Business Terms Quiz: Interesting Trivia!

19 Questions | By Mradtke1 | Last updated: Mar 22, 2022 | Total Attempts: 1778

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Business Terms Quiz: Interesting Trivia! - Quiz

Do you know any business terms? Knowing basic business terms will help you pass this quiz. The areas of interest include doubling the cost of goods, what commission is and how it is obtained, what it is called when you have a target audience, and what you would find on a resume. The profession of business drives this quiz. Get ready to test your knowledge of business terms.

Questions and Answers

1.

The exchange of goods or services for money is:
- A.
  
  Sales
- B.
  
  Profit
- C.
  
  Gross Profit
- D.
  
  Commission
2.

The price it costs a business to purchase one product is called:
- A.
  
  Sales
- B.
  
  Profit
- C.
  
  Cost of Goods Sold
- D.
  
  Commission
3.

Doubling the cost of goods sold to help determine the selling price is called:
- A.
  
  Sales
- B.
  
  Cost of Goods Sold
- C.
  
  Gross Profit
- D.
  
  Keystoning
4.

What is it called when payment is made based on a percentage of sales?
- A.
  
  Commission
- B.
  
  Sales
- C.
  
  Target Market
- D.
  
  Profit
5.

The amount a business makes before expenses is called:
- A.
  
  Sales
- B.
  
  Profit
- C.
  
  Gross Profit
- D.
  
  Cost of Goods Sold
6.

The amount a business makes after expenses is called:
- A.
  
  Sales
- B.
  
  Gross Profit
- C.
  
  Profit
- D.
  
  Cost of Goods Sold
7.

What is the group of customers called that a business has decided to aim its promotions at?
- A.
  
  Marketing
- B.
  
  Target Market
- C.
  
  Sales
- D.
  
  Employees
8.

Cost of Goods Sold helps in determining the selling price of a product.
- A.
  
  True
- B.
  
  False
9.

When a person gets paid commission, the more they sell the less money they will receive in their paycheck.
- A.
  
  True
- B.
  
  False
10.

The amount of sales is needed to calculate commission.
- A.
  
  True
- B.
  
  False
11.

To calculate sales you must know the cost of goods sold.
- A.
  
  True
- B.
  
  False
12.

To calculate Profit you must know how much you had in Sales.
- A.
  
  True
- B.
  
  False
13.

Check all of the sections that would be found on a resume?
- A.
  
  Personal Information (Name, Address, Phone Number, email address)
- B.
  
  References
- C.
  
  Previous Boyfriends/Girlfriends
- D.
  
  Education
- E.
  
  Picture of yourself
- F.
  
  Work Experience
14.

The purpose of a cover letter is
- A.
  
  Inform the position you are applying for
- B.
  
  Provide qualities and characteristics you have
- C.
  
  Inform them why you would be good for the job
- D.
  
  Provide them with references of people they can call
- E.
  
  Inform them why they would want to hire you more than anyone else
15.

To prepare for an interview, you should
- A.
  
  Prepare questions to ask at the interview
- B.
  
  Practice answering questions
- C.
  
  Nothing at all if you have done many interviews
- D.
  
  Research the company
16.

At the interview you should
- A.
  
  Dress for Success
- B.
  
  Wear lots of jewelry
- C.
  
  Introduce yourself and Give a firm handshake to demonstrate confidence
- D.
  
  Thank the interviewer for the interview
- E.
  
  Answer questions without thinking about the answer
- F.
  
  Ask questions about the position you are applying for
- G.
  
  Look at the table during the interview
17.

If our profits are negative, it means
- A.
  
  Expenses are more than Sales
- B.
  
  Sales are more than Expenses
- C.
  
  Selling Prices are too high
- D.
  
  Profits don't matter in business
18.

Commission is a(n)
- A.
  
  Income (Money coming into the company)
- B.
  
  Expense (Money going out of the company)
19.

Sales would be categorized as
- A.
  
  Income (Money coming into the company)
- B.
  
  Expense (Money going out of the company)