OMVIC Practice Test

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Prepare for the OMVIC Certification Test with practice questions that include hints and detailed explanations. Enhance your learning with flashcards and multiple choice questions. Get ready to pass your OMVIC Test with confidence!

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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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.