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Chapter 5 - Entrepreneurship

Authored by Elisa Vitalis

Business

University

Used 2+ times

Chapter 5 - Entrepreneurship
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15 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Most businesses do not require a federal license to operate, but some do

True
False

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Examples of businesses that require federal licenses and/or permits to operate include businesses that sell (or provide)? Check 3 examples

Alcohol
Tobacco
Firearms
Pillow

3.

MULTIPLE SELECT QUESTION

3 mins • 1 pt

In most states, there are three different categories of licenses and permits that you may need to operate a business. Which is it?

Business Registration Requirements
Sales Tax Permits
Professional and Occupational Licenses and Permits
Import Tax permit

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Do hotel and motel require licences?

YES
NO

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A corporation is taxed as a separate

legal entity.

True

False

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

All businesses, other than sole proprietorships that do not have employees, are required to obtain a Federal Employee Identification Number (also called an EIN)

True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A limited liability company pay a lot of taxes.

True

False

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