Quiz of the week 4 – 10 July

Test your recollection of the events of the last seven days with MoneyWeek's quiz of the week.

1. Which world leader, who has repeatedly downplayed the risks of coronavirus and flouted social distancing rules, tested positive for coronavirus this week?

a. Jair Bolsonaro b. Donald Trump c. Andrzej Duda d. Andres Manuel Lopez Obrador

2. Which Australian city was forced to go back into lockdown this week after a surge in new coronavirus cases?

a. Canberra b. Sydney c. Adelaide d. Melbourne

3. Which NFL player this week became the “first half-billion dollar player” after he signed a record 10-year contract extension worth $503m?

a. Tom Brady b. Patrick Mahomes c. Aaron Donald d. Khalil Mack

4. What is the value of the rescue package unveiled this week for Britain’s museums, galleries and theatres?

a. £1.60bn b. £1.82bn c. £1.57bn d. £1.67bn

5. The BBC announced this week it is ending free television licences for all over 75s from 1 August. How much of the corporation’s revenue does the levy account for?

a. 50% b. 60% d. 75% c. 80%

6. Why did US president Donald Trump say the US is leaving the World Health Organisation?

a. It failed to implement the “substantive improvements” proposed by the US b. It’s controlled by the Chinese c. It “failed in its basic duty” in its response to the coronavirus d. All of the above

7. Tesla shares hit a record high of $1,429 this week, and the company’s market value has risen almost 25%, or $50bn, to $250bn in a little over week. The share price increase dealt a big blow to investors betting against the carmaker. CEO Elon Musk then decided to rub their noises in it, says Tim Higgins on Bloomberg, announcing the launch of which product?

a. Socks b. Shorts c. Vests d. Caps

8. Chinese company Smoore International raised $918m in its Hong Kong IPO this week. What does the company sell and manufacture?

a. Reusable surgical masks b. Bicycles c. E-cigarettes d. Videogames

9. The Financial Reporting Council wants to impose a fine on accounting firm Deloitte after it was found that the company failed to meet its public interest duty as auditors of Autonomy, a software company “at the centre of one of the country’s largest civil fraud cases”, says Louisa Clarence-Smith in The Times. How large is the fine?

a. £2.5m b. £15m c. £10m d. £5m

10. Why did online clothing retailer Boohoo come under fire this week, causing it to lose hundreds of millions of pounds off its market value?

a. Hundreds of customers found hair and nails in their packages b. Its CEO was accused of flouting social distancing rules c. It raised its prices d. It was alleged that some of its clothes may be made by workers who are paid less than the minimum wage

Answers

1. a. Jair Bolsonaro. The Brazilian president tested positive for coronavirus this week.

2. d. Melbourne. Victoria recorded 288 new coronavirus cases, forcing Melbourne to go back into lockdown.

3. b. Patrick Mahomes

4. c. £1.57bn

5. d. 75%. The licence fee raised £3.7bn for the BBC in 2018-2019. The BBC has said the decision to scrap the free TV licence was triggered by the Conservative government’s decision in 2015 to hand responsibility to the public service broadcaster for the subsidy, which is estimated to cost around £745m per year, says Laura Hughes in the FT.

6. c. It “failed in its basic duty” in its response to the coronavirus. Trump declared his intention to leave the WHO in April, saying it had “failed in its basic duty” in its response to the Covid-19 outbreak, adding he would redirect the funds given to the WHO elsewhere. The US is the WHO’s largest single funder and gave it over $400m in 2019.

7. b. Shorts. Musk took to Twitter to ask, “Who wears short shorts? Tesla will make fabulous short shorts in radiant red satin with gold trim. Will send some to the Shortseller Enrichment Commission to comfort them through these difficult times.” The company said the short shorts quickly sold out.

8. c. E-cigarettes

9. b. £15m. The FRC asked for the fine after an independent tribunal found Deloitte guilty of “serious audit failings”, breaching its “obligation of integrity” and of being “reckless” in its work for Autonomy between 2009 and 2011, says Tabby Kinder in the FT.

10. d. It was alleged that some of its clothes may be made by workers who are paid less than the minimum wage Accusations were made this week that some of Boohoo’s clothes are made at a Leicester garment factory where workers are paid less than the minimum wage. The Sunday Times found workers were paid as little as £3.50 an hour, and were not wearing protective masks. Its share price has fallen by a third since last weekend.

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