The Simpson Brothers Have Applied to the Liquor Licence Board

question 18

Multiple Choice

The Simpson brothers have applied to the Liquor Licence Board of the province for a wine and beer licence for their new restaurant. Which of the following is not true?

• A) The board is an administrative tribunal, not a court of law.
• B) The decisions of the board become part of the administrative law of the province.
• C) Agencies and boards such as this one are part of the expanding government regulation of private citizens and businesses.
• D) The Simpsons will deal with civil servants rather than elected representatives while applying for their licence.
• E) The right to make its own rules and procedures is delegated to the board, but these are subject to the approval of the provincial legislature.

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Definitions:

U.S.GAAP

United States Generally Accepted Accounting Principles, which are accounting standards used in the U.S. to prepare, present, and report financial statements.

Profitability

A rephrasing of profitability analysis, it refers to a company's ability to generate profit from its operations relative to its costs.

Productivity

A measure of efficiency that shows the amount of output produced per unit of input.

Liquidity

The ability of an asset to be quickly converted into cash without significant loss in value, or a company's ability to meet its short-term obligations.