Wealth Creation and Brand Building Quiz

What is the primary distinction between wealth and income?

• Wealth is the accumulation of capital, whereas income is the monetary return on labor or investments.

• Income is accumulated capital, whereas wealth is the monetary return on labor.

• Wealth and income are the same concepts.

• Income is the accumulation of tangible assets, while wealth is the accumulation of intangible assets.

Which of the following is an example of intangible wealth?

• Car

• Goodwill

• Machinery

• House

What is a key factor in the formula for wealth creation?

• Consistency

• Spontaneity

• Randomness

• Luck

What is the first step in taking innovative ideas to the next level?

• Competitive Analysis

• Market Research

• Practicality

• Customer Testing

What should you do during the Market Research step?

• Manufacture the product

• Hire employees

• Create a landing page and use targeted advertising

• Develop a business plan

Which of the following is NOT a strategy of wealth creation mentioned?

• Receiving a high-quality education

• Starting a business

• Investing money wisely

• Buying a luxury car

What is the purpose of living below your means?

• To avoid paying taxes

• To qualify for loans

• To ensure that you have more money available for saving and investing

• To impress others with your frugality

Which strategy helps to improve your financial situation by reorganizing finances and prioritizing spending?

• Buying non-essential items

• Budgeting to Save

• Maximizing debt

• Living in a high-status neighborhood

Why is it important to make wise long-term investment decisions?

• To avoid working

• To build wealth that lasts a long time

• To compete with others

• To ensure quick financial gains

What should you do to save money on groceries?

• Purchase ready-made meals

• Buy groceries on credit

• Eat out frequently

• Cook from scratch and grow some of your own produce