OMVIC Practice Test

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Prepare for the OMVIC Practice Test. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your OMVIC exam!

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.

How is the Transaction Fee Program fee collected?

Monthly
Quarterly
Semi-annually
Annually

The correct answer is: Annually

The Transaction Fee Program fee is collected on an annual basis. This means that the fee is charged once a year. Options A, B, and C are incorrect because they refer to a collection period that is more frequent than annually. Monthly, quarterly, and semi-annually all indicate a collection period that occurs on a monthly, quarterly, or semi-annual basis respectively. Hence, these options are not correct as they do not align with the correct answer of annually.