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WorksheetsChapter 5 - Entrepreneurship
Total questions: 15
Worksheet time: 13mins
Name
Class
Date
1.
Most businesses do not require a federal license to operate, but some do
a)
True
b)
False
2.
Examples of businesses that require federal licenses and/or permits to operate include businesses that sell (or provide)? Check 3 examples
a)
Alcohol
b)
Tobacco
c)
Firearms
d)
Pillow
3.
In most states, there are three different categories of licenses and permits that you may need to operate a business. Which is it?
a)
Business Registration Requirements
b)
Sales Tax Permits
c)
Professional and Occupational Licenses and Permits
d)
Import Tax permit
4.
Do hotel and motel require licences?
a)
YES
b)
NO
5.
A corporation is taxed as a separate
legal entity.
a)
True
b)
False
6.
All businesses, other than sole proprietorships that do not have employees, are required to obtain a Federal Employee Identification Number (also called an EIN)
a)
True
b)
False
7.
A limited liability company pay a lot of taxes.
a)
True
b)
False
8.
Which one is the definition of partnership?
a)
If two or more people start a business, they must organize as a partnership, corporation, or limited liability company
b)
a separate legal entity that, in the eyes of the law, is separate from its owners.
c)
a form of business organization involving one person, and the person and the business are essentially the same.
9.
Which one is NOT the advantages of partnership?
a)
Moderate cost to set up
b)
Low cost to set up
c)
Not taxed twice
d)
Easy to get funds
10.
What is the advantages of LLC?
a)
Limited liability (Capital)
b)
Shareholders are limited in number
c)
taxed only once
d)
all
11.
What does LLC stand for?
(a)
12.
Setting up and maintaining an LLC is more difficult and expensive.
a)
True
b)
False
13.
If it were Veronica, what type of organization would she choose?
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
LLC
14.
In partnership, having more than one owner may make it easier to raise funds.
a)
True
b)
False
15.
Which organization do you like more?
a)
Partnership
b)
LLC
c)
Sole Proprietorship
d)
Corporation
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