Hardest Trivia Quiz On Human Resources
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All profits go to the owner is an advantage of sole proprietorship.
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True
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False
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About This 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!
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- 2.
Owner's Equity is the owner's claims to the business' cash only.
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True
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False
Correct Answer
A. FalseExplanation
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.Rate this question:
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- 3.
Which of the following is an example of a liability?
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Cable bill
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Mortgage
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Accounts recievable
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Car
Correct Answer
A. MortgageExplanation
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.Rate this question:
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- 4.
The following are Types of businesses.
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Service, Merchandising, Manufacturing
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Service, Sole Proprietorship, Manufacturing
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Sole Proprietorship, Partnership, Corporation
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Assets, Expenses, Income
Correct Answer
A. Service, Merchandising, ManufacturingExplanation
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.Rate this question:
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- 5.
The amount of money earned after the costs of operating a business are paid is_____________.
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Revenue
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Income
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Profit
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Capital
Correct Answer
A. ProfitExplanation
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.Rate this question:
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- 6.
The most common form of business organization is the ________________.
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Partnership
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Sole proprietorship
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Corporation
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Not-for-profit
Correct Answer
A. Sole proprietorshipExplanation
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.Rate this question:
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- 7.
The 3 forms of businesses (ownership structures) are:
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Revenue, profit, income
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Service, Manufacturing, Corporation
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Sole proprietorship, Partnership, Corporation
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Partnership, Withdrawal, Owner's equity
Correct Answer
A. Sole proprietorship, Partnership, CorporationExplanation
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.Rate this question:
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- 8.
A service business __________
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Has only one owner
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Never earns a profit
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Buys raw materials, uses labor and machinery to transforms them into finished products
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Provides a needed service for a fee
Correct Answer
A. Provides a needed service for a feeExplanation
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.Rate this question:
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- 9.
A merchandising business _______________.
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Bakes bread and packages it for the grocery store
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Buys finished products and resells them to individuals or other businesses
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Does not need accountants
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Buys raw materials, uses labor and machinery to transforms them into finished products
Correct Answer
A. Buys finished products and resells them to individuals or other businessesExplanation
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.Rate this question:
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- 10.
The accounting equation is ____________________
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Revenue - expenses = Net income
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Assets + Liabilities = Owner's Equity
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Assets - Liabilities = Owner's Equity
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Assets = Liabilities + Owner's Equity
Correct Answer
A. Assets = Liabilities + Owner's EquityExplanation
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.Rate this question:
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- 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)
Correct Answer
272.13
272
272.00
272.132Explanation
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.Rate this question:
- 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)
Correct Answer
18.75
18.76Explanation
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.Rate this question:
- 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)
Correct Answer
643.88
643.87Explanation
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.Rate this question:
- 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)
Correct Answer
441
441.00Explanation
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.Rate this question:
- 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)
Correct Answer
1327.99
1328Explanation
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.Rate this question:
- 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
Correct Answer
593.10
593.1Explanation
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.Rate this question:
- 17.
Brad worked a total of 50 hours. Identify the regular hours worked.
Correct Answer
40Explanation
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.Rate this question:
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Current Version
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Mar 21, 2023Quiz Edited by
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May 13, 2014Quiz Created by
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