End of Unit Test - Money Money Money
Quiz by R Boyce
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60 questions
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- Q1What does the term 'added value' refer to in business?The original cost of a productThe percentage of profit marginThe increase in worth when a business adds features or services to a productThe total sales revenue of a business30s
- Q2Who is typically responsible for paying VAT?The government directlyBusinesses that sell goods and servicesConsumers who purchase goods and servicesRetailers only30s
- Q3What is a mortgage?An investment in stocksA loan to buy a propertyA type of insuranceA savings account30s
- Q4If you decide to spend your allowance on a video game instead of saving it for a new phone, what is the opportunity cost?The new phone you could have boughtThe time you spent making the choiceThe amount of money you spent on the video gameThe enjoyment from playing the video game30s
- Q5What is the term 'debt' commonly referred to in business studies?A government grantAn investment made by shareholdersA company’s profitMoney that is borrowed and must be paid back30s
- Q6What is one key characteristic of debt in a business setting?It increases the company's equityIt cannot be transferred to another partyIt usually requires repayment with interestIt is always free money30s
- Q7What happens to a business that fails to repay its debt?Its profits will increaseIt will not affect the business at allIt may face legal consequences or bankruptcyIt will receive additional funding30s
- Q8What is the term used to describe the cost of borrowing money or the return on invested capital?EquityInterestDividendPrincipal30s
- Q9What is the term for a fee charged for the use of borrowed money, usually expressed as a percentage of the total amount?Credit ScoreInterest RatePrincipalLoan Amount30s
- Q10What is the term "credit" in business studies?The total amount of money savedThe ability to borrow money or access goods with the promise to pay laterA payment made in cashA type of score in a game30s
- Q11What does it mean to have good credit?It indicates higher interest ratesIt signifies that a borrower is likely to repay loans on timeIt means you have a lot of cashIt shows you have no debts30s
- Q12How is credit typically measured?Through a credit scoreBy the number of transactionsThrough a savings account balanceBy the amount of cash you have30s
- Q13What is a credit card?A card that only allows cash transactionsA card used for identification onlyA plastic card used to borrow money from a bank to make purchasesA type of debit card that requires a PIN30s
- Q14What is a potential downside of using a credit card?Receiving cash back rewardsHaving a higher credit scoreEarning interest on savingsAccumulating debt due to overspending30s
- Q15What is a key benefit of using a credit card?Having unlimited spending powerBuilding a credit historyGuaranteed approval for loansRequires no repayment30s