Quiz: Business And Accounts Questions

16 Questions | By Rredekopp | Updated: Mar 20, 2022 | Attempts: 92

Questions

Settings

Create your own Quiz

First test in the Futures in Busienss Course

Questions and Answers

1.

The formula for Owner's Equity is:
- A.
  
  Owner's Equity = Assets - Liabilities
- B.
  
  Owner's Equity = Liabilities + Assets
- C.
  
  Liabilities= Owner's Equity + Expenses
- D.
  
  Owner's Equity = Cost of goods Sold + Assets
2.

Cost of Goods Sold refers to:
- A.
  
  How many items you sold
- B.
  
  How much money you received for those goods
- C.
  
  How much you paid for those goods
- D.
  
  The cost minus the expense of selling those goods
3.

Gross Income =
- A.
  
  Total sales + net profit
- B.
  
  Total sales - cost of goods
- C.
  
  Expenses + cost of goods
- D.
  
  Cost of Goods - expenses
4.

A service business must include the cost of goods sold
- A.
  
  True
- B.
  
  False
5.

Revenue is:
- A.
  
  Money received from all sales
- B.
  
  Money left after expenses are deducted
- C.
  
  Taxable income
- D.
  
  The cost of doing business
6.

A company balance sheet:
- A.
  
  Records revenue, expenses and owner's equity
- B.
  
  Must have equal assests and liabilities
- C.
  
  Should list company owned stuff
- D.
  
  All of the above
- E.
  
  None of the above
7.

Net pay is:
- A.
  
  Gross pay minus holidays
- B.
  
  Hours worked * hourly rate minus deductions
- C.
  
  Is always more than gross pay
- D.
  
  The amount you are taxed on
8.

The accounting equation is:
- A.
  
  A detailed record of expenses
- B.
  
  A spreadsheet listing expenses
- C.
  
  Assets = Liabilities + Owner’s Equity
- D.
  
  Gross pay = net pay - deductions
9.

A business with only one owner is called:
- A.
  
  Partnership
- B.
  
  Corporation
- C.
  
  Sole proprietorship
- D.
  
  Franchise
- E.
  
  Cooperative
10.

A business that a couple of friends would set up is called:
- A.
  
  Partnership
- B.
  
  Corporation
- C.
  
  Sole proprietorship
- D.
  
  Franchise
- E.
  
  Cooperative
11.

A business that wants to avoid personal liability is called:
- A.
  
  Partnership
- B.
  
  Corporation
- C.
  
  Sole proprietorship
- D.
  
  Franchise
- E.
  
  Cooperative
12.

A business with many equal members is called:
- A.
  
  Partnership
- B.
  
  Corporation
- C.
  
  Sole proprietorship
- D.
  
  Franchise
- E.
  
  Cooperative
13.

A business where a larger organization provides national advertising and supplies is called:
- A.
  
  Partnership
- B.
  
  Corporation
- C.
  
  Sole proprietorship
- D.
  
  Franchise
- E.
  
  Cooperative
14.

SMART Goals are (check off the five correct answers):
- A.
  
  Specific
- B.
  
  Measurable
- C.
  
  Strong
- D.
  
  Activity based
- E.
  
  Reliable
- F.
  
  Attainable
- G.
  
  Trustable
- H.
  
  Affordable
- I.
  
  True
- J.
  
  Timely
- K.
  
  Marketable
- L.
  
  Relevant
15.

When evaluating a product you might want to sell you need to consider the following features (check off the five correct answers)
- A.
  
  Size
- B.
  
  Shelf Life
- C.
  
  Store appeal
- D.
  
  Market appeal
- E.
  
  Merchandising factors
- F.
  
  Time needed to finish
- G.
  
  Colour of the wrapping
- H.
  
  Safety
16.

If you are offering a service you need to consider the following concerns (check off the five correct answers)
- A.
  
  Size of truck
- B.
  
  Shelf Life of supplies
- C.
  
  Special skills required
- D.
  
  Time
- E.
  
  Merchandise value
- F.
  
  Consumer longevity
- G.
  
  Availability of supplies
- H.
  
  Safety
- I.
  
  L/100Km
- J.
  
  Group labour abilities