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!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What does PUC stand for?

Paid Up Capital
Preliminary Underwriting Commission
Personal Use Charge
Preferential Usage Contract

The correct answer is: Paid Up Capital

PUC stands for Paid Up Capital. This term is often used in business and finance to represent the amount of capital that has been paid by shareholders to a company. This is different from authorized capital, which is the maximum amount of capital that a company can raise from shareholders. Option B, Preliminary Underwriting Commission, is incorrect as it is typically used in the context of securities underwriting to refer to the commission paid to underwriters for their services. Option C, Personal Use Charge, is incorrect as it is more commonly used in the telecom industry to refer to a fee charged for personal use of a company's equipment or services. Option D, Preferential Usage Contract, is incorrect as it does not accurately reflect the acronym PUC and is not a commonly used term in business or finance.