HR Trivia Quiz On Entrepreneur And Business

22 Questions | Total Attempts: 81

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HR Trivia Quiz On Entrepreneur And Business

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.
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