Starting Your Business Quiz

What is the first step in starting a business according to the SBA guide?

• Register your business

• Pick your business location

• Conduct market research

• Write your business plan

Why is a business plan important?

• It is used to open a business bank account

• It is a roadmap for structuring, running, and growing your business

• It helps you choose a business name

• It helps you apply for licenses and permits

What should you consider when picking a business location?

• The color of the building

• The proximity to your home

• The impact on taxes, legal requirements, and revenue

• The number of windows

What is a key reason to conduct market research?

• To apply for a business loan

• To register your business name

• To decide on your business structure

• To find a competitive advantage for your business

What is an EIN used for?

• Choosing a business name

• Writing a business plan

• Conducting market research

• Paying taxes and opening a bank account

What does the SBA suggest you do if you don't have enough money to start your business?

• Wait until you save enough

• Raise or borrow the capital

• Cancel your business plans

• Reduce your business size

What is the purpose of registering your business?

• To make it legal and protect your brand

• To write a business plan

• To choose a business structure

• To conduct market research

What is a business structure?

• The legal structure impacting registration, taxes, and liability

• The layout of your business plan

• The hierarchy of employees

• The physical design of your office

What is the purpose of a business bank account?

• To handle legal, tax, and day-to-day issues

• To store personal savings

• To conduct market research

• To register your business

What should you do if your business name is already in use?

• Ignore the issue

• Choose a different name

• Use it anyway

• Register it with a different state