JCFAPLYMPICS Business E-Quiz

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

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

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

• Shareholders

• Partners

• Owners

• Customers

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

• Limited partnership

• General Partnership

• Joint partnership

• Silent partnership

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

• Limited Liability

• Simplicity of formation

• Sole ownership

• Unlimited liability

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

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

Easy: Which of the following is a function of management?

• Legalizing contracts

• Filing taxes

• Planning

• Manufacturing products

Average: What is the legal term for a promise exchanged for a promise?

• Offer

• Acceptance

• Consideration

• Capacity

Average: Which of the following is not a type of income tax system?

• Progressive tax

• Regressive tax

• Proportional tax

• Voluntary tax