A Trivia Quiz On The Fundamentals Of Business

21 Questions | Total Attempts: 317

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Introduction To Business Quizzes & Trivia

Questions and Answers
  • 1. 
    An Asset is?
    • A. 

      Something that loses money

    • B. 

      Something you own

    • C. 

      Something You owe

    • D. 

      Something that makes you money

  • 2. 
    A Portfolio is:
    • A. 

      The record the credit card company keeps on your payments

    • B. 

      The collection of your investments

    • C. 

      The record the insurance company keep on your claim

  • 3. 
    The one characteristic all businesses share is:
    • A. 

      They all have employees

    • B. 

      They all make a profit

    • C. 

      They all try to solve a problems

    • D. 

      They all pay taxes

  • 4. 
    A financial advisor is best used for:
    • A. 

      Helping you get rich quick

    • B. 

      Creating a plan and seeing you stick to it

    • C. 

      Gauging where the economy is headed

  • 5. 
    One of the easiest places to cut back on your spending is:
    • A. 

      Rent

    • B. 

      Your Daily Routines

    • C. 

      Mortgage Payments

    • D. 

      Student Loan Payments

  • 6. 
    What is Good Debt:
    • A. 

      Is only good if there is no debt at all

    • B. 

      Is incurred for a goal

    • C. 

      Is borrowed for a long time so you have plenty of time to pay it back

  • 7. 
    When shopping for a car, the two most important things to consider are: 
    • A. 

      Safety and Price

    • B. 

      Financing and Service

    • C. 

      Fuel efficiency and warranty

    • D. 

      Time of Year and reputation of dealer

  • 8. 
    Trading in your old car is usually:
    • A. 

      A good deal because the state gives a tax deduction on trade ins

    • B. 

      A good deal because the dealer give you more than what you could sell it

    • C. 

      A bad deal because there is a 10% tax penalty on trade ins

    • D. 

      A bad deal because the dealer give you less than what you could sell it for

  • 9. 
    You pay taxes:
    • A. 

      All year

    • B. 

      Once a year in April

    • C. 

      At the end of the year in December

    • D. 

      At the beginning of the year in January

  • 10. 
    Inflation:
    • A. 

      Increases your purchase power

    • B. 

      Erodes your purchase power

    • C. 

      Increases your taxes

    • D. 

      Deceases your taxes

  • 11. 
    A company goes "public" in order to 
    • A. 

      Increase brand awareness

    • B. 

      Raise Money

    • C. 

      Qualify for government loans

  • 12. 
    The most drawbacks to retirement account are:
    • A. 

      You can't get the earning out until you reach 59 1/2

    • B. 

      You cannot buy stock with them

    • C. 

      They only apply to people with incomes above $100,000

  • 13. 
    If you take out the money you contribute to your 401(k) out before age 59 1/2 and you do not meet any of the exceptions, then:
    • A. 

      No taxes are owed if you've been in the plan for least five years

    • B. 

      You don't pay income tax but you do pay a 10% penalty

    • C. 

      You will pay regular income tax on the money you withdraw

    • D. 

      You will pay regular income tax plus a 10% penalty on the money you withdraw

  • 14. 
    You should sell an investment:
    • A. 

      When unemployment starts to rise

    • B. 

      When inflation starts to rise

    • C. 

      When your original reason for buying it no longer apply

    • D. 

      When interest rates start to rise

  • 15. 
    A mortgage is:
    • A. 

      An agreement attached to a property as collateral for a loan

    • B. 

      A loan one obtain to purchase a home

    • C. 

      a legal process by which a bank takes a person's house due to lack of payment

  • 16. 
    A Prenuptial agreement:
    • A. 

      It's worth considering for all couples

    • B. 

      Really only benefits rich people

    • C. 

      Cost so much money it's not worth setting up

    • D. 

      Really benefits couples were one spouse is much wealthier than the other

  • 17. 
    The average cost of a wedding is:
    • A. 

      More than $20,000

    • B. 

      Less than $5000

    • C. 

      Between $5000-$10,000

    • D. 

      Between $10,000-$20,000

  • 18. 
    Buying life insurance for your child:
    • A. 

      Is a bad idea because your child probably doesn't have an income, without income a person does not need life insurance

    • B. 

      Is a good idea because your current policy probably doesn't cover your child

    • C. 

      Is a bad idea because your current policy probably covers your child

  • 19. 
    When buying insurance, it's a smart idea to first ask yourself:
    • A. 

      Does my existing policy already cover it?

    • B. 

      How much are the premiums?

    • C. 

      Can I get a better rate with a higher deductible?

    • D. 

      Can I get a discount if I buy two policies from the same company

  • 20. 
    When financial planning for yourself and your family:
    • A. 

      It is often best to start a trust fund

    • B. 

      It's best to open up a 401(k)

    • C. 

      It's best to take money out of your retirement plan

    • D. 

      It's best to organize your own personal financial life, because the best tax breaks are available to you and not your family

  • 21. 
    An Asset is:
    • A. 

      Something that loses money

    • B. 

      Something you own

    • C. 

      Something You owe

    • D. 

      Something that makes you money

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