TICO Practice Exam UPDATED
QUESTIONS AND CORRECT ANSWERS
Retail Sales Tax - CORRECT ANSWER Tax required to be shown when advertising a price
Federal Goods and Services Tax - CORRECT ANSWER Tax required to be shown when
advertising a price
Compensation Fund - CORRECT ANSWER Covers taxes and is claimed within 6 months of
failure
Filing Deadline - CORRECT ANSWER Within 6 months of registrant or supplier failure
Mission Statement of TICO - CORRECT ANSWER To promote a fair marketplace for
confident consumer travel purchases
Administration Delegation - CORRECT ANSWER Delegated to TICO by the Ministry
responsible for consumer legislation in Ontario
TICO Mandate Groups - CORRECT ANSWER TICO works with suppliers, travel agents, and
consumers
Registrar vs. Director - CORRECT ANSWER Registrar cannot act as Director due to
supervisory roles
Total Compensation Fund Payout - CORRECT ANSWER $5 million for claims and $2 million
for trip completion
Client Notification - CORRECT ANSWER Travel agent does not need to inform about cloudy
days in a sun destination
Advertisement Acceptability - CORRECT ANSWER Price must be exact to prevent consumer
confusion
, Wholesaler Invoice Exclusion - CORRECT ANSWER Wholesaler does not need to include
typical destination information on the invoice
TICO Reporting - CORRECT ANSWER Reports to the Ministry of Small Business and
Consumer Services
TICO exam - CORRECT ANSWER Exam required for travel counselors in every province
TICO Education Standards - CORRECT ANSWER Standards travel centers must comply with
Ontario organization - CORRECT ANSWER Organization where TICO rules apply
Travel agent obligations - CORRECT ANSWER Duties include informing clients of
counseling fees
Cruise line substitution - CORRECT ANSWER Requirement to offer a full refund or
comparable service
Client advisory - CORRECT ANSWER Informing clients about destination standards
Accommodation verification - CORRECT ANSWER Responsibility of the registrant who sold
the accommodation
Name discrepancy - CORRECT ANSWER Responsibility lies with the travel agency for
verification
Travel Industry Act 2002 - CORRECT ANSWER Regulates travel retailers/wholesalers in
Ontario
Legal action threat - CORRECT ANSWER Man cannot sue TICO due to public disclosure
regulations
QUESTIONS AND CORRECT ANSWERS
Retail Sales Tax - CORRECT ANSWER Tax required to be shown when advertising a price
Federal Goods and Services Tax - CORRECT ANSWER Tax required to be shown when
advertising a price
Compensation Fund - CORRECT ANSWER Covers taxes and is claimed within 6 months of
failure
Filing Deadline - CORRECT ANSWER Within 6 months of registrant or supplier failure
Mission Statement of TICO - CORRECT ANSWER To promote a fair marketplace for
confident consumer travel purchases
Administration Delegation - CORRECT ANSWER Delegated to TICO by the Ministry
responsible for consumer legislation in Ontario
TICO Mandate Groups - CORRECT ANSWER TICO works with suppliers, travel agents, and
consumers
Registrar vs. Director - CORRECT ANSWER Registrar cannot act as Director due to
supervisory roles
Total Compensation Fund Payout - CORRECT ANSWER $5 million for claims and $2 million
for trip completion
Client Notification - CORRECT ANSWER Travel agent does not need to inform about cloudy
days in a sun destination
Advertisement Acceptability - CORRECT ANSWER Price must be exact to prevent consumer
confusion
, Wholesaler Invoice Exclusion - CORRECT ANSWER Wholesaler does not need to include
typical destination information on the invoice
TICO Reporting - CORRECT ANSWER Reports to the Ministry of Small Business and
Consumer Services
TICO exam - CORRECT ANSWER Exam required for travel counselors in every province
TICO Education Standards - CORRECT ANSWER Standards travel centers must comply with
Ontario organization - CORRECT ANSWER Organization where TICO rules apply
Travel agent obligations - CORRECT ANSWER Duties include informing clients of
counseling fees
Cruise line substitution - CORRECT ANSWER Requirement to offer a full refund or
comparable service
Client advisory - CORRECT ANSWER Informing clients about destination standards
Accommodation verification - CORRECT ANSWER Responsibility of the registrant who sold
the accommodation
Name discrepancy - CORRECT ANSWER Responsibility lies with the travel agency for
verification
Travel Industry Act 2002 - CORRECT ANSWER Regulates travel retailers/wholesalers in
Ontario
Legal action threat - CORRECT ANSWER Man cannot sue TICO due to public disclosure
regulations
