Ontario Barrister and Solicitor Practice Exam

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Study for the Ontario Barrister and Solicitor Exam. Quiz with flashcards and multiple choice questions, each with hints and explanations. Prepare for your legal career!

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What does LRIP stand for?

Low Rate Income Pool
Leveraged Rate Income Pool
Legal Rate Interest Pool
Lowest Rate Income Policy

The correct answer is: Low Rate Income Pool

LRIP stands for Low Rate Income Pool. The other options listed do not accurately reflect the meaning of LRIP. Option B, Leveraged Rate Income Pool, is incorrect because it includes the term "leveraged" which is not part of the acronym LRIP. Option C, Legal Rate Interest Pool, is incorrect because it includes the word "legal" which is not part of the acronym LRIP. Option D, Lowest Rate Income Policy, is incorrect because it uses the word "policy" instead of "pool" and also includes "lowest" which is not part of the acronym LRIP.