Hardest Trivia Quiz On Human Resources

The statement is true because in a sole proprietorship, the owner has complete control over the business and is entitled to all the profits. Unlike other forms of business ownership, such as partnerships or corporations, there is no sharing of profits with other partners or shareholders. This can be seen as an advantage because the owner has the freedom to use the profits as they see fit, whether it be reinvesting in the business or personal use.

Mitchell's gross pay is $1,202.03. To calculate his MEDICARE taxes, we need to multiply his gross pay by the tax rate of 1.56%.

$1,202.03 * 1.56% = $18.75 (rounded to 2 decimal places)

Therefore, Mitchell would pay $18.75 in MEDICARE taxes.

To calculate Diana's net pay, we need to subtract the total deductions from her total wages. Her total wages include both regular hourly wages and overtime wages. In this case, her regular hourly wages are $900.00 and her overtime wages are $150.00. So, her total wages would be $900.00 + $150.00 = $1050.00. Now, we subtract the total deductions of $456.90 from her total wages to find her net pay. Therefore, her net pay is $1050.00 - $456.90 = $593.10.

Brad worked a total of 50 hours, and the regular hours worked are 40. This means that out of the 50 hours, 40 of them were considered regular working hours.

The correct answer is Sole proprietorship, Partnership, Corporation. These are the three forms of businesses or ownership structures. A sole proprietorship is a business owned and operated by one individual, while a partnership is a business owned and operated by two or more individuals. A corporation, on the other hand, is a legal entity separate from its owners and shareholders. It has its own rights and liabilities and can be owned by multiple shareholders. These three forms represent the most common types of businesses and have different legal and financial implications.

A service business provides a needed service for a fee. This means that the business offers a specific service to customers, such as consulting, cleaning, or repair work, and charges a fee in exchange for providing that service. Unlike businesses that produce and sell physical products, a service business focuses on delivering intangible services that fulfill a customer's needs or solve a problem. This can include a wide range of industries, such as healthcare, hospitality, education, or professional services. The key characteristic is that the business generates revenue by offering services rather than selling products.

Liz's regular wages are $510, and her overtime wages are $133.88. To find her gross pay, we need to add her regular wages and overtime wages together. Adding $510 and $133.88 gives us a total of $643.88. Therefore, her gross pay is $643.88.

Brant's gross pay is $1,088.53. If his tax rate is 25.00%, he would pay 25.00% of his gross pay as federal income taxes. To calculate this, we multiply his gross pay by 25.00% (or 0.25).

$1,088.53 * 0.25 = $272.1325

Since the answer should be rounded to 2 decimal places, the correct answer is $272.13.

Profit refers to the amount of money earned after deducting the costs of operating a business. It is the financial gain that a company makes from its business activities. Revenue, on the other hand, represents the total income generated from sales or services before any expenses are deducted. Income is a broader term that can refer to any type of earnings, including wages, salaries, or investment returns. Capital typically refers to the financial assets or resources available to a business. Therefore, the correct answer is profit.

The correct answer is 441.00. To find Jordan's gross pay, we multiply the number of hours he worked (46) by his hourly wage ($9.00). This gives us 414. Then we round the answer to 2 decimal places, which gives us 441.00.

Ryan's total deductions can be calculated by adding up the deductions for federal income tax, Soc Sec tax, Medicare tax, state income tax, union dues, and health insurance employee. The deductions for each category are as follows: federal income tax (896.45), Soc Sec tax (143.41), Medicare tax (37.05), state income tax (166.08), union dues (25), and health insurance employee (60). Adding these values together gives a total deduction of 1327.99. However, since the answer should be rounded to 2 decimal places, the final answer is 1328.

A merchandising business buys finished products and resells them to individuals or other businesses. This means that the business does not engage in the production or manufacturing of goods, but rather focuses on buying and selling already completed products. This type of business typically operates in the retail industry, purchasing goods from suppliers or manufacturers and then selling them to customers for a profit. By doing so, the business acts as a middleman between the producers and the end consumers, providing convenience and accessibility to the products.

The given statement is false. Owner's Equity represents the owner's claims to the business's assets, not just cash. It includes the owner's investment in the business, retained earnings, and any profits or losses. It is a measure of the owner's stake in the business and represents the residual interest in the assets after deducting liabilities. Therefore, Owner's Equity encompasses more than just cash and includes other assets such as equipment, inventory, and property.

A mortgage is an example of a liability because it represents a debt owed by an individual or a company to a lender. When someone takes out a mortgage to purchase a property, they are borrowing money from a bank or a financial institution. This loan is considered a liability because the borrower has an obligation to repay the borrowed amount, usually with interest, over a specified period of time. Therefore, a mortgage is a financial liability that represents an outstanding debt.

The correct answer is Service, Merchandising, Manufacturing. These are different types of businesses based on the nature of their operations. A service business provides intangible services to customers, such as consulting or healthcare. A merchandising business buys and sells physical products, acting as a middleman between manufacturers and consumers. A manufacturing business produces goods by transforming raw materials into finished products. These three types of businesses represent distinct sectors in the economy and have different operational processes and business models.

A sole proprietorship is the most common form of business organization because it is the simplest and easiest to set up. In this type of business, there is only one owner who has complete control over all aspects of the business. The owner is personally liable for all debts and obligations of the business, but also receives all profits. This form of business organization is often chosen by small businesses or individuals starting out on their own due to its simplicity and low cost of formation.

The accounting equation states that assets should be equal to the sum of liabilities and owner's equity. This equation is the foundation of double-entry bookkeeping and ensures that the balance sheet remains in balance. Assets represent the resources owned by a company, liabilities represent the company's debts or obligations, and owner's equity represents the owner's investment in the business. By maintaining this equation, a company can accurately track its financial position and ensure that all transactions are properly recorded.