 Test Bank > TB 11-78 A business should have multiple payment opti...

If a business uses crowd funding as a source to raise capital in the form of an investment for growth, would the funds be considered gifts, equity, loans, or business income, pursuant to the CRA and why should a business be weary when crowd funding leads to capital usually spent on paying expenses, as opposed to raising profit?

952)

Question Details Accessibility : Keyboard Navigation Bloom's : Understand Difficulty : Medium Learning Objective : 11-04 Understand the remedies available to secured and unsecured creditors. Topic : 11-04 Secured Creditors Source : Chapter 11 Test Bank > TB 11-79 If a business uses crowd funding as a source...

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1. Jerry is in debt $3,000 and he has two credit cards each of which are maxed out. Is Jerry insolvent? 2. If Jerry's creditor to whom he owes the $3,000.00 chose to petition him into bankruptcy for non payment of two monthly payments, could they? 3. If Jerry proposed a payment agreement by way of a proposal in bankruptcy, does the creditor have to accept it?

953)

Question Details Accessibility : Keyboard Navigation Bloom's : Apply Difficulty : Medium Learning Objective : 11-05 Describe insolvency and bankruptcy and the procedures involved. Topic : 11-05 Insolvency and Bankruptcy Source : Chapter 11 Test Bank > TB 11-80 1. Jerry is in debt 3,000 and he has two cr...

ABC Co. is a partnership comprised of two corporations. Corporation A is insolvent in that it owes approximately $450,000 and has approximately $10,000 in its general bank account. A creditor is seeking repayment on the $450,000 due to an acceleration clause in the mortgage contract. This sum of money pertains to a mortgage on a piece of land owned by Corporation A. Corporation A decides to transfer the land it owns to Corporation B because the directors fear that the creditor will petition corporation A into bankruptcy, and Corporation A wishes to prevent the creditors from seizing the land. Having knowledge of partnerships and how they work, would the creditor be legally entitled to state a claim against ABC Co. partnership for the sum of the $450,000.00 to recover what it is owed, despite the potential fraudulent conveyance?

954)

Question Details Accessibility : Keyboard Navigation Bloom's : Apply Difficulty : Hard Learning Objective : 11-05 Describe insolvency and bankruptcy and the procedures involved. Topic : 11-05 Insolvency and Bankruptcy Source : Chapter 11 Test Bank > TB 11-81 ABC Co. is a partnership comprised of two co...

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The CRA considers monies raised via crowd funding, generally, as business income. If a business has entered into contracts with third parties for the purpose of raising capital for the growth of the business, there will likely be no argument to claim that these were merely loans, as loans are subject to income tax, as well. Funding may be accumulated for the purpose of investing in a labour force or equipment, neither of which may instantly yield any profit return, and as such, a business using this type of funding resource ought to have documentation in place to identify its expenditures for taxation purposes. 80) Short Answer

1. Yes, Jerry is insolvent. 2. Yes, the creditor could petition Jerry into bankruptcy. 3. No, the creditor does not have to accept it. 81) Short Answer

Yes. Because there is a partnership between Corporation 1 and Corporation 2 and because Corporation 2 owns the land after the conveyance, the creditor could petition the partnership into bankruptcy in order to recover the debt amount, regardless of which corporate partner currently holds legal title over it. If on the other hand, Corporation 1 had transferred the land to a spouse or friend, the creditor could sue Corporation 1 for the fraudulent conveyance, as opposed to recovering it any other way directly from the spouse or the friend to whom it was transferred.

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