Quiz On Business: Trivia!

22 Questions | By Jfoisy | Updated: Apr 27, 2022 | Attempts: 99

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How much do you know about business? Business is the process of making money by selling goods and services. It is an activity that is pursued for the purpose of making a profit, and if you happen to enjoy it, that is a bonus. Sales is the activity in which there are unified business lines, and it is crucial for the business's success. You may want to learn more, so make it your business to pass this quiz.

Questions and Answers

1.

The percentage of white workers in the US labor force is expected to rise greatly over the next 5-10 years.
- A.
  
  True
- B.
  
  False
2.

The most important role of business is to provide employment for people.
- A.
  
  True
- B.
  
  False
3.

All businesses BUY goods and services.
- A.
  
  True
- B.
  
  False
4.

Service jobs are the lowest paying jobs in the US economy.
- A.
  
  True
- B.
  
  False
5.

Most states require proprietorships to register a business name.
- A.
  
  True
- B.
  
  False
6.

A cooperative is a special type of corporation that allows all income to be passed through to owners based on their investment and is taxed on their individual tax returns.
- A.
  
  True
- B.
  
  False
7.

A goal is a precise statement of results the business expects to achieve.
- A.
  
  True
- B.
  
  False
8.

There is no difference between policies and procedures.
- A.
  
  True
- B.
  
  False
9.

Unity of command is the number of employees who are assigned to a particular work task and manager.
- A.
  
  True
- B.
  
  False
10.

Baby boomers have dominated the US labor market since they began working in the:
- A.
  
  1950s
- B.
  
  1960s
- C.
  
  1970s
- D.
  
  1980s
11.

Over the next ten years, the number of temporary workers in the US is expected to:
- A.
  
  Decrease by half
- B.
  
  Stay the same
- C.
  
  Increase about 10 percent
- D.
  
  Neary double
12.

What percentage of US businesses have no employees other than the owner?
- A.
  
  Almost 80 percent
- B.
  
  Almost 20 percent
- C.
  
  About 5 percent
- D.
  
  Less than 1 percent
13.

All of the following types of businesses are producers EXCEPT:
- A.
  
  Extractors
- B.
  
  Manufacturers
- C.
  
  Retailers
- D.
  
  Farmers
14.

The easiest form of business to start is the:
- A.
  
  S Corporation
- B.
  
  Proprietorship
- C.
  
  Partnership
- D.
  
  Nonprofit corporation
15.

A partnership
- A.
  
  Is the most common form of business ownership in the US
- B.
  
  Limits the liability of the owners to the amount of money invested
- C.
  
  Is funded through the sale of stock
- D.
  
  Requires at least two owners
16.

A unique business organized by two or more other businesses to operate for a limited time and for a specific project is:
- A.
  
  Franchise
- B.
  
  Limited liability partnership
- C.
  
  Joint venture
- D.
  
  Limited liability company
17.

The direction for a business comes from its:
- A.
  
  Mission statement
- B.
  
  Code of ethics
- C.
  
  Corporate bylaws
- D.
  
  Policy manual
18.

The obligation to complete specific work is called:
- A.
  
  Accountabiity
- B.
  
  Responsibility
- C.
  
  Span of control
- D.
  
  Authority
19.

Business is owned and operated by only one person.
- A.
  
  Partnership
- B.
  
  Proprietorship
- C.
  
  Franchise
- D.
  
  Corporation
20.

The operating procedures for a corporation.
- A.
  
  Board of directors
- B.
  
  Corporate bylaws
- C.
  
  Intermediary
- D.
  
  Policies
21.

A written contract granting permission to operate a business.
- A.
  
  Franchise
- B.
  
  Producer
- C.
  
  Servie business
- D.
  
  Contractor
22.

Guidelines used in making consistent decisions.
- A.
  
  Policies
- B.
  
  Procedures
- C.
  
  Corporate bylaws
- D.
  
  Intermediary