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PREX-1060A Exam Dumps : Exam 4: Invigilated Theory Exam

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Exam 4: Invigilated Theory Exam Questions and Answers

Question 1

A salesperson is representing a seller of a pet food store and is preparing the marketing materials. Which of the following is a document the salesperson is required to provide to prospective buyersof the business?

Options:

A.

A list of customers who have purchased products in the last 60 months or since the business was acquired.

B.

A statement of the expenses for the business for the past year or since the business was acquired.

C.

A list of equipment, chattels, and fixtures that are included with the business.

D.

An income statement for the past 12 months or since the business was acquired.

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Question 2

Which of the following statements regarding heavy industrial use and light industrial use is correct?

Options:

A.

Clay production is an example of light industrial use.

B.

Light industrial use usually results in more noise and heavier traffic.

C.

Heavy industrial use can produce more pollution than other commercial activities.

D.

Heavy industrial use usually results in less traffic in and out of the heavy industrial zone.

Question 3

If a property in Ontario is assessed and valued as farmland by the Municipal Property Assessment Corporation (MPAC), the farmer could receive a 75% tax reduction for municipal taxes if certain conditions are met. Which of the following describes a condition that must be met?

Options:

A.

They carry on a farming business generating a net profit of $100,000.

B.

They have a valid harmonized sales tax (HST) registration number under the Excise Tax Act.

C.

They are Canadian citizens or permanent residents of Canada.

D.

They submit the appropriate application semi-annually.