Pop quiz/ 7/8/12
Essential Business Licensing Quiz
Test your knowledge on the critical licenses and permits needed for starting and running a business. This quiz covers important regulations at federal, state, and local levels, helping you ensure compliance and informed business practices.
Key Topics:
- Types of business licenses
- Environmental regulations
- Business deductions
- Insurance requirements
Governments require licenses and permits for two reasons
To raise money ( levy a tax) and to protect public health and safety
To limit business growth and to pay state employees
To protect the environment and save water
To regulate emissions and stifle population growth
Which of the below are business operations most likely to need a FEDERAL license or permit?
Preparation of meat products
Production of drugs
Making /selling firearms
Selling signs
What is an example of a state environmental regulation?
Emissions into the air
Watering grass
Cutting down a tree
Taking your dog for a walk
What is an example of a LOCAL requirement for licensing or permits?
EIN number
Building codes
Environmental requirments
Occupations and professions
What does EIN stand for?
Employment Instant Number
Environmental Identification Number
Employer Identification Number
Eagles in New Englnd
Which Business Organization does NOT need an EIN number?
Sole proprietorship
S corp
C corp
Partnership
Which one of the following is NOT an example of a business deduction?
Advertising
Insurance
Office expenses
The purchase of a pet
Which of the following is an example of a type of property covered by business insurance?
Pets
Machinery and equipment
Personal watch collection
Roof on home
How much insurance should you have on a building that you own for your business?
Enough to rebuild it
Enough to install a new roof
As little as possible
As much as possible
This type of insurance covers your liability for injuries received by employees on the job
Product liability insurance
General liability insurance
Vehicle insurance
Workers' compensation insurance
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