Planning & Pitching/ Launching a Business

Front

Which of the following best describes a business plan? A document that outlines your goals and how you plan to achieve them, A document that is legally required in order to start a business, A document that will allow you to expand your business to other states

Back

A document that outlines your goals and how you plan to achieve them

Front

Each of the following is a common section included in a business plan EXCEPT… Market analysis, Financial projections

Back

Tax history

Front

Which of the following best describes an executive summary?

Back

An overview of your entire business plan that will give readers a high level look at your overall

Front

What source of funding is used most often to start new businesses?

Back

Personal or family savings

Front

Which consideration before starting a business will help most if you run into cash flow problems (not having cash when you need it)?
Options: Get the right insurance, Know the law, Build an emergency fund

Back

Build an emergency fund

Front

In which business type(s) can the business owner(s) find themselves personally liable? Options: Sole proprietorship and partnership, Limited liability corporation, C corp, S corp, and B corp

Back

Sole proprietorship and partnership

Front

Each of the following is a type of credit that can be used to start a business EXCEPT…
SBA loans, Personal business loans

Back

Stock dividends

Front

Which of the following is a reason to separate your business money from personal money?
To gain access to business loans,
To qualify for special tax deductions,
To protect your personal assets if the business fails

Back

To protect your personal assets if the business fails

Front

Which structure requires a DBA (“doing business as”), a personal identification number, and requires the owners to report profits and losses on their personal taxes? Options: Partnership, Corporation, LLC

Back

Partnership

Front

Which structure legally protects the owner(s) from liability but still requires the owner(s) to report profits and losses on their personal taxes? Options: Partnership, LLC, Corporation

Back

LLC