Business Management Exam Review
Questions with Correct Answers 2026-
2027
When is a budget considered to be balanced? - CORRECT ANSWER -
When the amount you spend is equal or less than the amount you earn
In a balanced budget, the amount you is the amount you earn. -
CORRECT ANSWER -spend; equal to
Which of the following is a VARIABLE expense? - CORRECT ANSWER -Groceries
Which of the following is a FIXED expense? - CORRECT ANSWER -Rental payments
What is income? - CORRECT ANSWER -income is money you earn, usually from working at a job
Which of the following would be an example of a NEED? - CORRECT ANSWER -a warm winter coat
Which of the following would be an example of a WANT? - CORRECT ANSWER -Airline tickets
What is Medicare? - CORRECT ANSWER -
Medicare is the federal health insurance program for people age 65
What happens if you spend money on things you want before things you need? - CORRECT ANSWER -
You limit your ability to save for high priced items, like higher education
What is one way to begin saving startup capital? - CORRECT ANSWER -
Set aside a position of your income each month
What is take home pay? - CORRECT ANSWER -
The amount left over from your monthly paycheck after deductions
, What is the definition of an entrepreneur? - CORRECT ANSWER -
An entrepreneur is someone who creates, owns and potentially runs a business.
An example of an asset is - CORRECT ANSWER -All of the above
Which of the following is an advantage of starting your own business? - CORRECT ANSWER -
You have control over where and when you work.
What role do entrepreneurs play in economics? - CORRECT ANSWER -
Entrepreneurs create the businesses that produce products and services that meet the wants and need
s of consumers
What are the four parts of Analysis? - CORRECT ANSWER -
Strengths, Weaknesses, Opportunities, Threats
Jack and Malcolm are considering opening up a shoe store but first need to do market research. Which
one of these is NOT part of market process? - CORRECT ANSWER -
Start promoting their shoe store to people in the neighborhood
Which of the following is a fixed expense for Maria's sandwich food truck? - CORRECT ANSWER -
Truck insurance
Which of the following is a start-up expense for jeffrey's food truck? - CORRECT ANSWER -
Kitchen appliances and other equipment needed to conduct her business
Which of the following is NOT a creative thinking exercise entrepreneurs used to generate ideas? -
CORRECT ANSWER -Judge Each idea as realistic or Not
Your friend is developing a marketing plan for her business. What should she put in this plan? -
CORRECT ANSWER -All of the above
Questions with Correct Answers 2026-
2027
When is a budget considered to be balanced? - CORRECT ANSWER -
When the amount you spend is equal or less than the amount you earn
In a balanced budget, the amount you is the amount you earn. -
CORRECT ANSWER -spend; equal to
Which of the following is a VARIABLE expense? - CORRECT ANSWER -Groceries
Which of the following is a FIXED expense? - CORRECT ANSWER -Rental payments
What is income? - CORRECT ANSWER -income is money you earn, usually from working at a job
Which of the following would be an example of a NEED? - CORRECT ANSWER -a warm winter coat
Which of the following would be an example of a WANT? - CORRECT ANSWER -Airline tickets
What is Medicare? - CORRECT ANSWER -
Medicare is the federal health insurance program for people age 65
What happens if you spend money on things you want before things you need? - CORRECT ANSWER -
You limit your ability to save for high priced items, like higher education
What is one way to begin saving startup capital? - CORRECT ANSWER -
Set aside a position of your income each month
What is take home pay? - CORRECT ANSWER -
The amount left over from your monthly paycheck after deductions
, What is the definition of an entrepreneur? - CORRECT ANSWER -
An entrepreneur is someone who creates, owns and potentially runs a business.
An example of an asset is - CORRECT ANSWER -All of the above
Which of the following is an advantage of starting your own business? - CORRECT ANSWER -
You have control over where and when you work.
What role do entrepreneurs play in economics? - CORRECT ANSWER -
Entrepreneurs create the businesses that produce products and services that meet the wants and need
s of consumers
What are the four parts of Analysis? - CORRECT ANSWER -
Strengths, Weaknesses, Opportunities, Threats
Jack and Malcolm are considering opening up a shoe store but first need to do market research. Which
one of these is NOT part of market process? - CORRECT ANSWER -
Start promoting their shoe store to people in the neighborhood
Which of the following is a fixed expense for Maria's sandwich food truck? - CORRECT ANSWER -
Truck insurance
Which of the following is a start-up expense for jeffrey's food truck? - CORRECT ANSWER -
Kitchen appliances and other equipment needed to conduct her business
Which of the following is NOT a creative thinking exercise entrepreneurs used to generate ideas? -
CORRECT ANSWER -Judge Each idea as realistic or Not
Your friend is developing a marketing plan for her business. What should she put in this plan? -
CORRECT ANSWER -All of the above
