Business Introduction

Open Ended

What are the different types of setups you could choose for becoming a dog groomer?

Match

Match the Business Type with the Correct Explanation

• Sole Trader

• Partnership

• Franchising

One person runs owns own business

A business structure where two or more individuals share ownership and responsibilities.

A business model where a franchisee pays for the right to operate under a franchisor's brand.

• One person runs owns own business

• A business structure where two or more individuals share ownership and responsibilities.

• A business model where a franchisee pays for the right to operate under a franchisor's brand.

Multiple Choice

What is a key advantage of a Partnership over a Sole Proprietorship?

• Limited liability

• More capital available

• No need for registration

• Profits are not taxed

Multiple Choice

A business with one owner is known as a:

• Company

• Sole trader

• Partnership

Open Ended

What points do you consider when choosing a location?

Multiple Choice

What factors does the local authority consider when granting planning permission?

• The building of a new dwelling

• Changes to the environment

• Traffic/Noise it will cause

• All of the above

Multiple Choice

What types of properties are charged business rates?

• Shops

• Offices

• Pubs

• All of the above

Open Ended

How long do you legally as the HMRC states that have to keep your records for?

Open Ended

When is the end of tax year?

Multiple Choice

Jessie did not meet the minimum income requirement to file a tax return. What is one reason for why she should file a tax return anyway?

• She could potentially get a refund for the taxes that were withheld from her paycheck.

• She still needs to report her income to the Federal government.

• She can qualify for a higher tax refund next year.

• She is still legally required to file a tax return even if she does not meet the minimum income requirement to owe taxes.

Multiple Choice

Anita is self-employed. Which of the following is a true statement regarding her tax obligations:

• She must pay the entire amount of her payroll taxes.

• She does not have to pay income taxes.

• She is taxed at a lower rate than people who are not self-employed.

• Her taxes are called excise taxes.

Multiple Choice

What is the minimum profit required to pay Class 2 National Insurance?

• £5,000

• £6,725

• £7,500

• £8,000

Multiple Choice

What is the tax-free personal allowance amount mentioned in the text?

• £10,000

• £12,570

• £15,000

• £20,000

Open Ended

What are the expenses a groomer typically incurs?

Open Ended

How does a groomer create their income?

Multiple Choice

How do you comply with the General Data Protection Regulation (GDPR) 2018?

• Store information indefinitely

• Only keep necessary data

• Share data with third parties

• Delete all data immediately

Multiple Choice

Max owns a small business and wants to protect himself from potential legal claims made by customers or other parties. Which type of insurance should Max consider to cover the costs of such legal claims?

• Property Insurance

• Health Insurance

• Liability Insurance

• Life Insurance

Open Ended

What questions would you like to ask Karen (the grooming goddess) before her seminar on Monday?

Poll

How confident do you feel about this topic now?

• Very confident
• Somewhat confident
• Not confident