FBLA MCQ Knowledge 5

Question 1

What does 'SWOT analysis' stand for in business strategy?

Accepted Answer

Strengths, Weaknesses, Opportunities, Threats

Answer

SWOT analysis is a strategic planning framework that evaluates internal Strengths and Weaknesses alongside external Opportunities and Threats.

Question 2

Which federal agency is primarily responsible for enforcing workplace safety regulations in the United States?

Accepted Answer

OSHA (Occupational Safety and Health Administration)

Answer

OSHA, part of the Department of Labor, sets and enforces standards to ensure safe and healthy working conditions for American workers.

Question 3

In accounting, what is the 'double-entry bookkeeping' system?

Accepted Answer

A system where every transaction affects at least two accounts

Answer

Double-entry bookkeeping requires that every transaction be recorded as both a debit in one account and a credit in another, keeping the accounting equation balanced.

Question 4

What is 'comparative advantage' in international trade?

Accepted Answer

The ability to produce a good at a lower opportunity cost than trading partners

Answer

Comparative advantage means a country can produce a good at a lower opportunity cost than others, forming the basis for beneficial international trade.

Question 5

What is 'working capital' in business finance?

Accepted Answer

Current assets minus current liabilities

Answer

Working capital measures a company's short-term liquidity by subtracting current liabilities from current assets.

FBLA - Future Business Leaders of America Practice Test

FBLA - Future Business Leaders of America Practice Test

FBLA MCQ Knowledge 5