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OACETT IEPPE - Internationally Educated Professional Practice Exam

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Total 130 questions

What is the name of OACETT’s professional journal?

A.

The Engineering Technologist

B.

The Ontario Engineering Technologist

C.

The Ontario Technologist

D.

OACETT Today

Under what legislation is it an offence to use an OACETT protected title if not authorized to do so by the Registrar?

A.

Under Property Law.

B.

Under the Canada Contraventions Act.

C.

Under the Provincial Offences Act.

D.

None of the options.

What is the best definition of a profession?

A.

An occupation that requires practitioners to complete a challenging test in order to be approved to practice the occupation.

B.

An occupation that requires practitioners to have extensive and detailed knowledge and skills and to complete a process that verifies the knowledge and skills.

C.

An occupation that requires years of education and training at either the college or university level.

D.

An occupation that requires practitioners to complete predetermined assessments in order to be employed in that profession.

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.

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.

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.

What form of business would the two entrepreneurs choose if they wanted the easiest and lowest-cost way to get it off the ground?

A.

A corporation

B.

A sole proprietorship

C.

A partnership

D.

A joint venture

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.

What organization is responsible for regulating and advocating for public safety with respect to the use of electricity in Ontario?

A.

The International Standards Organization.

B.

The Canadian Safety Association.

C.

The Electrical Safety Authority.

D.

The Ontario Centre for Electrical Safety.

Which of the following is the main challenge that may arise when attempting to apply universal principles in duty-based ethics?

A.

Breaking a universal principle might be disadvantageous to one individual, and therefore that individual will ignore the universal principle.

B.

Following a universal principle both alleviates and generates conflict of interest at the same time.

C.

Applying a universal principle may result in infringing on someone’s rights.

D.

Telling a small lie, which breaks a universal principle, may cause less harm than telling the truth, which follows a universal principle.