HR Trivia Quiz On Entrepreneur And Business

22 Questions | By Tcarteronw | Updated: Mar 20, 2022 | Attempts: 158

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HR Trivia Quiz On Entrepreneur And Business - Quiz

However small or big a company is there is a need for someone or people to be involved in it, and this is why human resources are one of the subjects that an entrepreneur or a person willing to work in a business should be aware of. Do you think you can tackle this HR trivia on entrepreneurship and business? Try it out!

Questions and Answers

1.

What is an Entrepreneur?
2.

Name 4 of the 12 characteristics (traits) of successful entrepreneurs.
3.

Owner's Equity is the owner's claims to the business' cash only.
- A.
  
  True
- B.
  
  False
4.

Which of the following is an example of a liability?
- A.
  
  Cable bill
- B.
  
  Mortgage
- C.
  
  Accounts recievable
- D.
  
  Car
5.

The following are Types of businesses.
- A.
  
  Service, Merchandising, Manufacturing
- B.
  
  Service, Sole Proprietorship, Manufacturing
- C.
  
  Sole Proprietorship, Partnership, Corporation
- D.
  
  Assets, Expenses, Income
6.

The amount of money earned after the costs of operating a business are paid is_____________.
- A.
  
  Revenue
- B.
  
  Income
- C.
  
  Profit
- D.
  
  Capital
7.

The most common form of business organization is the ________________.
- A.
  
  Partnership
- B.
  
  Sole proprietorship
- C.
  
  Corporation
- D.
  
  Not-for-profit
8.

The 3 forms of businesses (ownership structures) are:
- A.
  
  Revenue, profit, income
- B.
  
  Service, Manufacturing, Corporation
- C.
  
  Sole proprietorship, Partnership, Corporation
- D.
  
  Partnership, Withdrawal, Owner's equity
9.

A service business __________
- A.
  
  Has only one owner
- B.
  
  Never earns a profit
- C.
  
  Buys raw materials, uses labor and machinery to transforms them into finished products
- D.
  
  Provides a needed service for a fee
10.

A merchandising business _______________.
- A.
  
  Bakes bread and packages it for the grocery store
- B.
  
  Buys finished products and resells them to individuals or other businesses
- C.
  
  Does not need accountants
- D.
  
  Buys raw materials, uses labor and machinery to transforms them into finished products
11.

Brant is paid $1,088.53 in gross pay. How much would he pay in FEDERAL Income taxes if his tax rate is 25.00%? (answer should be rounded to 2 decimal places)
12.

Mitchell is paid $1,202.03 in gross pay. How much would he pay in MEDICARE taxes if his tax rate is 1.56%? (answer should be rounded to 2 decimal places)
13.

Liz works 47 hours and is paid $12.75 each hour. Her regular wages are $510; while her overtime wages are $133.88. What is her gross pay? (answer should be rounded to 2 decimal places)
14.

Jordan works 46 hours and is paid $9.00 each hour. What is his gross pay? (answer should be rounded to 2 decimal places)
15.

Using the information below, what is Ryan's total deductions? Federal income tax rate 39.00% 896.45 Soc Sec tax rate 6.20% 143.41 Medicare tax rate 1.45% 37.05 State income tax rate 6.50% 166.08 union dues 25 health insurance employee 60 (answer should be rounded to 2 decimal places)
16.

Diana's pay and deductions are below. What is her NET pay? (answer should be rounded to 2 decimal places) reg hourly wages $900.00 overtime wages $150.00 total deductions $456.90
17.

Brad worked a total of 50 hours. Identify the regular hours worked.