Business and Economics Quiz

What is a Business License?

• Government paper making it legal for you to operate your business.

• A certificate for completing a business course.

• A permit to hire employees.

• A contract between two companies.

What does Disposable Income refer to?

• Income used only for paying taxes.

• Income that is not committed to a particular use and can be used flexibly on whatever someone wants to purchase.

• Income that is saved for retirement.

• Income that is used to pay off debts.

What is a Sole Proprietorship?

• A business owned by multiple partners.

• A non-profit organization.

• A business owned by one person who may or may not hire employees.

• A corporation with shareholders.

What is the Gig Economy?

• An economy based on long-term employment.

• Activity where people earn income providing on-demand work, services or goods, often through an app or website.

• A traditional 9-to-5 job market.

• An economy focused on manufacturing.

What is a Corporation?

• A type of partnership with limited liability.

• A temporary business arrangement.

• A business owned by a single individual.

• An organization that was formed to act as an individual in the legal sense and thus removing liability from the individuals involved.

What is a Resume?

• A summary of a person's education, experience, and skills that are used when searching for a job.

• A legal document for business registration.

• A financial statement for a company.

• A marketing plan for a new product.

What is Workforce Displacement?

• The hiring of new employees.

• The promotion of employees within a company.

• Lost or left jobs because their company closed or moved, there was insufficient work for them to do, or their position or shift was abolished.

• The relocation of a company's headquarters.

What is Net Income?

• A tax deducted from gross income for social security benefits.

• The total amount of money earned before any deductions.

• A summary of a person's education, experience, and skills.

• The actual amount of money received after taxes and other payroll deductions have been subtracted from gross income. ( after taxes and other payroll deductions)

Which of the following best describes a Partnership?

• An individual contracted temporarily to perform a job.

• A tax deducted from gross income for federal income tax.

• A way of organizing a business that involves having 2 or more owners.

• A business owned by one person.

What is a Social Security Tax?

• A tax for paying state income tax.

• A tax for business licenses.

• A tax for contributing to Medicare benefits.

• A tax deducted from gross income for the purpose of contributing to social security benefits.