OMVIC Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

Dive into the OMVIC Practice Test and test your knowledge on laws, regulations, and ethical practices in the automotive industry. Perfect for aspiring dealers and salespersons to validate their expertise!

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!

Practice this question and more.

What does 'financially responsible' as listed under the integrity category in the Code of Ethics mean for a dealer and salesperson?

Having a profitable dealership
Never experiencing financial loss
Managing finances in accordance with legal and ethical standards
Offering the cheapest prices

The correct answer is: Managing finances in accordance with legal and ethical standards

'Financially responsible' as listed under the integrity category in the Code of Ethics means that the dealer and salesperson are expected to manage their finances in accordance with legal and ethical standards. This involves being transparent and honest in financial dealings, following all financial laws and regulations, and avoiding unethical or fraudulent practices. Options A and D are incorrect because they focus on financial gain rather than ethical responsibility. Option B is also incorrect because it is impossible to guarantee never experiencing financial loss, and this does not necessarily reflect financial responsibility.