JCFAPLYMPICS Business E-Quiz

JCFAPLYMPICS Business E-Quiz

University

20 Qs

quiz-placeholder

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JCFAPLYMPICS Business E-Quiz

JCFAPLYMPICS Business E-Quiz

Assessment

Quiz

Other

University

Practice Problem

Medium

Created by

Charlene Billones

Used 8+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Easy: Which of the following is a characteristic of a valid contract?

Verbal agreement

Agreement made by minors

Agreement made under duress

Agreement made by intoxicated persons

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Easy: What is the term used for the amount of income subject to tax after all deductions and exemptions have been applied?

Gross income

Net income

Taxable income

Adjusted gross income

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Easy: In a sole proprietorship, who bears all the risks and rewards of the business?

Shareholders

Partners

Owners

Customers

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Easy: Which type of partnership involves all partners sharing equally in both responsibility and liability?

Limited partnership

General Partnership

Joint partnership

Silent partnership

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Easy: What is the primary advantage of forming a corporation?

Limited Liability

Simplicity of formation

Sole ownership

Unlimited liability

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Easy: What is a cooperative?

A business owned and operated by the government

A business owned and operated by its members

A business owned and operated by a single individual

A business owned and operated by shareholders

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Easy: What happens to the price of a product when there is an increase in demand and a decrease in supply?

Price decreases

Price increases

Price remains unchanged

Price fluctuates randomly

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