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Unit 3: Financial Literacy

Authored by Jennifer Hunt

Business

10th Grade

Used 15+ times

Unit 3: Financial Literacy
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the act of creating a business while building and scaling it to generate a profit?

Payroll

Revenue

Net income

Entrepreneurship

Answer explanation

Entrepreneurship is the act of creating a business while building and scaling it to generate a profit, making it the correct choice.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the expenses incurred during the process of creating a new business?

Net profit

Start-up costs

Operating costs

Operating income

Answer explanation

Start-up costs are the expenses incurred during the process of creating a new business, including initial investments and one-time fees.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following factors is most likely to impact an organization's operating costs?

Employee wellness programs and benefits

Political stability in the country of operation

Technological advancements and automation

Changes in consumer preferences and tastes

Answer explanation

Technological advancements and automation are most likely to impact an organization's operating costs by changing processes and reducing manual labor expenses.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False: A business's operating costs and start-up costs are usually the exact same amount.

True

False

Answer explanation

False - Operating costs and start-up costs are typically different amounts, with start-up costs being one-time expenses to establish the business and operating costs being ongoing expenses to run the business.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Multiplying the selling price of a product by the number of products sold will calculate your business's what?

Payroll

Revenue

Gross profit

Entrepreneurship

Answer explanation

Multiplying the selling price of a product by the number of products sold calculates your business's revenue, not payroll, gross profit, or entrepreneurship.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the overall purpose of financial statements?

To calculate the profitability of executive bonuses

To entertain readers with interesting financial data

To facilitate tax evasion by concealing financial information

To evaluate the overall business financial situation

Answer explanation

The overall purpose of financial statements is to evaluate the overall business financial situation.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In order for a balance sheet to balance, the sum of liabilities and equity must equal what?

Assets

Net income

Direct expenses

Sum of interests and taxes

Answer explanation

In order for a balance sheet to balance, the sum of liabilities and equity must equal assets.

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