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WorksheetsDECA Finance Quiz
Total questions: 50
Worksheet time: 2hrs 40mins
Name
Class
Date
1.
A business might conduct a compliance audit to
a)
manipulate financial data to indicate profitability
b)
ensure that it is following government regulations
c)
develop efficient production processes
d)
evaluate its vendors' performance
2.
Which of the following is a tax-deductible gift:
a)
Charitable donation
b)
Vacation home
c)
Stocks
d)
Inherited items
3.
Businesses often maintain records about vendors' pricing, delivery terms, and credit policies and use the information in the records to
a)
follow safe shipping procedures
b)
negotiate higher discounts
c)
monitor inventory levels
d)
award purchasing contracts
4.
A person or business that owes money, goods or services to another.
a)
Debtor
b)
Loaner
c)
Expenditure
5.
Which of the following is a long-term goal:
a)
Finishing your English paper
b)
Passing your history test tomorrow
c)
Washing the dishes
d)
Getting a job at a publishing company
6.
Which of the following are factors that affect a business's decision to offer credit to a customer:
a)
Income, debt ratio, and credit rating
b)
Debt ratio, credit rating, and education
c)
Credit rating, objectives, and income
d)
Debt ratio, education, and objectives
7.
An example of a trade organization is the
a)
Lions Club
b)
Civitan Club
c)
Retail Merchants Association
d)
American Management Association
8.
Which of the following job duties belong to a person who works in corporate finance:
a)
Budgeting, financial planning, and implementing capital structure
b)
Delivering products that transfer risk from customers to the company
c)
Accepting deposits, lending funds, and extending credit
d)
Dealing with cash management, short-term investments, and mortgages
9.
How does analysis of standard costs differ from analysis of a budget?
a)
A budget analysis shows forecasted amounts, while standard cost analysis shows actual costs.
b)
A budget analysis provides an overview, while standard cost analysis shows the details of variances.
c)
A budget analysis deals with quality and quantity considerations, while standard cost analysis deals with quantity considerations.
d)
A budget analysis is conducted by all staff involved in setting the budget, while standard cost analysis is conducted by a departmental manager.
10.
The two basic types of business risk are
a)
theft and death
b)
incompetence and carelessness
c)
pure and speculative
d)
fires and floods
11.
Usually during an economic recession, the prices of goods and services will rise very high while the value of money decreases. At the same time, many workers receive an increase in their nominal wages. These workers will be willing to pay the rising prices because their wages are rising by the same amount. This is a good example of the effects of _________ prices.
a)
unfair
b)
competitive
c)
relative
d)
objective
12.
To make sure he develops a realistic personal budget, Marcel should always
a)
consult with a bookkeeper.
b)
pay his bills on time.
c)
verify his past credit rating.
d)
track and record his expenses.
13.
A credit plan that allows customers to make purchases that are within their credit limit and pay all or part of the balance due each month is referred to as a(n) __________ credit plan.
a)
budget
b)
open
c)
revolving
d)
coupon
14.
Which of the following statements regarding international trade is true:
a)
Internet-based companies can easily become involved in international trade.
b)
Only large companies typically benefit from conducting international trade.
c)
Companies shipping internationally must use freight-forwarding services.
d)
Foreign language skills are required to conduct international trade.
15.
In most cases, the person who initially listens to customer complaints is the
a)
store owner.
b)
sales manager.
c)
buyer.
d)
salesperson.
16.
Which of the following are characteristics of a well-written executive summary:
a)
Error free, simple, and creative
b)
Clear, concise, and error free
c)
Creative, concise, and informal
d)
Concise, informal, and error free
17.
In order to manage your time effectively, all of the things that you want to accomplish should first be
a)
identified
b)
classified
c)
scheduled
d)
prioritized
18.
Which of the following would be out of place in a follow-up letter after a job interview:
a)
A desire to be hired for the job
b)
A comment about the work of the business
c)
A question about salary or benefits
d)
A reference to the applicant's qualifications
19.
A potential investor can assess a stock's volatility by comparing the highest paid price in the past 52 weeks with the
a)
price-earnings ratio.
b)
rate of return.
c)
lowest paid price in 52 weeks.
d)
estimated dividends.
20.
Stockholders monitor a business's income statement because they are the business's
a)
employees.
b)
customers.
c)
owners.
d)
managers.
21.
Accountants are legally required to follow established guidelines when preparing financial documents to ensure that the information presented is
a)
transparent and subjective.
b)
clear and consistent.
c)
subjective and consistent.
d)
irrational and clear.
22.
Gathering and communicating financial information that businesses can use to plan the business's operations is the focus of __________ accounting.
a)
accrual
b)
managerial
c)
financial
d)
equity
23.
Amelia places $250 in a savings account that pays 6.25% interest compounded annually. Calculate the value of her savings account in two years.
a)
$274.86
b)
$282.23
c)
$290.60
d)
$297.77
24.
Lean operations focus on increasing efficiency by reducing __________, while Six Sigma focuses on continuously improving __________ throughout the business.
a)
automation, standards
b)
wages, automation
c)
waste, quality
d)
standards, waste
25.
Jonas is a data scientist at a research firm. Part of his responsibilities include looking through his firm's databases and eliminating redundant data. Jonas is performing
a)
digital analysis.
b)
data normalization.
c)
data filtering.
d)
information scanning.
26.
Which of the following is available to all people around the world who have access to a computer that has connectivity:
a)
Extranet
b)
Intranet
c)
Internet
d)
Broadband
27.
A statement of a firms financial position is a Liquidity Ratio
a)
True
b)
False
28.
When sharing ideas, consensus-building group members should
a)
eliminate a few ideas right away.
b)
consider too few rather than too many ideas.
c)
automatically say no to ideas they don't understand.
d)
. listen actively to other group members.
29.
Good governance is most likely to make a company's investment decisions
a)
more ethical.
b)
subject to individuals' influence.
c)
less regulated.
d)
more vulnerable to outside risk.
30.
Which of the following statements regarding internal control systems is true:
a)
Internal controls are a component of enterprise risk management.
b)
The purpose of an internal control system is to eliminate risk.
c)
Many companies use internal control systems instead of risk management.
d)
If a company has an internal control system, monitoring and reporting are unnecessary.
31.
Businesses often maintain records about vendors' pricing, delivery terms, and credit policies and use the information in the records to
a)
follow safe shipping procedures.
b)
negotiate higher discounts.
c)
monitor inventory levels.
d)
award purchasing contracts.
32.
Combining assets, equity, liabilities and operating accounts of a business and its subsidiaries into one financial statement OR combining two or more businesses through the purchase, merger or ownership transfer to create a new business is known as Consolidation
a)
True
b)
False
33.
A mortgage is used for ...
a)
Buying a new machine
b)
Buying a new vehicle
c)
Buying land or premises
d)
Paying staff wages
34.
Income before taxes are deducted
a)
Net Income
b)
Payroll tax
c)
Gross Income
d)
Check
35.
When income and expenses are equal
a)
Budget
b)
Income
c)
Balanced Budget
d)
Check
36.
What does variable assets mean?
a)
Something a business owns that will last for more than a year.
b)
Something a business owns that will last for less than a year.
c)
Selling various products.
d)
Buying various products.
37.
Which of the following is not a characteristic of demand?
a)
willingness
b)
desire
c)
surplus
d)
ability
38.
Money earned through work, investments, business, and other sources
a)
Income
b)
Debit Card
c)
Credit Card
d)
Check
39.
Typically changes from month to month or week to week depending on the need
a)
Fixed Expenses
b)
Debit Card
c)
Variable Expense
d)
Income Tax
40.
A tax on real estate or personal property
a)
Sales Tax
b)
Property Tax
c)
Income Tax
d)
Payroll Tax
41.
Loan amount: $25,000
7.9% APR for 72 months
Total finance charges: $3,678.32
What is the monthly payment?
7.9% APR for 72 months
Total finance charges: $3,678.32
What is the monthly payment?
a)
398.31
b)
345.32
c)
239.87
d)
347.22
42.
If Sally makes $15.90 an hour. How much will she make in a week?
a)
565
b)
826
c)
636
d)
477
43.
You deposit $400 in a savings account with 5% compounding interest. How much money will be in the account after 2 years?
a)
432.09
b)
420.00
c)
441.00
d)
421.09
44.
A loan is $15,000 with total finance charges of $1,403.39
Find the monthly payment over 36 months.
Find the monthly payment over 36 months.
a)
455.65
b)
456.54
c)
116.98
d)
123.45
45.
What is the after taxes monthly income if federal takes out 15%, 1.45% for medicare, and 6.2% for social security?
Gross annual salary: $45,000
Gross annual salary: $45,000
a)
45067.90
b)
34807.50
c)
2900.63
d)
3452.98
46.
Like a credit card, but it takes money directly from your bank account.
a)
budget
b)
debit card
c)
credit card
d)
checking account
47.
What is capital expenditure?
a)
Money spent for fixed assets which last about 6 months.
b)
Money spent for fixed assets which last about for more than a year.
c)
Money spent on a day-to-day basis.
d)
Money spent per hour rate.
48.
Julia wants to go on a vacation. She works part time at Bruster's and would have to give up 3 shifts (about $100) to go on the trip. This is an example of...
a)
Minimum Payment
b)
Opportunity Cost
c)
Grace Period
d)
Income
49.
Credit union and commercial bank deposits of up to $250,000 are insured by what government backed program?
a)
FED
b)
NCU
c)
FDIC
d)
NAACP
50.
A report that shows all assets, liabilities, and equity
a)
audit
b)
budget
c)
balance sheet
d)
income statement
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