Financial Trivia Quiz

An important aspect to remember when managing money is to:

• Create a budget

• Ignore economic conditions

• Complete a performance review

• Buy equipment using loans

Which of the following items must be reported to the IRS as employee income?

• Change given to a client after payment

• Operating expenses

• Tips received

• Money paid to vendors for products

Keep all records of daily sales and services for:

• 5-7 years

• 2-4 years

• 11-13 years

• 8-10 years

Another name for an individual owner with complete control of a business is:

• Business partner

• Stockholder

• Manager

• Sole proprietor

Money contributed to a Roth IRA can grow and be withdrawn essentially tax-free.

• False

• True

What is the name given to the amount of money collected from the sale of goods and services?

• Sale

• Revenue

• Profit

• Cash

Money left over after all expenses of running a business have been deducted from income revenue is:

• Capital

• Enterprise

• Profit

• Investment

One of the risks of being in business for yourself is:

• Uncertain income

• Being your own boss

• Competition

• Loss of prestige

There are strategies that can help limit the amount of taxes you need to pay.

• True

• False

What types of expenses are tax deductible?

• Subscriptions

• Materials/Supplies

• Rent

• All of the above