1|Page
PEREGRINE EXAM PRACTICE TEST UPDATED
2025 2026 WITH ALL NEW QUESTIONS AND
EXACTLY RIGHT ANSWERS | A+ QUALITY
GUARANTEE
Mixed Business, Leadership, Ethics, Accounting, Marketing, Econ, &
Management
1. The primary purpose of managerial accounting is to:
A) Provide information to external stakeholders
B) Comply with GAAP
C) Provide internal decision-making information
D) Prepare tax returns
- ANSWER: C
2. In microeconomics, the law of demand states that as price increases:
A) Quantity demanded increases
B) Quantity demanded decreases
C) Supply increases
D) Markets become efficient
- ANSWER: B
3. A company’s mission statement should primarily describe:
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A) Long-term financial projections
B) Why the organization exists
C) Market share goals
D) Employee performance standards
- ANSWER: B
4. The accounting equation is:
A) Assets = Liabilities – Equity
B) Assets = Liabilities + Equity
C) Assets + Equity = Liabilities
D) Revenue – Expenses = Assets
- ANSWER: B
5. Ethical behavior in business is best defined as:
A) What is allowed by law
B) Following company rules
C) Doing what is morally right
D) Maximizing profits
- ANSWER: C
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6. Which leadership style focuses on inspiring employees toward a shared vision?
A) Autocratic
B) Transformational
C) Transactional
D) Laissez-faire
- ANSWER: B
7. Opportunity cost refers to:
A) The cost of producing extra units
B) The value of the next best alternative
C) Money spent on labor
D) A sunk cost
- ANSWER: B
8. Depreciation on equipment is recorded because:
A) Equipment loses physical weight
B) To match expenses with revenue
C) To show market value
D) Required for tax purposes only
- ANSWER: B
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9. The marketing mix is also known as:
A) SWOT
B) 4 Ps
C) Porter's Five
D) CRM
- ANSWER: B
10. A competitive advantage is best described as:
A) A government subsidy
B) Something that allows a firm to perform better than rivals
C) An internal weakness
D) A temporary setback
- ANSWER: B
________________________________________
11. Which financial statement shows a company’s financial position at a point in
time?
A) Income statement
B) Balance sheet
PEREGRINE EXAM PRACTICE TEST UPDATED
2025 2026 WITH ALL NEW QUESTIONS AND
EXACTLY RIGHT ANSWERS | A+ QUALITY
GUARANTEE
Mixed Business, Leadership, Ethics, Accounting, Marketing, Econ, &
Management
1. The primary purpose of managerial accounting is to:
A) Provide information to external stakeholders
B) Comply with GAAP
C) Provide internal decision-making information
D) Prepare tax returns
- ANSWER: C
2. In microeconomics, the law of demand states that as price increases:
A) Quantity demanded increases
B) Quantity demanded decreases
C) Supply increases
D) Markets become efficient
- ANSWER: B
3. A company’s mission statement should primarily describe:
,2|Page
A) Long-term financial projections
B) Why the organization exists
C) Market share goals
D) Employee performance standards
- ANSWER: B
4. The accounting equation is:
A) Assets = Liabilities – Equity
B) Assets = Liabilities + Equity
C) Assets + Equity = Liabilities
D) Revenue – Expenses = Assets
- ANSWER: B
5. Ethical behavior in business is best defined as:
A) What is allowed by law
B) Following company rules
C) Doing what is morally right
D) Maximizing profits
- ANSWER: C
,3|Page
6. Which leadership style focuses on inspiring employees toward a shared vision?
A) Autocratic
B) Transformational
C) Transactional
D) Laissez-faire
- ANSWER: B
7. Opportunity cost refers to:
A) The cost of producing extra units
B) The value of the next best alternative
C) Money spent on labor
D) A sunk cost
- ANSWER: B
8. Depreciation on equipment is recorded because:
A) Equipment loses physical weight
B) To match expenses with revenue
C) To show market value
D) Required for tax purposes only
- ANSWER: B
, 4|Page
9. The marketing mix is also known as:
A) SWOT
B) 4 Ps
C) Porter's Five
D) CRM
- ANSWER: B
10. A competitive advantage is best described as:
A) A government subsidy
B) Something that allows a firm to perform better than rivals
C) An internal weakness
D) A temporary setback
- ANSWER: B
________________________________________
11. Which financial statement shows a company’s financial position at a point in
time?
A) Income statement
B) Balance sheet
