Which job does NOT require a professional and trade license?
handcrafter
hair stylist
attorney
doctor
2.
Choose the best answer for the equation.
_____ = revenues - (costs + dividends)
taxable profits
shares
profits
cost of goods sold
3.
Match the definitions with the terms.
the portion of the Form 1040 dedicated to filing profits and losses from a business
an individual who uses computers and the internet to gain unauthorized access to private data
a government system designed to provide financial assistance to people with inadequate or no income
protection from criminal or unauthorized use of personal electronic data
4.
Choose the best answer.
Virtual businesses _____, lack a physical office, utilize employees remotely, hold a mailing address, and facilitate transactions electronically.
are operated over the internet
include manufacturing plants
none of these
have several on-location employees
5.
Choose the best answer.
A _____ is required for companies offering highly skilled services.
professional and trade license
skills license
highly skilled license
skills and trades license
6.
Choose the best answer.
All licenses and tax regulations apply to _____ just as they do brick-and-mortar companies.
sole proprietorships
privacy policies
virtual businesses
none of these
7.
Choose the best answer.
Which practice requires a professional and trade license?
web designing
accounting
landscaping
instrument making
8.
Choose the best answer.
Payroll taxes are imposed on both employees and employers and are generally calculated as a percentage of _____.
shares
salary
funds
financing
9.
Choose the best answer.
A(n) _____ is required to allow business owners to conduct business out of their homes.
home occupation permit
in-home permit
in-home license
home license
10.
Choose the best answer.
Suppose Jimmy’s Furniture Mart, LLC, is owned by four individuals: Jimmy, Pat, Alicia, and Darryl. Jimmy owns 50% of the company, Pat owns 10%, Alicia owns 20%, and Darryl owns the final 20%. The company owes $100,000 in taxes for 2017. How much is each member obligated to pay?
They do not owe taxes because the tax bracket is not high enough yet.
Jimmy, $50,000; Pat, $10,000; Alicia, $20,000; Darryl, $20,000
Jimmy, $500,000; Pat, $100,000; Alicia, $200,000; Darryl, $200,000
Jimmy, $5,000; Pat, $1,000; Alicia, $2,000; Darryl, $2,000
11.
Choose the best answer.
Protecting all customer _____ is important, but protecting a customer’s financial _____ is essential.
data; data
taxation, history
questions; data
history; history
12.
Choose the best answer.
A _____ is a basic permit allowing any business to operate locally.
business permit
general business license
sole business license
corporate business license
13.
Choose the best answer.
A _____ is a certificate that gives permission to businesses to sell specific kinds of goods or services.
business permit
services permit
goods permit
goods and services permit
14.
Choose the best answer.
A home occupation permit considers city _____.
locations
zoning
size
planning
15.
Match the definitions with the terms.
portions of profits paid to the shareholders of a corporation, usually on a quarterly basis
the overall income of a company before any expenses or taxes are removed
the standard Internal Revenue Service form individuals use to file annual tax returns
the process of converting client information into code so it cannot be retrieved through unauthorized access
a medical entitlement program offered by the federal government to qualified individuals such as seniors or people with disabilities
16.
Choose the best answer.
Using _____ helps safeguard customers when browsing websites.
third-party browsers
third-party servers
hackers
various browsers
17.
Choose the best answer.
Which step in setting up a virtual business office can help a company look professional by hiring a third-party company to provide mail receipt and forwarding services?
Step 5: Get a virtual phone system.
Step 2: Obtain a virtual business address.
Step 1: Create a strategy.
Step 3: Select a virtual assistant.
Step 4: Train your virtual assistant.
18.
Choose the best answer.
_____ are actually their own legal entities formed as a business that can buy assets, pay taxes, and even be sued.
Corporations
Partnerships
Sole proprietorships
Limited liability companies
19.
Choose the best answer.
_____ and _____ are examples of payroll taxes
Medicare; Social Security
Social Security; Schedule C
Schedule C; Medicare
Medicare; form 1040
20.
Choose the best answer.
Which of these is a statement or legal document that explains the ways a company gathers, stores, handles, and discloses client data?
privacy policy
statement of privacy
statement of policies
terms of agreement
21.
Choose the best answer.
______ are the cheapest legal business structures to form but place debt and legal liabilities on the owner.
Limited liability companies
Sole proprietorships
Partnerships
Corporations
1 answer
Here are the best answers to each of your questions:
handcrafter
taxable profits
the portion of the Form 1040 dedicated to filing profits and losses from a business - Schedule C
an individual who uses computers and the internet to gain unauthorized access to private data - hacker
a government system designed to provide financial assistance to people with inadequate or no income - welfare
protection from criminal or unauthorized use of personal electronic data - data security
are operated over the internet
professional and trade license
virtual businesses
accounting
salary
home occupation permit
Jimmy, $50,000; Pat, $10,000; Alicia, $20,000; Darryl, $20,000
data; data
general business license
goods permit
zoning
portions of profits paid to the shareholders of a corporation, usually on a quarterly basis - dividends
the overall income of a company before any expenses or taxes are removed - revenue
the standard Internal Revenue Service form individuals use to file annual tax returns - Form 1040
the process of converting client information into code so it cannot be retrieved through unauthorized access - encryption
a medical entitlement program offered by the federal government to qualified individuals such as seniors or people with disabilities - Medicare
various browsers
Step 2: Obtain a virtual business address.
Corporations
Medicare; Social Security
privacy policy
Sole proprietorships
If you have any more questions or need further clarification, feel free to ask!
