SGMA 217 MIDTERM EXAM 2025 |
GUARANTEED ACCURATE
ANSWERS
Business - ACCURATE ANSWERS✔✔ An organization that strives for
a profit by providing goods and services desired by its customers
Standard of Living - ACCURATE ANSWERS✔✔ Measurement of
outputs of products (private and public) that people can buy with money
they have
Quality of Life - ACCURATE ANSWERS✔✔ General level of human
happiness
3 levels of government - ACCURATE ANSWERS✔✔ 1. Federal:
overseeing the well being of Canada
2. Provincial: protecting rights
3. Municipal: delivering services
Federal Government responsibilities - ACCURATE ANSWERS✔✔
Money and banking, trade regulation, external relations, defended
criminal law, transportation
,Municipal Government responsibilities - ACCURATE ANSWERS✔✔
Water, sewer, waste collection, encourage economic development,
bylaws
Provincial Government responsibilities - ACCURATE ANSWERS✔✔
Administration of labour laws, education, health, protection of property
and civil rights, natural resources, environment
Auditor General of Canada - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ Taxation agent,
regulator, provider of essential services and incentives, customer,
competitor
Patents - ACCURATE ANSWERS✔✔ Protection for inventors
, Copyrights - ACCURATE ANSWERS✔✔ Protection for creators of
works of art, music, literature, or other intellectual property
Trademarks - ACCURATE ANSWERS✔✔ Design, name, or other
distinctive marks that a manufacturer used to identify its products in the
marketplace
Bankruptcy and Insolvency act - ACCURATE 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 - ACCURATE ANSWERS✔✔ The removal
of rules and regulations governing business competition
Tort law - ACCURATE ANSWERS✔✔ a civil, or private, act that harms
other people or their property
Consumerism - ACCURATE ANSWERS✔✔ Movement that seeks to
increase the rights and powers of buyers vis-à-vis sellers
4 rights to protect consumers and businesses - ACCURATE
ANSWERS✔✔ 1. Right of choice
2. Right of safety
3. Right of honesty
GUARANTEED ACCURATE
ANSWERS
Business - ACCURATE ANSWERS✔✔ An organization that strives for
a profit by providing goods and services desired by its customers
Standard of Living - ACCURATE ANSWERS✔✔ Measurement of
outputs of products (private and public) that people can buy with money
they have
Quality of Life - ACCURATE ANSWERS✔✔ General level of human
happiness
3 levels of government - ACCURATE ANSWERS✔✔ 1. Federal:
overseeing the well being of Canada
2. Provincial: protecting rights
3. Municipal: delivering services
Federal Government responsibilities - ACCURATE ANSWERS✔✔
Money and banking, trade regulation, external relations, defended
criminal law, transportation
,Municipal Government responsibilities - ACCURATE ANSWERS✔✔
Water, sewer, waste collection, encourage economic development,
bylaws
Provincial Government responsibilities - ACCURATE ANSWERS✔✔
Administration of labour laws, education, health, protection of property
and civil rights, natural resources, environment
Auditor General of Canada - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ Taxation agent,
regulator, provider of essential services and incentives, customer,
competitor
Patents - ACCURATE ANSWERS✔✔ Protection for inventors
, Copyrights - ACCURATE ANSWERS✔✔ Protection for creators of
works of art, music, literature, or other intellectual property
Trademarks - ACCURATE ANSWERS✔✔ Design, name, or other
distinctive marks that a manufacturer used to identify its products in the
marketplace
Bankruptcy and Insolvency act - ACCURATE 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 - ACCURATE ANSWERS✔✔ The removal
of rules and regulations governing business competition
Tort law - ACCURATE ANSWERS✔✔ a civil, or private, act that harms
other people or their property
Consumerism - ACCURATE ANSWERS✔✔ Movement that seeks to
increase the rights and powers of buyers vis-à-vis sellers
4 rights to protect consumers and businesses - ACCURATE
ANSWERS✔✔ 1. Right of choice
2. Right of safety
3. Right of honesty
