Business Terminology Quiz

________ Is a phrase used by companies and businesses when they're currently stuck "Knee deep" in an unfortunate situation.

• Knee deep

• advantage

• opportunity

_______ Refers to creating a product or tool that already exists to help you accomplish something. However, the phrase "Reinventing the wheel" is most often used by businesses to describe a labor-intensive task.

• Reinventing the wheel

• innovation

• efficiency

• optimization

A ______ is most often used to describe an individual who has little integrity or substance "straw man".

• Strawman

• hero

• villain

• icon

________ is the act of pausing a discussion "Tabling a conversation" with the possible intention of never returning to it again.

• tabling a conversation

• postponing

• delaying

• shelving

________ A business insurance covering sickness or accidental injuries to employees that result from on-the-job activities.

• workers' compensation

• general liability insurance

• property insurance

• business interruption insurance

________ Amount of deduction from one’s paycheck, (withholding).

• Withholdings

• insurance

• savings

• loan repayment

A number that is zero or larger, which does not contain a decimal or fraction, such as 10, 55, 92. Whole number

• whole number

• fraction

• decimal

• negative number

________ This method calculates the cost of ending inventory (Weighted average) by identifying each item remaining to an average of all the cost for that period of time. Weighted average

• weighted average

• first-in, first-out

• last-in, first-out

• specific identification

Table used in circular E (Wage bracket) to compute FWT withholdings.

• wage bracket

• tax table

• income chart

• deduction schedule

______ Method of analyzing (Vertical analysis) financial reports.

• Vertical analysis

• Horizontal analysis

• Ratio analysis

• Trend analysis