Quiz On Business: Trivia!

22 Questions | Total Attempts: 77

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Quiz On Business: Trivia!

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

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