FBLA MCQ Knowledge 4

Question 1

Under the Fair Labor Standards Act (FLSA), what is the federal minimum wage as of 2024?

Accepted Answer

$7.25 per hour

Answer

The federal minimum wage has been $7.25 per hour since 2009, though many states and cities have higher minimums.

Question 2

What is 'capital budgeting' in corporate finance?

Accepted Answer

Evaluating major long-term investments in assets or projects

Answer

Capital budgeting is the process companies use to evaluate and select long-term investments that generate returns over multiple years.

Question 3

Which concept refers to a situation where one firm controls the entire supply of a product or service?

Accepted Answer

Monopoly

Answer

A monopoly exists when a single firm is the sole provider of a product or service with no close substitutes, giving it significant market power.

Question 4

In project management, what does a Gantt chart primarily display?

Accepted Answer

Project tasks scheduled against a timeline

Answer

A Gantt chart is a horizontal bar chart that shows project tasks plotted against a timeline to track scheduling and progress.

Question 5

What is 'entrepreneurship' most accurately defined as?

Accepted Answer

The process of creating a new business venture and assuming its risks

Answer

Entrepreneurship involves identifying opportunities, creating a new business, and bearing the financial and personal risks of the venture.

FBLA - Future Business Leaders of America Practice Test