ECE Unit 8 Study Guide

Most budding childcare entrepreneurs start businesses from their homes because they do not have to comply with any regulations.

• True

• False

Your logo is an aspect of your:

• pricing model.

• market research.

• customer service.

• branding materials.

If an LLC runs into legal trouble, the owner will be held personally responsible.

• False

• True

Which of these is MOST likely a variable expense in the budget of a childcare facility?

• snacks

• travel

• salaries

• rent

Starting your own business requires a separate, unique set of skills and will ask you to _______ as a professional.

• retract

• evolve

• separate

• question

What do the letters in LLC refer to?

• Limited Liability Corporation

• Limited Lending Clientele

• Local Liability Company

• Limited Lifetime Credit

Tamar has just graduated from college and has worked at various childcare centers throughout high school and her undergraduate years. She knows right away that she wants to open up her own daycare. Luckily, she has no debt of any kind and can keep working at the childcare center she is currently employed at for as long as she would like while she saves money. What type of expenses should Tamar try to save before starting her business?

• salary expenses and discretionary expenses

• initial business expenses and living expenses

• discretionary expenses and fixed expenses

• living expenses and variable expenses

An owner of an LLC is also known as a(n) _________ of the LLC.

• regulator

• account

• member

• manager

It’s best practice to keep the same account for your personal and business expenses.

• False

• True

Quarterly taxes are filed:

• by May 15 each year.

• every four months.

• four times a year.

• on the 25th of each month.