SGMA 217 Midterm 1 Exam Study
Guide – Practice Questions with
Verified Answers. GRADED A+.
Latest 2026/2027 Update
Business - Answer✔✔-An organization that strives for a profit by providing
goods and services desired by its customers
Standard of Living - Answer✔✔-Measurement of outputs of products (private
and public) that people can buy with money they have
Quality of Life - Answer✔✔-General level of human happiness
3 levels of government - Answer✔✔-1. Federal: overseeing the well being of
Canada
2. Provincial: protecting rights
3. Municipal: delivering services
Federal Government responsibilities - Answer✔✔-Money and banking, trade
regulation, external relations, defended criminal law, transportation
,Municipal Government responsibilities - Answer✔✔-Water, sewer, waste
collection, encourage economic development, bylaws
Provincial Government responsibilities - Answer✔✔-Administration of labour
laws, education, health, protection of property and civil rights, natural
resources, environment
Auditor General of Canada - Answer✔✔-1. Ensures managements info is
reliable and complete
2. Identifies opportunities for improving control for and use of public resources
3. Makes recommendations to improve systems and practices
Transfer Payments - Answer✔✔-Payments made to provinces and territories by
the federal government to help to deliver required services and to help
equalize the wealth across Canada
Governments other roles - Answer✔✔-Taxation agent, regulator, provider of
essential services and incentives, customer, competitor
Patents - Answer✔✔-Protection for inventors
Copyrights - Answer✔✔-Protection for creators of works of art, music,
literature, or other intellectual property
Trademarks - Answer✔✔-Design, name, or other distinctive marks that a
manufacturer used to identify its products in the marketplace
, Bankruptcy and Insolvency act - Answer✔✔-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 - Answer✔✔-The removal of rules and regulations
governing business competition
Tort law - Answer✔✔-a civil, or private, act that harms other people or their
property
Consumerism - Answer✔✔-Movement that seeks to increase the rights and
powers of buyers vis-à-vis sellers
4 rights to protect consumers and businesses - Answer✔✔-1. Right of choice
2. Right of safety
3. Right of honesty
4. Right to be informed
Warranties - Answer✔✔-A guarantee of performance (either implied or
expressed)
Product liability - Answer✔✔-Manufacturer and sellers are responsible for the
defects in the products they sell
Strict liability - Answer✔✔-Manufacturer/seller is responsible for any damage
or harm done caused by defective products
Guide – Practice Questions with
Verified Answers. GRADED A+.
Latest 2026/2027 Update
Business - Answer✔✔-An organization that strives for a profit by providing
goods and services desired by its customers
Standard of Living - Answer✔✔-Measurement of outputs of products (private
and public) that people can buy with money they have
Quality of Life - Answer✔✔-General level of human happiness
3 levels of government - Answer✔✔-1. Federal: overseeing the well being of
Canada
2. Provincial: protecting rights
3. Municipal: delivering services
Federal Government responsibilities - Answer✔✔-Money and banking, trade
regulation, external relations, defended criminal law, transportation
,Municipal Government responsibilities - Answer✔✔-Water, sewer, waste
collection, encourage economic development, bylaws
Provincial Government responsibilities - Answer✔✔-Administration of labour
laws, education, health, protection of property and civil rights, natural
resources, environment
Auditor General of Canada - Answer✔✔-1. Ensures managements info is
reliable and complete
2. Identifies opportunities for improving control for and use of public resources
3. Makes recommendations to improve systems and practices
Transfer Payments - Answer✔✔-Payments made to provinces and territories by
the federal government to help to deliver required services and to help
equalize the wealth across Canada
Governments other roles - Answer✔✔-Taxation agent, regulator, provider of
essential services and incentives, customer, competitor
Patents - Answer✔✔-Protection for inventors
Copyrights - Answer✔✔-Protection for creators of works of art, music,
literature, or other intellectual property
Trademarks - Answer✔✔-Design, name, or other distinctive marks that a
manufacturer used to identify its products in the marketplace
, Bankruptcy and Insolvency act - Answer✔✔-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 - Answer✔✔-The removal of rules and regulations
governing business competition
Tort law - Answer✔✔-a civil, or private, act that harms other people or their
property
Consumerism - Answer✔✔-Movement that seeks to increase the rights and
powers of buyers vis-à-vis sellers
4 rights to protect consumers and businesses - Answer✔✔-1. Right of choice
2. Right of safety
3. Right of honesty
4. Right to be informed
Warranties - Answer✔✔-A guarantee of performance (either implied or
expressed)
Product liability - Answer✔✔-Manufacturer and sellers are responsible for the
defects in the products they sell
Strict liability - Answer✔✔-Manufacturer/seller is responsible for any damage
or harm done caused by defective products
