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WorksheetsBizInnovator Startup - Starting Your Startup
Total questions: 17
Worksheet time: 12mins
Name
Class
Date
1.
Select the key advantages as they apply to: (Sole) Proprietorship
a)
All decisions made by 1, few restrictions, low startup costs, no add fed. taxes, all profit kept by 1
b)
Low failure rate, business assistance, buying power, name recognition, potential for large profits
c)
Owners can deduct many losses on personal returns; losses share between partners
d)
Protected from liability, easy startup, no add fed. taxes
2.
Select the key advantages as they apply to: General Partnership
a)
Owners can deduct many losses on personal returns; losses share between partners
b)
Good for raising money; Gen partners get money but maintain authority; Ltd partners can leave any time
c)
Protected from liability, easy startup, no add fed. taxes
d)
Low failure rate, business assistance, buying power, name recognition, potential for large profits
3.
Select the key advantages as they apply to: Limited Partnership
a)
Good for raising money; Gen partners get money but maintain authority; Ltd partners can leave any time
b)
Owners can deduct many losses on personal returns; losses share between partners
c)
Stocks provide funding options; many tax deductions; no shareholder liability
d)
Protected from liability, easy startup, no add fed. taxes
4.
Select the key advantages as they apply to: C-Corp (default corporation)
a)
Stocks provide funding options; many tax deductions; no shareholder liability
b)
All decisions made by 1, few restrictions, low startup costs, no add fed. taxes, all profit kept by 1
c)
Owners can deduct many losses on personal returns; losses share between partners
d)
Low failure rate, business assistance, buying power, name recognition, potential for large profits
5.
Select the key advantages as they apply to: S-Corp
a)
No corporate taxation; no double taxation, no shareholder liability
b)
Serve the common good, exempt from taxes
c)
Owners can deduct many losses on personal returns; losses share between partners
d)
Protected from liability, easy startup, no add fed. taxes
6.
Select the key advantages as they apply to: LLC
a)
Protected from liability, easy startup, no add fed. taxes
b)
No corporate taxation; no double taxation, no shareholder liability
c)
Owners can deduct many losses on personal returns; losses share between partners
d)
Low failure rate, business assistance, buying power, name recognition, potential for large profits
7.
Select the key advantages as they apply to: Nonprofit
a)
Serve the common good, exempt from taxes
b)
Employees only taxed on income
c)
Owners can deduct many losses on personal returns; losses share between partners
d)
Low failure rate, business assistance, buying power, name recognition, potential for large profits
8.
Select the key advantages as they apply to: Co-op
a)
Employees only taxed on income
b)
Low failure rate, business assistance, buying power, name recognition, potential for large profits
c)
Owners can deduct many losses on personal returns; losses share between partners
d)
Protected from liability, easy startup, no add fed. taxes
9.
Select the key advantages as they apply to: Franchise
a)
Low failure rate, business assistance, buying power, name recognition, potential for large profits
b)
All decisions made by 1, few restrictions, low startup costs, no add fed. taxes, all profit kept by 1
c)
Owners can deduct many losses on personal returns; losses share between partners
d)
Employees only taxed on income
10.
What is the primary purpose of the SWOT Analysis?
a)
To evaluate 4 areas important to a businesses success
b)
To evaluate the competition
c)
To check on distributors
d)
To decide if you should change locations
11.
What is the primary purpose of the PESTEL Analysis?
a)
To examine external variables that affect your business model
b)
To take inventory of goods
c)
To see if you are paying your employees enough
d)
To recruit new key partners
12.
True or False: SWOT and PESTEL Analyses are completed early in the business formation and can be used as-is throughout the business life cycle.
a)
false
b)
true
13.
Examples of key Business Partners that may be listed on the Business Model Canvas include (select all that apply):
i. Distributor
ii. Personal Bank Contact
iii. Accountant
iv. Risk Management Agent
v. CEO
a)
i, iii, iv
b)
i, ii, iv
c)
ii, iv v
d)
ii, iv, v
14.
Intellectual property is important to understand because:
a)
It will protect your idea, product or service from someone stealing your idea.
b)
It's not important.
c)
It's a way of understandign the competition.
d)
IP protects you from going bankrupt.
15.
Which term is assoicated with a number that identifies your business to your state and the federal government?
a)
Tax ID
b)
Your social security number.
c)
Your home address
d)
Your zip code
16.
Company culture is NOT:
a)
developed quickly.
b)
an important asset to a thriving company
c)
a belief in eithics and morals.
d)
activities including all employees.
17.
The primary differences between the BMC and Business Plan would be:
a)
The business plan is a formal written plan used to secure funding
b)
no differences, both of them are the same.
c)
A business plan is always written before you work through the Buisness Model Canvas.
d)
The business model canvas is a tool that is outdated and the business plan incorporates current trends in entreprenuership.
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