Title: Steps to Starting a Business
Course: Demo 1

Q: The first step in starting a business is to ________.
- finance your business
- decide on the legal structure
- write a business plan
A: write a business plan

Q: Business may be required to acquire licenses and permits from the ________ level.
- state
- local
- federal
A: state; local; federal

Q: Starting a business requires numerous steps or activities. In order to start a successful business, you should ________.
- Determine the legal structure of the business
- Choose a business location
- Run an advertisement on the local radio station
A: Determine the legal structure of the business; Choose a business location

Q: In order to run your business with greater success you need to ________.
- evaluate your finances
- get business assistance and training
- decide on the appropriate location
A: evaluate your finances; get business assistance and training; decide on the appropriate location

Q: Which government entity insures loans for small businesses?
- the Federal Reserve
- the IRS
- the SBA (Small Business Administration)
A: the SBA (Small Business Administration)

Q: Forms of business entities include: sole proprietorship, partnership, limited liability company (LLC), corporation, S corporation, nonprofit or cooperative. The type of entity you select for your business will determine ________.
- which income tax form you have to file
- what types of taxes your business will have to pay
- how many products or services you can produce
A: which income tax form you have to file; what types of taxes your business will have to pay

Q: William Sliwoski has been making furniture for two years. Sales have been picking up steadily and William has decided to conduct his furniture business as "Crafted Creations" from here on out. William will need to register Crafted Creations with state government as a ________ .
- Debt and Business Assets
- Direct Business Association
- Doing Business As
A: Doing Business As

Q: An Employer Identification Number (EIN) used to identify a business entity is also known as a ________:
- Business Identification Number
- Local Tax Number
- Federal Tax Identification Number
A: Federal Tax Identification Number

Q: The purposes for registering your business in your state include:
- receiving a tax identification number
- paying unemployment insurance taxes
- paying state employment taxes
A: receiving a tax identification number; paying unemployment insurance taxes; paying state employment taxes

Q: The most common types of tax requirements for small businesses include:
- income tax
- employment tax
- sales tax
A: income tax; employment tax; sales tax

Q: To begin hiring and ensure you are compliant with key federal and state regulations you must ________.
- verify an employee’s eligibility to work in the United States
- set up records for withholding taxes
- post required notices
A: verify an employee’s eligibility to work in the United States; set up records for withholding taxes; post required notices