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Business Terms Quiz - Week 1

Total questions: 24

Worksheet time: 18mins

Name
Class
Date
1.

Which term describes the financial gain after all expenses are subtracted from revenue?

a)

Interest

b)

Profit

c)

Expense

d)

Break-even Point

2.

Which term refers to the point at which total revenue equals total costs, resulting in no net loss or gain?

a)

Break-even Point

b)

Profit

c)

Interest

d)

Stock

3.

Which term refers to items that are produced for sale?

a)

Goods

b)

Services

c)

Dividends

d)

Expense

4.

What is the fee a business pays to a lender to borrow money called?

a)

Revenue

b)

Profit

c)

Interest

d)

Expense

5.

What term describes an organization engaged in commercial, industrial, or professional activities?

a)

Revenue

b)

Business

c)

Expense

d)

Interest

6.

What is the financial benefit realized when revenue exceeds expenses, costs, and taxes?

a)

Break-even Point

b)

Revenue

c)

Profit

d)

Interest

7.

Which term refers to the money a business pulls in after accounting for all expenses?

a)

Revenue

b)

Profit

c)

Interest

d)

Expense

8.

Which term is used to describe the amount of money a business earns over a set period?

a)

Expense

b)

Revenue

c)

Interest

d)

Profit

9.

What is the term for the cost incurred by businesses in their daily operations?

a)

Revenue

b)

Expense

c)

Interest

d)

Profit

10.

What is the term for the point where a business neither makes a profit nor a loss?

a)

Break-even Point

b)

Revenue

c)

Expense

d)

Interest

11.

What term describes intangible, value-added activities that a company provides to its customers?

a)

Goods

b)

Services

c)

Stock

d)

Dividends

12.

What represents a share in the ownership of a company, including a claim on the company's earnings and assets?

a)

Goods

b)

Services

c)

Stock

d)

Dividends

13.

Which of the following is considered the core of what a company does to create value for its customers and generate revenue?

a)

Goods

b)

Services

c)

Stock

d)

Dividends

14.

Which term is used for activities that add value but are not tangible?

a)

Goods

b)

Services

c)

Stock

d)

Dividends

15.

Which of the following is a tangible product?

a)

Services

b)

Stock

c)

Goods

d)

Dividends

16.
___________is money left after all expenses of running a business have been deducted from the income.
a)
Profit
b)
Capital
c)
Cost
d)
Surplus
17.

All income that a business receives over a period of time is called profit.

a)

True

b)

False

18.
What does break even point show?
a)
where a business is neither making a profit or loss
b)
how many items to make
c)
how much profit they're making
d)
where a business has more fixed costs than variable
19.
House: Goods or Service?
a)
Goods
b)
Service
20.
What is an example of a service?
a)
A bus journey
b)
A bus
c)
A bus stop
21.

What do we call a fee that is collected for using someone's money?

a)

Deposit

b)

Interest

c)

Loan

d)

Check

22.
Examples may include salaries, utilities, rent, insurance, and office supplies.
a)
Revenue
b)
Expense
c)
Net Income
d)
Net Loss
23.
Breakeven happens when income is equal to expenses
a)
True
b)
False
24.

What term is used to describe the total amount of money a company receives from its business activities?

a)

Revenue

b)

Profit

c)

Interest

d)

Expense