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1. Brown and Green have a concept for a new survey measuring instrument based on their many years in the Civil Survey field. They want to establish a business to raise capital, design, manufacture, and market this new instrument. Both Brown and Green are well established, are in their mid-50s, and have no family members who would be prepared to take over the business when they are ready to retire in about 10 years.
If Brown and Green had assets and needed to raise money for their new venture, which form of business might make it easier to obtain a bank loan?
A) A corporation because they would not have to personally guarantee the loan.
B) A partnership because they would not have to personally guarantee the loan.
C) A joint venture because they would not have to personally guarantee the loan.
D) Either a corporation or partnership as long as they personally guaranteed the new business loan; although generally, a corporation has more flexibility.
2. You are a member of OACETT, a principal in XYZ Company and also a member of a city council. The city council approves appropriations for projects undertaken by the city. One such project is an energy conservation project with a large potential reduction in energy costs. XYZ Company has established a good reputation in the energy conservation field. XYZ Company has submitted a proposal to the city council to provide services for this project under consideration.
Which action best balances your obligations to your company and your responsibility to follow the OACETT Code of Ethics when facing a conflict of interest?
A) Withdraw your company's proposal to eliminate the conflict.
B) Remain in your position but avoid participating in discussions or decisions that involve your company.
C) Immediately resign from your position.
D) Remain in your position and advocate for your company's proposal.
3. What organization is responsible for regulating and advocating for public safety with respect to the use of electricity in Ontario?
A) The Ontario Centre for Electrical Safety.
B) The Electrical Safety Authority.
C) The Canadian Safety Association.
D) The International Standards Organization.
4. What is a good analogy for a professional organization's Code of Ethics?
A) The rules of the game for the profession.
B) The secret code for communicating in the profession.
C) The secret handshake for the professionals.
D) The unwritten rules for belonging to the profession.
5. Alex is an OACETT C.E.T. He works at an IT company that completes unique software programming for industrial and medical tools and equipment. There was sample hardware in the office that Alex did not think the company needed. He took the hardware home to see if he could adapt it for a project he was working on for his own interest. He did not intend to make money off of the project; he simply wanted to see if an idea he had was feasible. The next week the company owner asked all employees about the whereabouts of the sample hardware. The company owner indicated that the hardware needed to be returned to the manufacturer and that the company would get charged for it if it was not returned. Alex did not say anything to the company owner about having taken the sample hardware.
By this time, he had already disassembled it and used different parts in his own project. He was not able to put the sample hardware back together.
The company owner asked Alex directly whether he had taken the hardware. What should Alex do in this situation? (1 mark)
A) Admit that they took the hardware home and ask what the problem is.
B) Admit that they took the hardware home, explain what happened, and offer to pay for the hardware.
C) Deny that they took the hardware home and get angry at the company owner for suggesting they did.
D) Deny that they took the hardware home.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: B | Question # 3 Answer: B | Question # 4 Answer: A | Question # 5 Answer: B |
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