Business and Economics Quiz

Question 1

What is it called when the economy is growing and the GDP is rising?

Accepted Answer

expansion

Question 2

What is the total amount of earnings BEFORE taxes and other payroll deductions are taken out called?

Accepted Answer

gross pay

Question 3

Who are the major policy and financial decision makers of a corporation determined by?

Accepted Answer

board of directors

Question 4

Which insurance policy pays money upon the death of the person insured?

Accepted Answer

life insurance

Question 5

What is one of the first things that a creditor considers before lending you money?

Accepted Answer

your capacity to pay it back

Question 6

What is a significant decline in total output, income, employment, and trade in an economy known as?

Accepted Answer

recession

Question 7

A notice that requires that information about all costs of borrowing money be given by the borrower to the creditor.

Accepted Answer

Truth-in-Lending Disclosure

Question 8

Which one is an example of a long-term loan?

Accepted Answer

mortgage payment

Question 9

What is the total amount of earnings AFTER taxes and payroll deductions are taken out called?

Accepted Answer

net pay

Question 10

Which one is NOT a reason to be denied credit?

Accepted Answer

gender

Question 11

What is payment to an employee for work performed including wages or salaries, incentives, and benefits called?

Accepted Answer

compensation

Question 12

An evaluation used to assess employees to see how well they are performing their jobs and meeting their goals.

Accepted Answer

performance appraisal

Question 13

What does the business cycle describe?

Accepted Answer

economy's level of output fluctuates between times of recession & expansion

Question 14

What is the process of dividing the market into smaller groups based on different variables known as?

Accepted Answer

market segmentation

Question 15

Which one is an example of a variable expense?

Accepted Answer

groceries

Question 16

A business that buys products from wholesalers, or directly from producers, and sells them to consumers to make a profit

Accepted Answer

retailer

Question 17

What is the amount a policyholder must pay for insurance coverage called?

Accepted Answer

premium

Question 18

What does total revenue minus total expenses equal?

Accepted Answer

net income

Question 19

What is the total amount it costs for a loan, including interest and fees called?

Accepted Answer

finance charge

Question 20

Which best describes the law of demand?

Accepted Answer

as the price goes down, demand goes up

Question 21

What is an asset?

Accepted Answer

property or items of value a business owns

Question 22

Which loan is backed by collateral?

Accepted Answer

secured loan

Question 23

What is it called when you spend more money than you budgeted for?

Accepted Answer

unfavorable variance

Question 24

Which one is not a service for online banking (e-banking)?

Accepted Answer

printing new checks

Question 25

What is the process of finding, selecting, training, and evaluating employees known as?

Accepted Answer

human resource management

Question 26

What are dynamic activities that identify, anticipate, and satisfy customer demand while making a profit called?

Accepted Answer

marketing

Question 27

What are the activities involved in getting a product from one place to the end user known as?

Accepted Answer

distribution

Question 28

What is it called when you spend less money than you budgeted?

Accepted Answer

favorable variance

Question 29

What is this card also known as an ATM card?

Accepted Answer

debit

Question 30

Which one is NOT part of the Marketing Mix?

Accepted Answer

processing

Question 31

When does a business make a profit?

Accepted Answer

revenue is greater than expenses

Question 32

What is the market value of all final products produced in a country during a specific time period known as?

Accepted Answer

GDP (Gross Domestic Product)

Question 33

What is targeting a large group of people who might buy a product known as?

Accepted Answer

mass marketing

Question 34

What is the amount of money you will receive when you cash your paycheck called?

Accepted Answer

take-home pay (net pay)

Question 35

What is property the borrower promises to give up in case of default (non-payment) on the loan called?

Accepted Answer

collateral

Question 36

What is a liability?

Accepted Answer

debts owed to others

Question 37

The practice of advertising one product with the intent of persuading customers to buy a more expensive item.

Accepted Answer

bait & switch

Question 38

What is an agreement to get money, goods, or services now in exchange for a promise to pay it back in the future called?

Accepted Answer

credit

Question 39

What is net worth?

Accepted Answer

the difference between your assets and your liabilities

Question 40

What is an association of two or more people who co-own a business with the objective of earning a profit called?

Accepted Answer

partnership

Question 41

What is revenue?

Accepted Answer

income generated by the sale of goods and services

Question 42

Business that purchases large quantities of products directly from producers & sells to distributors

Accepted Answer

wholesaler

Business and Economics Quiz

Questions 42

Business and Economics Quiz

Questions 42