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OACETT IEPPE Exam Syllabus Topics:

OACETT Internationally Educated Professional Practice Sample Questions:

1. Which one of the following mistakes would be unreliable as a reason to set aside or otherwise impeach a contract?

A) A mistake by one of the parties which the other party knows about or is assumed to know about.
B) A mistake of law.
C) Both parties agree upon the subject matter and terms but are mistaken about some basic facts underlying the contract.
D) A mistake in the identity of the subject matter.

2. What term is used when parties to a contract are legally able to engage in a contractual agreement?

A) Intention to be bound
B) Mutual agreement
C) Competent parties or capacity
D) Consideration

3. What is PLAR?

A) Past Learning Academic Review.
B) Prior Learning Academic Review.
C) Prior Learning Assessment Recognition.
D) Past Learning Assessment Review.

4. What is a Certificate for Payment?

A) It is a document produced by an architect, engineer, or owner that details the work that has been completed on a project and then approves payment for that work.
B) It is a document that indicates that a vendor has been paid for the work that has been completed on a project.
C) It is a document that a bidder receives when an owner accepts the bid, outlining how payment for the project will be completed.
D) It is a document that outlines the project milestones and how much will be paid when each milestone is completed.

5. 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.
Once the business is running and profitable, which business form facilitates getting money out of the business while maintaining the business as a going concern?

A) A joint venture of two sole proprietorships, because they can declare dividends, sell some of their shares, and/or pay themselves a salary.
B) A partnership, because they can declare dividends, sell some of their shares, and/or pay themselves a salary.
C) A corporation, because they can declare dividends, sell some of their shares, and/or pay themselves a salary.
D) A sole proprietorship, because they can declare dividends, sell some of their shares, and/or pay themselves a salary.

Solutions: