9 Business Revision Quiz

Question 1

When it comes to investing...

Accepted Answer

Low risk investments are low return.

Question 2

Mike wants to organise his money so he can see his income, expenses and whether he has surplus income. Mike should:

Accepted Answer

Put together a personal budget to organise his money.

Question 3

Bill can study for his exam or go to the movies with friends. If he goes to the movies, what is the opportunity cost?

Accepted Answer

He could use that time to study to get a better grade

Question 4

Which classification does a Salary belong to?

Accepted Answer

Income

Question 5

Capital growth is the income you receive from an investment

Accepted Answer

False

Question 6

What is diversification?

Accepted Answer

When you invest in a range of investment products to spread the risk

Question 7

Scarcity is...

Accepted Answer

insufficient resources, goods, or abilities to achieve the desired ends

Question 8

Which classification does a Mortgage belong to?

Accepted Answer

Liability

Question 9

An asset is something I own. A liability is something I owe.

Accepted Answer

True

Question 10

Which classification does Motor Vehicle belong to?

Accepted Answer

Asset

Question 11

A want is something I require.A need is something I desire.

Accepted Answer

False

Question 12

Every Australian employee needs to get...

Accepted Answer

A Tax File Number

Question 13

Woolworths runs a special, selling cans of coke for half price. Which statement below is true?

Accepted Answer

A decrease in price will see an increase in demand.

Question 14

Jane is buying a car. Because she is a cautious driver she shouldn't get Car Insurance.

Accepted Answer

False

Question 15

Micah doesn't need to keep receipts for his tax deductions, if he just writes a note in his phone

Accepted Answer

False

Question 16

Which classification does Electricity belong to?

Accepted Answer

Expense

Question 17

Corey can claim a tax deduction for an item he purchased, even though his employer reimbursed him.

Accepted Answer

False

Question 18

Kevin has just got his first home loan. Kevin should get Home and Contents Insurance and Income Protection Insurance.

Accepted Answer

True

Question 19

Stephanie can claim sunscreen as a swimming teacher as it directly relates to how she earns her income

Accepted Answer

True

Question 20

Financial literacy is...

Accepted Answer

the ability to understand and use financial skills (budgeting, investing)

Question 21

Rate of return is the annual income expressed as a percentage of the original investment

Accepted Answer

True

Questions 21