TICO EXAM 2024-2025 ACTUAL EXAM AND
PRACTICE EXAM 200 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
Terms in this set (89)
ABC agency has been in c. no, because only the general account can be used for
business for six months. The operating expenses
advertising bill must be
paid. Can ABC take money
from the company trust
account to pay the bill?
a. yes, but only after money
is transferred from the
general account to the trust
account
b. yes, because the trust
account can be used for
operating expenses such as
advertising
c. no, because only the
general account can be
used for operating
expenses
d. no, because ABC does
not have to maintain a trust
account after being in
business for six months
,ABC agency is promoting a d. yes, as long as the drawing is accurate and the
resort on its website. It has representation states that the drawing is not a
included an artist's drawing photograph
of the resort as part of the
representation. Would TICO
approve of this?
a. no, because only
photographs may be used
in a representation
b. yes, as long as the
representation states that
the drawing is fairly
accurate
c. no, unless the date on
which the drawing was
made is included
d. yes, as long as the
drawing is accurate and the
representation states that
the drawing is not a
photograph
,ABC Travel Agency has d. yes, if he provides security in lieu of trust accounting
been in business for two
years. The owner informs
TICO that he plans to stop
maintaining a trust account.
Under Ontario Regulation
26/05, can he do this?
a. no, he must operate a
trust account
b. yes, as long as the
general account contains
the equivalent of sales from
the past 12 months he can
close the business' trust
account
c. no, he must be in
business for three fiscal
years before he can choose
not to operate a trust
account
d. yes, if he provides
security in lieu of trust
accounting
, ABC Travel puts an c. the Regulation states that consumers must know the
advertisement in the exact cost of all the travel services provided
newspaper that announces
a package holiday "From
$999 and up." TICO would
not consider this
acceptable because
a. the price should have
been shown as $999.00 to
prevent any confusion
b. registrants are required
to include PST, GST and HST
in the advertised price
c. the Regulation states that
consumers must know the
exact cost of all the travel
services provided
d. the advertisement did not
specifically state whether
the price is in Canadian or
U.S. dollars
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