Business Terms Trivia: MCQ Quiz!
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Questions and Answers
- 1.
What type of business would Procter & Gamble, or Kraft be categorized as?
- A.
Advertising Agency
- B.
Utilities
- C.
Industrial Engineering
- D.
Consumer Products Group
Correct Answer
D. Consumer Products GroupExplanation
Procter & Gamble and Kraft are both well-known companies that produce and sell consumer products, such as household goods, personal care items, and food products. Therefore, they would be categorized as part of the Consumer Products Group.Rate this question:
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- 2.
The tendency toward a worldwide investment environment is termed as what?
- A.
Freddie Mac
- B.
Commercial Underwriting
- C.
Globalization
- D.
Mutual Funds
Correct Answer
C. GlobalizationExplanation
Globalization refers to the increasing interconnectedness and interdependence of countries through the exchange of goods, services, information, and ideas. It involves the integration of national economies into the global economy, leading to the flow of capital, technology, and labor across borders. This trend has led to the creation of a worldwide investment environment, where investors can easily invest in different countries and access a wide range of investment opportunities.Rate this question:
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- 3.
Profit earned before expenses are taken into consideration, is what type of profit?
- A.
After-tax
- B.
Gross
- C.
Net
- D.
Deductible
Correct Answer
B. GrossExplanation
Profit earned before expenses are taken into consideration is known as gross profit. Gross profit represents the total revenue generated by a business minus the cost of goods sold. It is a measure of the profitability of a company's core operations and does not include any deductions or expenses such as taxes or operating expenses. Gross profit is an important indicator of a company's ability to generate revenue and cover its production costs.Rate this question:
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- 4.
Invoices or bills sent to a company to be paid, are directed to what department?
- A.
Accounts Receivable
- B.
Customer Service
- C.
Accounts Payable
- D.
Treasury
Correct Answer
C. Accounts PayableExplanation
Invoices or bills sent to a company to be paid are directed to the Accounts Payable department. This department is responsible for processing and managing all outgoing payments on behalf of the company. They ensure that invoices are accurately recorded, approved, and paid in a timely manner. By directing invoices to the Accounts Payable department, the company can effectively track and manage its expenses and maintain good relationships with its suppliers.Rate this question:
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- 5.
What type of educational financial aid does not have to be paid back?
- A.
Stafford Loan
- B.
Sallie Mae Loan
- C.
Credit Card
- D.
Grant
Correct Answer
D. GrantExplanation
A grant is a type of educational financial aid that does not have to be paid back. Unlike loans, grants are typically awarded based on financial need or merit and do not require repayment. They are essentially free money given to students to help cover their educational expenses. Grants can be provided by the government, colleges, or private organizations, and they can be used for tuition, books, housing, and other related costs. Grants are a valuable source of funding for students who may not have the means to pay for their education on their own.Rate this question:
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- 6.
A transaction that reduces the risk of investment shares its name with what plant?
- A.
Hedge
- B.
Bush
- C.
Fern
- D.
Fir
Correct Answer
A. HedgeExplanation
A transaction that reduces the risk of investment shares its name with the plant "Hedge". A hedge is a financial strategy used to protect against potential losses by offsetting the risk of an investment. Just like a physical hedge provides a barrier or protection, a financial hedge minimizes the impact of adverse price movements in investments. Therefore, the correct answer is "Hedge".Rate this question:
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- 7.
What is the three-letter term for payment that is later than expected or required?
- A.
Lag
- B.
Lug
- C.
Leg
- D.
Log
Correct Answer
A. LagExplanation
A lag refers to a delay or a period of time that is later than expected or required. In the context of payments, a lag would indicate a payment that is made later than the expected or required deadline. Therefore, "lag" is the correct three-letter term for this situation.Rate this question:
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- 8.
A corporation that owns enough voting stock in another firm to control management becomes it's what?
- A.
Grandfather Clause
- B.
Merger
- C.
Stock Of Record
- D.
Holding Company
Correct Answer
D. Holding CompanyExplanation
A holding company is a corporation that owns enough voting stock in another firm to control its management. This means that the holding company has the power to make important decisions and influence the direction of the controlled firm. The term "holding" implies that the company's primary purpose is to hold and control the stocks of other companies rather than engaging in day-to-day operations. Therefore, a holding company is the correct answer in this context.Rate this question:
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- 9.
In the U.S., whose rules govern the keeping of corporate tax books?
- A.
NATO
- B.
IMAX
- C.
Commodity Sites
- D.
IRS
Correct Answer
D. IRSExplanation
The correct answer is IRS because the IRS, which stands for Internal Revenue Service, is the government agency responsible for administering and enforcing tax laws in the United States. They are in charge of overseeing the keeping of corporate tax books and ensuring that businesses comply with tax regulations. NATO, IMAX, and Commodity Sites are unrelated to the governance of corporate tax books in the U.S.Rate this question:
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- 10.
The value of a company's employees is sometimes referred to as what?
- A.
Bond Equity
- B.
Human Capital
- C.
Pyramid Scheme
- D.
Hurdle Rate
Correct Answer
B. Human CapitalExplanation
Human capital refers to the value that employees bring to a company through their skills, knowledge, and abilities. It recognizes that employees are an important asset and can contribute significantly to a company's success. This term is often used to emphasize the importance of investing in employee development and creating a positive work environment to maximize their potential.Rate this question:
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- 11.
What is the act of returning state-owned or state-run companies back to the private sector?
- A.
Private Placement
- B.
PEFCO
- C.
Probability Function
- D.
Privatization
Correct Answer
D. PrivatizationExplanation
Privatization refers to the act of transferring ownership and control of state-owned or state-run companies back to the private sector. This process involves selling shares or assets of these companies to private individuals or entities. Privatization is often undertaken to improve efficiency, promote competition, and attract investment in the economy. It allows the government to focus on its core functions and reduces the burden of managing and funding these companies.Rate this question:
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- 12.
Countries with lower taxes are known as what?
- A.
Tax Shields
- B.
Merger Specialists
- C.
Tax Havens
- D.
Illegal Everywhere
Correct Answer
C. Tax HavensExplanation
Countries with lower taxes are known as tax havens. Tax havens are jurisdictions that offer favorable tax rates and regulations to attract businesses and individuals seeking to minimize their tax liabilities. These countries often have low or no income tax, low corporate tax rates, and provide various tax incentives to encourage investment and financial activities. Tax havens are often criticized for facilitating tax evasion and money laundering, but they are legal and commonly used by individuals and corporations to reduce their tax burdens.Rate this question:
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- 13.
Your taxable income is your gross income minus what?
- A.
How Much You Spend
- B.
Deductions
- C.
Promotion Costs
- D.
Miles You Drive
Correct Answer
B. DeductionsExplanation
Your taxable income is the amount of income that is subject to taxation after deducting certain expenses or deductions. These deductions can include items such as business expenses, medical expenses, mortgage interest, and charitable contributions. By subtracting these deductions from your gross income, you arrive at your taxable income, which is the amount on which you will be taxed.Rate this question:
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- 14.
What is the relative likelihood of a particular outcome among all possible outcomes?
- A.
Net Advantage
- B.
Offset
- C.
Possibility
- D.
Probability
Correct Answer
D. ProbabilityExplanation
Probability refers to the relative likelihood of a specific outcome occurring among all possible outcomes. It is a measure of how likely an event is to happen, and is often expressed as a number between 0 and 1. The higher the probability, the more likely the outcome is to occur. In this context, probability is the most appropriate term that describes the relative likelihood of a particular outcome among all possible outcomes.Rate this question:
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- 15.
An entry-level position abbreviated as Adm. Asst. would be what?
- A.
Advertising Agency
- B.
Admissions Assistant
- C.
Administrative Asset
- D.
Administrative Assistant
Correct Answer
D. Administrative AssistantExplanation
An entry-level position abbreviated as Adm. Asst. would be an Administrative Assistant. This position typically involves providing administrative support to a team or individual within an organization. Administrative assistants are responsible for tasks such as scheduling appointments, managing correspondence, organizing files, and coordinating meetings. They play a crucial role in ensuring the smooth functioning of an office or department.Rate this question:
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- 16.
If you tender an offer, you do what?
- A.
Make A Very Low Offer
- B.
Withdraw An Offer
- C.
Add Restrictions To Offer
- D.
Make An Offer
Correct Answer
D. Make An OfferExplanation
If you tender an offer, it means that you make an offer. This implies that you are proposing or presenting an offer to someone, typically in a business or legal context. It could be an offer to buy something, offer services, or enter into a contract. The act of tendering an offer involves expressing your willingness to enter into a transaction or agreement with someone else.Rate this question:
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- 17.
What legal document is needed to establish a corporation's structure and purpose?
- A.
Articles Of Incorporation
- B.
Procurement Provision
- C.
Lessee Agreement
- D.
By-law
Correct Answer
A. Articles Of IncorporationExplanation
The correct answer is Articles of Incorporation. This legal document is required to establish a corporation's structure and purpose. It includes important information such as the corporation's name, address, purpose, and the number and type of shares it is authorized to issue. The Articles of Incorporation also outline the rights and responsibilities of the corporation's shareholders, directors, and officers. This document must be filed with the appropriate government agency in order to legally form a corporation.Rate this question:
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- 18.
In multicurrency loans, the borrower can draw a loan in different kinds of what?
- A.
Currencies
- B.
Dollars
- C.
Euros
- D.
Countries
Correct Answer
A. CurrenciesExplanation
The correct answer is "Currencies." In multicurrency loans, the borrower has the flexibility to draw a loan in different types of currencies. This means that they can choose to borrow in currencies such as dollars, euros, or any other currency that is accepted by the lender. This allows borrowers to manage their currency risk and take advantage of favorable exchange rates.Rate this question:
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- 19.
Vacation days, sick days, and personal days are sometimes lumped together as PTO, which means what?
- A.
Principle Team Office
- B.
Paid Time Off
- C.
Personal Days
- D.
Play Today Okay?
Correct Answer
B. Paid Time OffExplanation
The correct answer is "Paid Time Off" because PTO is an acronym that stands for Paid Time Off. It is a policy that combines various types of leave, such as vacation days, sick days, and personal days, into a single bank of time that employees can use for any reason they choose. This allows employees more flexibility in managing their time off and provides them with paid leave for various purposes.Rate this question:
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- 20.
When a company files Chapter 11, it is doing what?
- A.
Declaring Bankruptcy
- B.
Publishing A Handbook
- C.
Storing Old Files
- D.
Doing An Internal Audit
Correct Answer
A. Declaring BankruptcyExplanation
When a company files for Chapter 11, it is declaring bankruptcy. Chapter 11 is a form of bankruptcy that allows a business to reorganize its debts and continue its operations under court supervision. By filing for Chapter 11, a company acknowledges that it is unable to meet its financial obligations and seeks protection from creditors while it develops a plan to repay its debts and restructure its operations. This allows the company to potentially emerge from bankruptcy as a healthier and more financially stable entity.Rate this question:
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