Hardest Trivia Quiz On Human Resources

22 Questions | By Tcarteronw | Updated: Mar 21, 2022 | Attempts: 169

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Hardest Trivia Quiz On Human Resources - Quiz

Are you a business study student and think that you have what it takes to tackle the final exams? The quiz below is an assessment test that is designed to ensure that you have a proper understanding of all things human resource before the finals are upon us. Take it up an keep a look out for others like it!

Questions and Answers

1.

All profits go to the owner is an advantage of sole proprietorship.
- A.
  
  True
- B.
  
  False
2.

Owner's Equity is the owner's claims to the business' cash only.
- A.
  
  True
- B.
  
  False
3.

Which of the following is an example of a liability?
- A.
  
  Cable bill
- B.
  
  Mortgage
- C.
  
  Accounts recievable
- D.
  
  Car
4.

The following are Types of businesses.
- A.
  
  Service, Merchandising, Manufacturing
- B.
  
  Service, Sole Proprietorship, Manufacturing
- C.
  
  Sole Proprietorship, Partnership, Corporation
- D.
  
  Assets, Expenses, Income
5.

The amount of money earned after the costs of operating a business are paid is_____________.
- A.
  
  Revenue
- B.
  
  Income
- C.
  
  Profit
- D.
  
  Capital
6.

The most common form of business organization is the ________________.
- A.
  
  Partnership
- B.
  
  Sole proprietorship
- C.
  
  Corporation
- D.
  
  Not-for-profit
7.

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
8.

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
9.

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
10.

The accounting equation is ____________________
- A.
  
  Revenue - expenses = Net income
- B.
  
  Assets + Liabilities = Owner's Equity
- C.
  
  Assets - Liabilities = Owner's Equity
- D.
  
  Assets = Liabilities + Owner's Equity
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.