Ontario Barrister and Solicitor Practice Exam

What does GRIP stand for?

1. General Regulatory Income Pool

2. General Rate Income Pool

3. Gross Receipts Income Pool

4. Gross Rate Income Policy

The correct answer is: General Rate Income Pool

GRIP stands for General Rate Income Pool. This is a type of income pool used in Canada for investment purposes. Option A, General Regulatory Income Pool, is incorrect as it refers to a regulatory pool rather than an income pool. Option C, Gross Receipts Income Pool, is incorrect as it refers to a pool based on receipts rather than rates. Option D, Gross Rate Income Policy, is incorrect as it refers to a policy rather than a pool. It is important to pay attention to the key words in the question, in this case "GRIP", in order to select the correct answer.