Introduction To Business: 9th Grade Quiz!

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Introduction To Business: 9th Grade Quiz! - Quiz


What do you think you learn about business? This 9th grade quiz will be helpful in testing how much you know. Regarding this quiz, you will need to know whether individuals use a savings account to help them accumulate money, what is true about an income statement, which asset is the most liquid, and the Apple logo. You surely must take this spectacular quiz.


Questions and Answers
  • 1. 

    A savings account is used by individuals to help them accumulate money.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    A savings account is a type of bank account that is specifically designed for individuals to deposit and accumulate their money. It offers a safe and secure way to save money while earning interest on the deposited funds. By regularly depositing money into a savings account, individuals can build up their savings over time and use it for various purposes such as emergencies, future expenses, or long-term financial goals. Therefore, the statement that a savings account is used by individuals to help them accumulate money is true.

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  • 2. 

    A _________ cheque is signed by the bank and guarantees payment to the recipient.

    Correct Answer
    certified
    Explanation
    A certified cheque is signed by the bank and guarantees payment to the recipient. This means that the bank has verified that the funds are available in the account of the person who issued the cheque, and has set aside that amount to ensure that it will be paid when the cheque is presented. The certification by the bank adds an extra level of security and assurance for the recipient, as it guarantees that the cheque will not bounce or be returned due to insufficient funds.

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  • 3. 

    Which of the following is not true about an income statement?

    • A.

      Working capital is a success that can be measured using this financial statement.

    • B.

      It includes net profit.

    • C.

      Gross profit percentage is a success that can be measured using this financial statement.

    • D.

      Shows a business's profitability over a stated time.

    Correct Answer
    A. Working capital is a success that can be measured using this financial statement.
    Explanation
    The income statement is a financial statement that shows a business's profitability over a stated time. It includes net profit, which is the amount left after deducting all expenses from revenue. However, working capital is not a measure of success that can be directly derived from the income statement. Working capital is a measure of a company's liquidity and is calculated by subtracting current liabilities from current assets.

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  • 4. 

    Which of the following assets is the most liquid?

    • A.

      Bow ties

    • B.

      Cash

    • C.

      Owned property

    • D.

      All have the same amount of liquidity.

    Correct Answer
    B. Cash
    Explanation
    Cash is the most liquid asset because it can be easily and quickly converted into other forms of payment or used to make purchases. It is readily accepted as a medium of exchange and can be easily accessed and used for transactions. On the other hand, bow ties and owned property are not as easily converted into cash and may require more time and effort to sell or convert into usable funds. Therefore, cash is the most liquid asset among the options provided.

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  • 5. 

    The Apple logo is an example of...

    • A.

      Monogram logo

    • B.

      Visual symbol logo

    • C.

      Abstract symbol logo

    Correct Answer
    B. Visual symbol logo
    Explanation
    The Apple logo is an example of a visual symbol logo because it consists of a simple, recognizable image that represents the brand. The logo is a silhouette of an apple with a bite taken out of it, which is instantly associated with Apple Inc. This visual symbol is easily identifiable and memorable, making it an effective logo for the company.

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  • 6. 

    Which of the followings are part of the imaging for a product or service? 

    • A.

      Product

    • B.

      Slogan

    • C.

      Logo

    • D.

      Brand name

    • E.

      Price

    Correct Answer(s)
    B. Slogan
    C. Logo
    D. Brand name
    Explanation
    The imaging for a product or service typically includes a slogan, logo, and brand name. A slogan is a catchy phrase or tagline that helps to promote and communicate the unique selling proposition of the product or service. A logo is a visual representation that symbolizes the brand and helps to create brand recognition and identity. The brand name is the name under which the product or service is marketed and represents the overall brand image and reputation. Price, on the other hand, is not typically considered part of the imaging, as it is a separate aspect related to the cost of the product or service.

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  • 7. 

    Welfare is an example of a ________ transfer.

    Correct Answer(s)
    government
    Explanation
    The correct answer is government because welfare is a type of transfer that is provided by the government. The government implements welfare programs to provide financial assistance or support to individuals or families in need. These programs are funded by tax revenues and aim to improve the well-being and quality of life for those who are economically disadvantaged or facing hardship.

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  • 8. 

    Real estate is an example of an investment income.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Real estate can generate income in the form of rental payments or capital appreciation. Investors can earn regular rental income from properties they own and lease out to tenants. Additionally, the value of real estate properties tends to appreciate over time, allowing investors to earn profits by selling them at a higher price than the original purchase price. Therefore, real estate can be considered as an investment income.

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  • 9. 

    Which of the following does not affect a person's salary?

    • A.

      Education

    • B.

      Area-live

    • C.

      State of economy

    • D.

      They all affect a person's salary

    Correct Answer
    D. They all affect a person's salary
    Explanation
    Education, area of living, and state of the economy all have an impact on a person's salary. Education level can determine the qualifications and skills a person possesses, which can influence their earning potential. The area of living can affect the cost of living and job market opportunities, which can in turn affect salary. The state of the economy can impact job availability, company profits, and overall wages. Therefore, all of these factors can play a role in determining a person's salary.

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  • 10. 

    When a Canadian invests money in another country, we call it the...

    • A.

      FDI

    • B.

      NAFTA

    • C.

      WTO

    • D.

      CDIA

    Correct Answer
    D. CDIA
    Explanation
    Canadian Direct Investment Abroad

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  • 11. 

    Baby boomers were born between...

    • A.

      1947-1961

    • B.

      1982-1996

    • C.

      1935-1950

    • D.

      1967-1981

    Correct Answer
    A. 1947-1961
    Explanation
    Baby boomers were born between 1947-1961. This generation is characterized by a significant increase in birth rates following World War II. The chosen time frame aligns with the period when the largest number of births occurred in the United States and several other countries. The term "baby boomers" refers to individuals who were born during this post-war population surge and grew up during the prosperous years that followed. This generation has had a significant impact on society, culture, and the economy, shaping various aspects of life as they aged and entered different stages of adulthood.

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  • 12. 

    A jingle is a slogan set to music.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    A jingle is a short tune or song that is used in advertising to promote a product or brand. It typically includes a catchy slogan or message that is set to music. Jingles are commonly used in commercials to create brand recognition and make the product or service more memorable to the audience. Therefore, the statement that a jingle is a slogan set to music is true.

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  • 13. 

    A franchisee provides a license privilege to the franchiser. 

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    A franchisee is an individual or business that purchases the right to operate a business under the franchisor's established brand and business model. The franchiser, on the other hand, is the entity that grants the license privilege to the franchisee. Therefore, the correct answer is False, as it is the franchiser who provides the license privilege to the franchisee, not the other way around.

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  • 14. 

    Which of the following businesses would have direct labor?

    • A.

      Golf club

    • B.

      Movie theatre

    • C.

      Shoe store

    • D.

      Shoe manufacturer

    Correct Answer
    D. Shoe manufacturer
    Explanation
    Direct labor refers to the employees who are directly involved in the production process of a product. In the case of a shoe manufacturer, the workers who are involved in the actual manufacturing of the shoes would be considered direct labor. They are directly responsible for the creation of the product and contribute to the value-added process. On the other hand, businesses like a golf club, movie theatre, and shoe store do not involve direct labor in the production of their services or products.

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  • 15. 

    When a business buys something on credit, they create an...

    • A.

      Account payable

    • B.

      Account receivable

    • C.

      Expense

    • D.

      Operating cost

    Correct Answer
    A. Account payable
    Explanation
    When a business buys something on credit, they create an account payable. This means that the business owes money to the supplier or vendor for the goods or services purchased. An account payable is a liability for the business, as it represents an amount that needs to be paid in the future. This is different from an account receivable, which is when a business is owed money by its customers. Expense and operating cost are not the correct answers, as they refer to the costs incurred by the business in its day-to-day operations rather than the specific transaction of buying something on credit.

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  • 16. 

    Copyright is....

    • A.

      The legal right of ownership of artistic works and ideas

    • B.

      Registration of the inventor's legal right of ownership of his or her invention

    • C.

      Obtaining permission from the inventor of a product to use his or her product

    • D.

      All are part of copyright

    Correct Answer
    A. The legal right of ownership of artistic works and ideas
    Explanation
    Copyright is the legal right of ownership of artistic works and ideas. This means that creators have the exclusive right to reproduce, distribute, and display their work, as well as the right to authorize others to use their work. It protects original works of authorship such as books, music, films, and artwork from being copied or used without permission. Copyright allows creators to control how their work is used and to financially benefit from their creations. It is an important aspect of intellectual property law and encourages creativity and innovation by providing legal protection for creators.

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  • 17. 

    The smart phone is an innovation to the cell phone.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The statement is true because a smartphone is indeed an innovation to the cell phone. While a cell phone is primarily used for making calls and sending text messages, a smartphone offers advanced features such as internet access, touchscreen capabilities, app functionality, and a wide range of other features that go beyond basic communication. Therefore, a smartphone can be considered as an innovative and upgraded version of a traditional cell phone.

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  • 18. 

    In which year did NAFTA come in effect.

    • A.

      1919

    • B.

      1967

    • C.

      1994

    • D.

      1824

    Correct Answer
    C. 1994
    Explanation
    NAFTA, which stands for the North American Free Trade Agreement, came into effect in the year 1994. This agreement was signed by the United States, Canada, and Mexico, and aimed to eliminate trade barriers and promote economic cooperation between the three countries. The implementation of NAFTA had a significant impact on trade and investment in North America, leading to increased cross-border commerce and integration among the member countries.

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  • 19. 

    APEC stands for ______

    Correct Answer
    Asia-Pacific Economic Cooperation
    Explanation
    APEC stands for Asia-Pacific Economic Cooperation. This organization is composed of 21 member economies from the Asia-Pacific region. Its main objective is to promote free trade and economic cooperation among its members, with a focus on sustainable and inclusive growth. APEC holds annual meetings where leaders discuss and coordinate policies on various economic issues such as trade, investment, and regional integration. By fostering dialogue and collaboration, APEC aims to enhance economic prosperity and integration in the Asia-Pacific region.

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  • 20. 

    How many countries take part in NAFTA?

    Correct Answer
    3
    three
    Three
    Explanation
    The correct answer is 3, three, Three. NAFTA, which stands for the North American Free Trade Agreement, is an agreement between three countries: the United States, Canada, and Mexico. These three countries participate in NAFTA to promote free trade and economic cooperation among them.

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