Start Up Costs Questions

Name and period

1. What are the two main types of costs a startup needs to calculate?

• a. Fixed costs and variable costs
• b. Fixed costs and one-time costs
• c. One-time costs and ongoing costs

2. Which of the following is an example of a fixed cost?

• a. Rent
• b. Incorporation fees
• c. Branding elements

3. What type of costs are one-time costs?

• a. Regular monthly expenses
• b. Expenses that occur only at the beginning of a business
• c. Costs that vary each month

4. According to the video, which of these is considered a one-time cost?

• a. Software maintenance
• b. Payroll
• c. Business cards

5. What is the first category of startup costs eligible for tax deductions mentioned in the video?

• a. Costs for advertising
• b. Creating a trade or business
• c. Legal fees

6. What does the video suggest you need to estimate your startup costs?

• a. Advanced calculus skills
• b. Basic knowledge of expenses
• c. A business degree

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7. When starting a business, what is advised about funding according to the experts?

• a. You need at least six months of funding
• b. You need about a year and a half's worth of funding
• c. You should have no funding at all

8. What is NOT an example of a fixed cost mentioned in the video?

• a. Marketing costs
• b. Software
• c. Employee training

9. Which of the following is NOT mentioned as a one-time cost?

• a. Legal fees
• b. Renovation costs
• c. Monthly rent