Market Research and Business Plan Quiz

What is the purpose of conducting market research according to the image?

• To find a competitive advantage for your business

• To choose a business name

• To determine the color scheme for your branding

• To decide on the number of employees you need

What is the primary use of a business plan as mentioned in the image?

• To track daily sales

• To convince people that working with your business is a smart choice

• To create a marketing strategy

• To set up business operations

Why is picking your business location considered one of the most important decisions you'll make?

• It can affect your personal hobbies.

• It determines the color scheme of your business.

• It can affect your taxes, legal requirements, and revenue.

• It only affects the aesthetic appeal of your business.

What will the legal structure you choose for your business impact?

• Your business registration requirements, how much you pay in taxes, and your personal liability.

• The type of products you can sell.

• The opening hours of your business.

• The number of employees you can hire.

What should you ensure when choosing your business name?

• That it reflects your brand and captures your spirit.

• That it is the longest name possible.

• That it includes your personal name.

• That it is a common name used by other businesses.

What is the purpose of an Employer Identification Number (EIN) in business?

• To identify your business for tax purposes and important steps like opening a bank account

• To register your business name with the state government

• To apply for business licenses and permits

• To open a personal bank account

Which of the following is true about obtaining a tax ID for your business?

• All states require you to get a tax ID

• No states require you to get a tax ID

• Some states require you to get a tax ID

• Only federal government requires you to get a tax ID

Why is it important for a business to apply for licenses and permits?

• To ensure the business is legally compliant

• To open a business bank account

• To register the business name

• To create a website for the business