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TICO EXAM ACTUAL EXAM AND PRACTICE EXAM 100 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ Ontario Regulation 26/05 states that a person who has not registered with TICO in the previous 12 months must provide a$27.99
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TICO EXAM ACTUAL EXAM AND PRACTICE EXAM 100 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ Ontario Regulation 26/05 states that a person who has not registered with TICO in the previous 12 months must provide a
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Course
TICO EXA
Institution
TICO EXA
TICO EXAM ACTUAL EXAM AND PRACTICE
EXAM 100 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A+
Ontario Regulation 26/05 states that a person who has not registered with TICO in the previous 12 months must provide a
TICO EXAM ACTUAL EXAM AND PRACTICE
EXAM 100...
TICO EXAM 2023-2024 ACTUAL EXAM AND PRACTICE
EXAM 100 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A+
Ontario Regulation 26/05 states that a person who has not registered with TICO in the previous 12
months must provide a
a. refundable security deposit of $10,000.00
b. non-refundable security deposit of $10,000.00
c. promissory note, authorized by a lawyer, in the amount of $10,000.00
d. refundable security deposit of $25,000.00 - ANSWER-a. refundable security deposit of $10,000.00
A man has violated the Travel Industry Act, 2002 by providing services as a travel agent without actually
being registered. As a result of his conviction, the penalty could be
a. a fine of not more than $50,000
b. imprisonment for a term of not more than two years less a day
c. a fine of not more than $250,000
d. both a fine of not more than $50,000 and imprisonment for a term of not more than two years less a
day - ANSWER-d. both a fine of not more than $50,000 and imprisonment for a term of not more than
two years less a day
The time limit for prosecuting offences under the Travel Industry Act, 2002 is no more than
___________ after the Director first becomes aware of the facts on which the proceeding is based. Fill in
the blank with the correct ANSWER from the following:
a. six months
b. one year
c. two years
d. five years - ANSWER-c. two years
The landlord of the building where ABC Travel is located is planning a major renovation. ABC Travel is
forced to find another location until the renovation is completed. What is ABC Travel's duty as far as TICO
is concerned?
a. the agency must inform TICO at least five days before the move
,b. the agency need not inform TICO, because the move is only a temporary one
c. the agency need not inform TICO as long as the agency changes its phone message and puts a note on
the door of its main premises to alert customers of the temporary relocation
d. the agency must inform TICO within a reasonable time of the move, even though it is only a
temporary relocation - ANSWER-a. the agency must inform TICO at least five days before the move
As defined in Ontario Regulation 26/05, a financial statement does NOT need to include
a. a statement of sales in Ontario made during a specific period
b. a balance sheet or income statement
c. the individual invoices sent to customers during a specific period
d. a reconciliation of the trust account with customer deposits - ANSWER-c. the individual invoices sent
to customers during a specific period
A trust account may NOT be used to
a. borrow funds to keep the travel agency profitable if a customer is late in paying for a package
tour
b. pay a wholesaler for the package tour for which the travel agency has received money c. issue
refunds to customers
d. transfer a registrant's commission to the general account after the travel wholesaler has been paid -
ANSWER-a. borrow funds to keep the travel agency profitable if a customer is late in paying for a
package tour
The amount of working capital required by a travel agency is based on which of the following?
a. the length of time the agency has been in business
b. the number of employees the agency has
c. the agency's sales in Ontario during the previous fiscal year
d. the number of bookings the agency made during the previous fiscal year - ANSWER-c. the agency's
sales in Ontario during the previous fiscal year
All agencies are required to maintain business records. Which of the following does NOT fall under the
category of business records?
, a. accounting and banking files
b. brochures that identify destinations and accommodations
c. payment records
d. files containing client options regarding refund or alternative travel services - ANSWER-b. brochures
that identify destinations and accommodations
ABC Travel Agency has 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 - ANSWER-d. yes, if he provides security in lieu of
trust accounting
When a consumer makes a complaint about a registrant to TICO, what will the Registrar do?
a. attempt to mediate or resolve the complaint
b. call the police to investigate
c. close the agency until the matter is resolved
d. seize the registrant's documents and records - ANSWER-a. attempt to mediate or resolve the
complaint
The manager of ABC Travel is on holiday. At 10:00 a.m., a TICO inspector arrives to inspect the financial
records. While the agency's staff know where the records are kept, they refuse to open the files, telling
the inspector that the manager will be back in two weeks and the inspector will have to wait. According
to Ontario Regulation 26/05, this is
a. a reasonable request and the inspector will have to return in two weeks
b. an unreasonable request because the staff are required to assist the inspector
c. a reasonable request because the inspector is supposed to provide 30 days notice of his intent to
inspect the agency records
d. an unreasonable request because an inspector can only enter the agency between 11:00 a.m. and
3:00 p.m. - ANSWER-b. an unreasonable request because the staff are required to assist the inspector
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