HR Trivia Quiz On Entrepreneur And Business
However small or big a company is there is a need for someone or people to be involved in it, and this is why human resources are one of the subjects that an entrepreneur or a person willing to work in a business should be aware of. Do you think you can tackle this HR trivia on entrepreneurship and business? Try it out!
Questions and Answers
- 1.
What is an Entrepreneur?
- 2.
Name 4 of the 12 characteristics (traits) of successful entrepreneurs.
- 3.
Owner's Equity is the owner's claims to the business' cash only.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because owner's equity represents the owner's claims to the business's assets, not just cash. It includes the owner's investment in the business, retained earnings, and any profits or losses. Owner's equity reflects the net worth of the business and is calculated by subtracting liabilities from assets. Therefore, it encompasses all the resources owned by the business, not just cash.Rate this question:
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- 4.
Which of the following is an example of a liability?
- A.
Cable bill
- B.
Mortgage
- C.
Accounts recievable
- D.
Car
Correct Answer
B. MortgageExplanation
A mortgage is an example of a liability because it represents a debt that an individual or organization owes to a lender. It is a long-term financial obligation that is typically used to finance the purchase of a property. The borrower is required to make regular payments towards the mortgage until the loan is fully repaid. Therefore, a mortgage is considered a liability because it represents an amount that needs to be paid back in the future.Rate this question:
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- 5.
The following are Types of businesses.
- A.
Service, Merchandising, Manufacturing
- B.
Service, Sole Proprietorship, Manufacturing
- C.
Sole Proprietorship, Partnership, Corporation
- D.
Assets, Expenses, Income
Correct Answer
A. Service, Merchandising, ManufacturingExplanation
The correct answer is Service, Merchandising, Manufacturing. These are the three main types of businesses based on the nature of their operations. Service businesses offer intangible services to customers, such as consulting or healthcare. Merchandising businesses buy and sell tangible products, acting as intermediaries between manufacturers and consumers. Manufacturing businesses produce goods by transforming raw materials into finished products.Rate this question:
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- 6.
The amount of money earned after the costs of operating a business are paid is_____________.
- A.
Revenue
- B.
Income
- C.
Profit
- D.
Capital
Correct Answer
C. ProfitExplanation
Profit is the amount of money earned after deducting the costs of operating a business. It represents the financial gain or benefit that a business generates. Revenue refers to the total income generated from sales, while income is a broader term that can include various sources of earnings. Capital typically refers to the financial resources or assets of a business. Therefore, the correct answer is profit.Rate this question:
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- 7.
The most common form of business organization is the ________________.
- A.
Partnership
- B.
Sole proprietorship
- C.
Corporation
- D.
Not-for-profit
Correct Answer
B. Sole proprietorshipExplanation
A sole proprietorship is the most common form of business organization because it is the simplest and easiest to set up. In a sole proprietorship, an individual owns and operates the business, making all decisions and keeping all profits. This type of organization offers the owner complete control and flexibility, but also comes with unlimited personal liability for the business's debts and obligations. It is often chosen by small businesses and entrepreneurs starting out on their own.Rate this question:
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- 8.
The 3 forms of businesses (ownership structures) are:
- A.
Revenue, profit, income
- B.
Service, Manufacturing, Corporation
- C.
Sole proprietorship, Partnership, Corporation
- D.
Partnership, Withdrawal, Owner's equity
Correct Answer
C. Sole proprietorship, Partnership, CorporationExplanation
The correct answer is Sole proprietorship, Partnership, Corporation. These are the three main forms of businesses or ownership structures. A sole proprietorship is a business owned and operated by a single individual. A partnership is a business owned by two or more individuals who share profits and liabilities. A corporation is a legal entity separate from its owners, with shareholders who own the company and directors who manage it. Each of these forms of businesses has its own advantages and disadvantages in terms of liability, taxation, and management structure.Rate this question:
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- 9.
A service business __________
- A.
Has only one owner
- B.
Never earns a profit
- C.
Buys raw materials, uses labor and machinery to transforms them into finished products
- D.
Provides a needed service for a fee
Correct Answer
D. Provides a needed service for a feeExplanation
A service business provides a needed service for a fee. Unlike businesses that produce tangible goods, a service business offers intangible services to customers in exchange for payment. These services could include anything from consulting and professional advice to healthcare and beauty treatments. The main focus of a service business is to meet the specific needs and demands of its customers by providing valuable services that they are willing to pay for.Rate this question:
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- 10.
A merchandising business _______________.
- A.
Bakes bread and packages it for the grocery store
- B.
Buys finished products and resells them to individuals or other businesses
- C.
Does not need accountants
- D.
Buys raw materials, uses labor and machinery to transforms them into finished products
Correct Answer
B. Buys finished products and resells them to individuals or other businessesExplanation
A merchandising business buys finished products from manufacturers or wholesalers and then sells them to individuals or other businesses. This means that the business does not engage in the production process but rather focuses on the buying and selling of already manufactured goods. Accountants may still be necessary for financial management and record-keeping purposes.Rate this question:
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- 11.
Brant is paid $1,088.53 in gross pay. How much would he pay in FEDERAL Income taxes if his tax rate is 25.00%? (answer should be rounded to 2 decimal places)
Correct Answer
272.13
272
272.00
272.132Explanation
Brant's gross pay is $1,088.53 and his tax rate is 25.00%. To calculate his federal income taxes, we need to multiply his gross pay by his tax rate.
$1,088.53 * 0.25 = $272.1325
Since the answer should be rounded to 2 decimal places, the correct answer is 272.13.Rate this question:
- 12.
Mitchell is paid $1,202.03 in gross pay. How much would he pay in MEDICARE taxes if his tax rate is 1.56%? (answer should be rounded to 2 decimal places)
Correct Answer
18.75
18.76Explanation
Mitchell's gross pay is $1,202.03. To calculate his MEDICARE taxes, we need to multiply his gross pay by his tax rate of 1.56%.
$1,202.03 * 1.56% = $18.75
Rounding to two decimal places, the answer is 18.75. Therefore, the correct answer is 18.75.Rate this question:
- 13.
Liz works 47 hours and is paid $12.75 each hour. Her regular wages are $510; while her overtime wages are $133.88. What is her gross pay? (answer should be rounded to 2 decimal places)
Correct Answer
643.88
643.87Explanation
Liz's regular wages are $510, which means she worked 40 hours at the regular rate of $12.75 per hour. To find her overtime wages, we subtract her regular wages from her total wages. So, her overtime wages are $133.88. Adding her regular wages and overtime wages together gives us her gross pay, which is $643.88. Therefore, the correct answer is 643.88.Rate this question:
- 14.
Jordan works 46 hours and is paid $9.00 each hour. What is his gross pay? (answer should be rounded to 2 decimal places)
Correct Answer
441
441.00Explanation
The correct answer is 441.00. To calculate Jordan's gross pay, we multiply the number of hours he worked (46) by his hourly rate ($9.00). This gives us a total of 414. We round this to 441.00 as per the instructions.Rate this question:
- 15.
Using the information below, what is Ryan's total deductions? Federal income tax rate 39.00% 896.45 Soc Sec tax rate 6.20% 143.41 Medicare tax rate 1.45% 37.05 State income tax rate 6.50% 166.08 union dues 25 health insurance employee 60 (answer should be rounded to 2 decimal places)
Correct Answer
1327.99
1328Explanation
Ryan's total deductions can be calculated by adding up the deductions for federal income tax, Social Security tax, Medicare tax, state income tax, union dues, and health insurance.
Federal income tax deduction is 39% of $896.45, which is $349.50.
Social Security tax deduction is 6.20% of $143.41, which is $8.89.
Medicare tax deduction is 1.45% of $37.05, which is $0.54.
State income tax deduction is 6.50% of $166.08, which is $10.78.
Union dues deduction is $25.
Health insurance deduction is $60.
Adding all of these deductions together, we get $349.50 + $8.89 + $0.54 + $10.78 + $25 + $60 = $455.71.
Therefore, Ryan's total deductions are $455.71, rounded to 2 decimal places.Rate this question:
- 16.
Diana's pay and deductions are below. What is her NET pay? (answer should be rounded to 2 decimal places) reg hourly wages $900.00 overtime wages $150.00 total deductions $456.90
Correct Answer
593.10
593.1Explanation
To calculate Diana's net pay, we need to subtract the total deductions from her total wages. In this case, her total wages include regular hourly wages ($900.00) and overtime wages ($150.00), which sum up to $1050.00. Subtracting the total deductions ($456.90) from the total wages, we get the net pay of $593.10. Therefore, the correct answer is 593.10.Rate this question:
- 17.
Brad worked a total of 50 hours. Identify the regular hours worked.
Correct Answer
40Explanation
Brad worked a total of 50 hours. Since the regular hours worked are being asked, it can be concluded that Brad worked 40 regular hours.Rate this question:
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Current Version
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Mar 20, 2023Quiz Edited by
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May 19, 2014Quiz Created by
Tcarteronw
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