WorksheetsFinal Exam Business
Total questions: 55
Worksheet time: 19mins
Name
Class
Date
1.
Which of the following is NOT a common way businesses pay employees?
a)
bi-weekly
b)
monthly
c)
weekly
d)
yearly
2.
A W-2 is a summary of a worker’s earnings for the previous year and includes the amount deducted for taxes.
a)
True
b)
False
3.
All of the following are private businesses that collect/publish financial info on similar businesses/industries EXCEPT
a)
Standard and Poor’s.
b)
Value Line.
c)
the National Federation of Independent Business
d)
Dun and Bradstreet.
4.
At the end of a period covered by a budget, the business will prepare new financial statements.
a)
True
b)
False
5.
Which of the following would NOT be considered one of the marketing functions?
a)
pricing
b)
repairing
c)
promotion
d)
selling
6.
Services are intangible; This means that
a)
They have no physical form.
b)
Their availability must match demand at a specific time
c)
they cost more than products
d)
There will be differences in the type & quality of service
7.
Which of the following is NOT a c from the Three Cs of Credit?
a)
capital
b)
capacity
c)
creativity
d)
character
8.
After several new product ideas have been generated, companies will
a)
produce a few and test them to see which is most popular
b)
develop marketing strategies for all of them
c)
evaluate the ideas to determine which is most likely to work
d)
determine a production proceedure
9.
To prepare a budget, a business must be able to identify and predict the amount of each source of income and expense
a)
True
b)
False
10.
Except for some retirement accounts, the FDIC insures all accounts in the same name at each bank up to an amount of
a)
$25,000.
b)
$250,000.
c)
$2,500.
d)
$2,500,000.
11.
When you put money into your checking account, you will fill out a
a)
check stub
b)
check register
c)
signature card
d)
deposit slip
12.
A creditor is a business or individual who is willing and able to provide information about your creditworthiness.
a)
True
b)
False
13.
This nondeposit financial institution makes loans for durable goods like cars, refrigerators, & financial emergencies.
a)
pawnshop
b)
consumer finance company
c)
investment company
d)
credit union
14.
Zack has endorsed a check by writing “For deposit only” above his signature. This is a
a)
blank endorsement.
b)
full endorsement.
c)
special endorsement.
d)
restrictive endorsement.
15.
Contests, games and product give-aways are examples of
a)
sales promotions
b)
publicity
c)
personalized promotions
d)
public relations
16.
Which type of financial records identify the amount assets have decreased in value due to their age and use
a)
asset records
b)
cash records
c)
depreciation records
d)
accounts payable records
17.
A successful budget
a)
should not need to be re-evaluated once it is in place.
b)
should never show any variances.
c)
should be flexible.
d)
should reflect current and future income.
18.
This regulation requires credit bureaus to delete info dealing with a personal bankruptcy that is more than 10 yrs old
a)
Bankruptcy Act of 2002
b)
Consumer Credit Reporting Reform Act
c)
Fair Debt Collection Practices Act
d)
Fair Credit Reporting Act
19.
A statement will report all of the following information EXCEPT
a)
the balance that was due when the last statement was mailed.
b)
whether the item was purchased on sale.
c)
the amounts charged during the month.
d)
the amounts credited to your account for returned items.
20.
To plan effective promotions, marketers must first
a)
make sure they have a large advertising budget.
b)
have face to face meetings with customers.
c)
understand the communication process.
d)
know what their message is.
21.
If you lose your debit card your liability for purchases is only $50 if you notify your bank within 2 days of the loss.
a)
True
b)
False
22.
An artificial limit placed on minority groups moving into positions of authority and decision making is called the
a)
iron curtain
b)
silver-lined cloud
c)
glass ceiling
d)
velvet glove
23.
A majority of employees in most businesses receive a weekly or monthly salary.
a)
True
b)
False
24.
Almost ___________________ percent of U.S. banks are FDIC members.
a)
90
b)
75
c)
50
d)
99
25.
If you borrowed $100 for one year and paid $110 at maturity, the interest rate you paid would be 10 percent.
a)
True
b)
False
26.
A canceled check is a check that has been paid by the bank.
a)
True
b)
False
27.
Which of the following scenarios will most likely result in comparatively low prices?
a)
A product has few close competitors because it is unique.
b)
A product is highly complex and technical.
c)
Supply for a product is low and demand is high.
d)
Products are sold at a large warehouse store with no service
28.
This type of credit occurs when a company receives goods from a supplier and pays for them later
a)
loan credit
b)
property credit
c)
sales credit
d)
trade credit
29.
All of the following are improper check-writing procedures EXCEPT
a)
avoid making checks payable to “Cash.”
b)
overdraw your account whenever possible
c)
postdate all of your checks.
d)
write your checks in pencil.
30.
Personal selling is usually done
a)
on the internet
b)
by telephone
c)
via advertising
d)
face to face with the customer
31.
This type of charge account requires the buyer to make full payment within a stated period.
a)
regular charge account
b)
revolving charge account
c)
budget charge account
d)
sales charge account
32.
In a ____________________ plan, employees receive their regular compensation plus a portion of the company’s earnings.
a)
stock options
b)
straight salary
c)
profit-sharing
d)
cafeteria
33.
Which of the following require disclosure of the APR?
a)
sales credit agreements
b)
loan credit agreements
c)
both a and b
d)
neither a nor b
34.
Financial analysts do not expect much further change in the way Americans use banks and money.
a)
True
b)
False
35.
Which of the following generally is NOT a goal of a business budget?
a)
to predict the types and amounts of expenses for the business
b)
to determine the sources and amounts of income
c)
to convince employees to take a pay cut so the business won't go bankrupt
d)
to determine how income will be distributed to cover expenses
36.
Which of the following correctly shows the budgeting process?
a)
set goals; maintain records; plan categories: evaluate
b)
plan categories; set goals; maintain records; evaluate
c)
set goals; plan categories; maintain records; evaluate
d)
maintain records; plan categories; evaluate; set goals
37.
Simple interest =
a)
P x R
b)
P x R x T
c)
P x T
d)
S x R x T
38.
This regulation requires that you be told the cost of credit before signing an agreement.
a)
Fair Credit Reporting Act
b)
Fair Credit Billing Act
c)
Equal Credit Opportunity Act
d)
Truth-in-Lending Law of 1968
39.
Which of the following would NOT be considered a benefit?
a)
paid vacation
b)
unpaid vacation
c)
health insurance
d)
salary
40.
This work arrangement offers one job to two people, each of whom works a part-time schedule.
a)
Flexspace
b)
Telecommuting
c)
Job Sharing
d)
Flextime
41.
One of the first things you should do as part of the financial planning process is to
a)
purchase life insurance
b)
develop financial goals
c)
create a balance sheet and cash flow statement
d)
begin searching for a better-paying job
42.
A pension is the amount of money an insurance company pays to a person who has previously deposited money.
a)
True
b)
False
43.
Take-home pay is
a)
the amount of a paycheck before taxes and other payroll deductions.
b)
the money you have available to spend
c)
the amount you will receive when you cash your paycheck.
d)
cash inflows minus cash outflows.
44.
Bonita writes many checks each month. Which type of checking account is probably the best choice for her?
a)
interest-earning checking account
b)
special checking account
c)
regular checking account
d)
activity checking account
45.
Which of the following is a disadvantage of using credit?
a)
immediate possession
b)
convenience
c)
credit rating
d)
overbuying
46.
Which of the following is one of the service-providing industries?
a)
agriculture
b)
mining
c)
real estate
d)
construction
47.
The Federal Trade Commission reports that credit card fraud is a major problem.
a)
True
b)
False
48.
A business will make a profit if
a)
revenue equals expenses
b)
expenses decrease and revenue increases
c)
expenses are greater than revenue
d)
revenue is greater than expenses
49.
Personalized promotion is the most effective and least expensive form of marketing communication.
a)
True
b)
False
50.
This part of Social Security provides death benefits to dependents of workers who die.
a)
survivors insurance
b)
retirement insurance
c)
disability insurance
d)
unemployment insurance
51.
Mutual savings banks are organized mainly for
a)
business loans
b)
savings and home loans
c)
check cashing
d)
car loans
52.
With ____________________, the bank deducts payments from your account and transfers them to the appropriate companies.
a)
credit cards
b)
automatic teller machines
c)
automatic bill payment
d)
direct deposit
53.
Choosing target markets and studying their needs and decision-making processes can make promotion more effective.
a)
True
b)
False
54.
It is illegal for a state or local government to purchase goods on credit.
a)
True
b)
False
55.
All of the following would be considered expenses EXCEPT
a)
interest earned on investments
b)
taxes
c)
purchases of supplies
d)
wages paid to employees
100 %
