SGMA 217 MIDTERM NEWEST EXAM 2026 WITH
COMPLETE QUESTIONS AND ANSWERS//
VERIFIED//GRADED A+//
Bankruptcy and Insolvency act - ----Answers---The
legal procedure by which individuals or businesses that
cannot meet their financial obligations are relieved of
some if not all of the debt
Deregulations of industries - ----Answers---The
removal of rules and regulations governing business
competition
Tort law - ----Answers---a civil, or private, act that
harms other people or their property
Consumerism - ----Answers---Movement that seeks
to increase the rights and powers of buyers vis-à-vis
sellers
4 rights to protect consumers and businesses - ----
Answers---1. Right of choice
2. Right of safety
3. Right of honesty
Page 1 of 28
,4. Right to be informed
Warranties - ----Answers---A guarantee of
performance (either implied or expressed)
Product liability - ----Answers---Manufacturer and
sellers are responsible for the defects in the products
they sell
Strict liability - ----Answers---Manufacturer/seller is
responsible for any damage or harm done caused by
defective products
Competition Act - ----Answers---Protects consumers
and provides provisions that can be grouped under
three categories: conspiracies, monopolies, and
mergers
5 types of taxes - ----Answers---1. Income: based on
income received by businesses and individuals
2. Property: real and personal property based on
assessed value
3. Payroll: collected by employer and remitted to
federal government
4. Sales: levied on goods/services when sold
Page 2 of 28
, 5. Excise: imposed on items such as gas, alcohol,
tobacco (sin taxes)
Future of politics and government roles - ----
Answers---Clean technology projects, more
transparency, public private partnerships (P3s)
Business - ----Answers---An organization that strives
for a profit by providing goods and services desired by
its customers
Standard of Living - ----Answers---Measurement of
outputs of products (private and public) that people can
buy with money they have
Quality of Life - ----Answers---General level of human
happiness
3 levels of government - ----Answers---1. Federal:
overseeing the well being of Canada
2. Provincial: protecting rights
3. Municipal: delivering services
Federal Government responsibilities - ----Answers---
Money and banking, trade regulation, external relations,
defended criminal law, transportation
Page 3 of 28
COMPLETE QUESTIONS AND ANSWERS//
VERIFIED//GRADED A+//
Bankruptcy and Insolvency act - ----Answers---The
legal procedure by which individuals or businesses that
cannot meet their financial obligations are relieved of
some if not all of the debt
Deregulations of industries - ----Answers---The
removal of rules and regulations governing business
competition
Tort law - ----Answers---a civil, or private, act that
harms other people or their property
Consumerism - ----Answers---Movement that seeks
to increase the rights and powers of buyers vis-à-vis
sellers
4 rights to protect consumers and businesses - ----
Answers---1. Right of choice
2. Right of safety
3. Right of honesty
Page 1 of 28
,4. Right to be informed
Warranties - ----Answers---A guarantee of
performance (either implied or expressed)
Product liability - ----Answers---Manufacturer and
sellers are responsible for the defects in the products
they sell
Strict liability - ----Answers---Manufacturer/seller is
responsible for any damage or harm done caused by
defective products
Competition Act - ----Answers---Protects consumers
and provides provisions that can be grouped under
three categories: conspiracies, monopolies, and
mergers
5 types of taxes - ----Answers---1. Income: based on
income received by businesses and individuals
2. Property: real and personal property based on
assessed value
3. Payroll: collected by employer and remitted to
federal government
4. Sales: levied on goods/services when sold
Page 2 of 28
, 5. Excise: imposed on items such as gas, alcohol,
tobacco (sin taxes)
Future of politics and government roles - ----
Answers---Clean technology projects, more
transparency, public private partnerships (P3s)
Business - ----Answers---An organization that strives
for a profit by providing goods and services desired by
its customers
Standard of Living - ----Answers---Measurement of
outputs of products (private and public) that people can
buy with money they have
Quality of Life - ----Answers---General level of human
happiness
3 levels of government - ----Answers---1. Federal:
overseeing the well being of Canada
2. Provincial: protecting rights
3. Municipal: delivering services
Federal Government responsibilities - ----Answers---
Money and banking, trade regulation, external relations,
defended criminal law, transportation
Page 3 of 28
