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My end of term Quiz

Total questions: 23

Worksheet time: 12mins

Name
Class
Date
1.

How do you calculate profit?

a)

Profit = Sales + Expenses

b)

Profit = Sales - Expenses

c)

Expenses = Sales - Profit

2.

A target market is

a)

a group of investors willing to put capital into a business

b)

a generational group of individuals

c)

a group of consumers at which a product/service is aimed

d)

an industry willing to sell and market your product

3.
Possessing the ability to read, write, and speaking in an understanding, accurate, and professional manner is what characteristic?
a)
Math skills
b)
Communication Skills
c)
Goal- Oriented
d)
Independent
4.

A business model that is aimed at improving the wellbeing of others through its business activities is...

a)

a franchise

b)

a bricks and mortar shop

c)

a social enterprise

d)

an online business

5.
Owners of stocks are called what?
a)
Board of Directors
b)
President
c)
Shareholders
d)
Franchisor
6.
The amount or quantity of goods or services consumers are willing and able to buy:
a)
Demand
b)
Supply
c)
Equilibrium
d)
Scarcity
7.

a measurement of the value of one nation's currency relative to the currency of other nations

a)

Inflation

b)

Exchange rates

c)

Interest rates

8.

a compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.

a)

Recession

b)

Inflation

c)

Taxes

9.

What is a business plan?

a)

An oral description of what you want the business to be.

b)

A written description of the nature of the business, its goals and objectives, and how they will be achieved.

c)

A written explanation of how the business failed to meet its goals and objectives, and what the owner will do next.

d)

A written document that executives put together in order to justify their job.

10.

What does SWOT stand for? (Select all that apply)

a)

Strengths, Weaknesses, Opportunities, Threats

b)

Specific, Winding, Obtuse, Tangential

c)

Situation, Weakness, Opportunistic, Threatening

d)

Stolen, Won, Obstacles, Teams

11.

A Vision Statement is?

a)

Short term

b)

Long term

c)

Informal plan

d)

Step by step plan

12.

A planning tool that helps a business to not over spend.

a)

Schedule

b)

Budget

c)

Policy

d)

Procedure

13.

A mission statement is used to express a companies

a)

policies & procedures

b)

aims & values

c)

budget & finances

d)

hiring & training

14.

Income is best described as....

a)

Money earnt by selling a good or service to its customers

b)

Money in the Bank

c)

Profit for the year

d)

Money paid for goods

15.

Assets are.....

a)

items owing to the business

b)

items owed by the business

c)

items that the business owns

16.

Fried chicken can be considered as...

a)

A service

b)

Capital goods

c)

Consumer goods

d)

Producer goods

17.
What is the difference between the principle and interest in a loan?
a)
The principle is the monthly fee, and the interest is the initial amount borrowed.
b)
The principle and interest are the same thing.
c)
The principle is the fee paid to the bank, and the interest is the repayment time.
d)
The principle is the initial amount borrowed, and the interest is the cost of borrowing that money.
18.
What is the GST component of $100 where $100 includes GST?
a)
$5
b)
$10
c)
$15
d)
$9.09
19.
What is the GST on something that's $99 where GST is not included?
a)
$10
b)
$9
c)
$8.91
d)
$9.90
20.
What is one benefit of being a sole trader?
a)
Limited liability
b)
Profit sharing
c)
Multiple decision-makers
d)
Independent decision-making
21.
What is a competitive advantage?
a)
A business practice that is illegal but profitable.
b)
A government grant to aid small businesses.
c)
A disadvantage when compared to other businesses.
d)
An edge over competitors in delivering greater value to customers.
22.

What is the role of accounting in a business?

a)
To create advertisements
b)
To handle employee management
c)
To design products
d)
To keep track of financial transactions
23.
What is the GST component of $770 where $770 includes GST?
a)
$77
b)
$70.70
c)
$100
d)
$70

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