GACE Business (6–12) (715)
GACE Business (6–12) (715) is a trademark of its owner, which is not affiliated with and does not endorse Test Treasure Publication or TTP Prep.
GACE Business (6–12) (715) is a trademark of its owner, which is not affiliated with and does not endorse Test Treasure Publication or TTP Prep.
10 sample questions for the GACE Business (6–12) (715), with the correct answer and an explanation for each. No account needed. Try each one before you open the answer.
Sections covered on the exam: Business Foundations, Technology, Economics, and Career Development, Business Management, Financial Analysis, Financial Literacy.
Question 1 · Business Foundations
Topic: Forms of Business Ownership, Business Functions, Ethics, Communication, Business Environment, Market Concepts
Answer: C. Sole proprietorship
A sole proprietorship is a business owned by one individual. It is the simplest form of ownership and is common among small businesses. The owner keeps control of operations and profits, but also assumes full responsibility for debts and liabilities.
Question 2 · Business Management
Send “Continue” when you want Section 2: Business Management, Questions 21–40.
Topic: Management Functions, Leadership, Organizational Structure, Human Resources, Motivation, Decision-Making, Operations
Answer: D. Creating goals and deciding how to achieve them
Planning is the management function that involves setting goals and determining the steps needed to reach them. Managers use planning to establish direction, allocate time, and anticipate future needs. Comparing results is part of controlling, supervising relates to leading, and assigning tasks is part of organizing.
Question 3 · Financial Analysis
Send “Continue” for Section 3: Financial Analysis, Questions 41–60.
Topic: Accounting Basics, Financial Statements, Budgeting, Ratios, Profitability, Cost Concepts
Answer: D. Assets = Liabilities + Owner’s Equity
The accounting equation is Assets = Liabilities + Owner’s Equity. This equation shows that everything a business owns is financed either by debt or by the owner's claim. It is the core framework for understanding balance sheets and financial position.
Question 4 · Financial Literacy
Send “Continue” for Section 4: Financial Literacy, Questions 61–80.
Topic: Income, Budgeting, Banking, Credit, Saving, Investing, Insurance, Consumer Protection
Answer: B. total earnings before deductions
Gross pay is the total amount earned before deductions such as taxes, insurance premiums, and retirement contributions are taken out. Net pay, not gross pay, is the amount an employee actually takes home.
Question 5 · Technology, Economics, and Career Development
Send “Continue” for Section 5: Technology, Economics, and Career Development, Questions 81–100.
Topic: Business Technology, Data Security, Economics, Global Business, Career Development, Entrepreneurship
Answer: A. Spreadsheet software
Spreadsheet software is designed to organize data in rows and columns, perform calculations with formulas, and display data visually through charts and graphs. It is widely used in budgeting, forecasting, inventory tracking, and financial analysis.
Question 6 · Business Foundations
Topic: Business Ownership, Business Functions, Ethics, Communication, Business Environment, Supply and Demand
Answer: C. Corporation
A corporation has continuity of existence because it is a separate legal entity from its owners. Changes in ownership do not usually end the business. Sole proprietorships and partnerships are generally more directly tied to the status of the owner or partners.
Question 7 · Business Management
Send “Continue” for Practice Test 2, Section 2: Business Management, Questions 121–140.
Topic: Management Functions, Leadership, Organizational Structure, Human Resources, Motivation, Decision-Making, Operations
Answer: B. Planning
Planning is the function of management that focuses on setting goals and determining the actions needed to reach them. Managers use planning to anticipate needs, allocate resources, and establish direction. Organizing arranges resources, leading influences people, and controlling evaluates results.
Question 8 · Financial Analysis
Send “Continue” for Practice Test 2, Section 3: Financial Analysis, Questions 141–160.
Topic: Accounting Basics, Financial Statements, Budgeting, Ratios, Profitability, Cost Concepts
Answer: B. Accounts payable
A liability is an amount the business owes to others. Accounts payable represents money owed to suppliers for purchases made on credit. Equipment and cash are assets, while sales revenue appears on the income statement rather than as a liability on the balance sheet.
Question 9 · Financial Literacy
Send “Continue” for Practice Test 2, Section 4: Financial Literacy, Questions 161–180.
Topic: Income, Budgeting, Banking, Credit, Saving, Investing, Insurance, Consumer Protection
Answer: B. the amount an employee takes home after deductions
Net pay is the amount left after deductions such as taxes, insurance premiums, and retirement contributions are subtracted from gross pay. It is the actual amount the employee receives.
Question 10 · Technology, Economics, and Career Development
Send “Continue” for Practice Test 2, Section 5: Technology, Economics, and Career Development, Questions 181–200.
Topic: Business Technology, Data Security, Economics, Global Business, Career Development, Entrepreneurship
Answer: A. Spreadsheet software
Spreadsheet software is designed for organizing numerical data, performing calculations with formulas, and creating charts or graphs. Businesses use spreadsheets for budgeting, forecasting, payroll analysis, and other data-based tasks.
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