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Business Credit Builder Part 1: Starting With The Basics

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Business Credit Compliance Guide
Business Credit Builder Part 1: Starting With The Basics

Lesson 1.1.0: Do You Actually Have A Business?

7 Topics
|
1 Quiz
- Lesson 1.1.0 Knowledge Check
Lesson 1.2.0: Where You Do Business, Matters!

6 Topics
|
1 Quiz
- Lesson 1.2.0 Knowledge Check
Lesson 1.3.0: Let’s Talk About Communication…

8 Topics
|
1 Quiz
- Lesson 1.3.0 Knowledge Check
Lesson 1.4.0: Controlling Your Piece Of The Internet

5 Topics
|
1 Quiz
- Lesson 1.4.0 Knowledge Check
Lesson 1.5.0: The Employer’s Identity

5 Topics
|
1 Quiz
- Lesson 1.5.0 Knowledge Check
Lesson 1.6.0: Bankable Business Banking

5 Topics
|
1 Quiz
- Lesson 1.6.0 Knowledge Check
Lesson 7: Get To Know Your NAICS

2 Topics
|
1 Quiz
1. 1.7.0: Lesson 7 Introduction
2. 1.7.1: Attention! How You Are Classified Can Impact Funding Approvals
- Lesson 1.7.0 Knowledge Check

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Test your knowledge on Business Entities

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Question 1 of 10

1. Question
What is a Business Entity?
- This response will be awarded full points automatically, but it can be reviewed and adjusted after submission.
Question 2 of 10

2. Question
How many types of business entities are there?
- A. One
- B. Two
- C. Three
- D. Several
Question 3 of 10

3. Question
What are the advantages of a sole proprietorship?
- A. Personal liability for company debts and legal issues.
- B. Complex and regulated.
- C. Easy to set up and manage, and few formal requirements
- D. Unlimited personal asset protection.
Question 4 of 10

4. Question
What is the main disadvantage of a sole proprietorship?
- A. Personal liability for company debts and legal issues.
- B. Easy to set up and manage, and few formal requirements.
- C. Flexibility and pass-through taxation.
- D. Limited liability protection.
Question 5 of 10

5. Question
How does a Limited Liability Company differ from a sole proprietorship and partnership?
- A. LLC is more complex and regulated than other business entities.
- B. LLC offers a balance between the flexibility and pass-through taxation of a partnership and the limited liability protection of a corporation.
- C. LLC is owned and operated by one person.
- D. LLC is owned by shareholders.
Question 6 of 10

6. Question
What is the main advantage of a Limited Liability Company?
- A. Members personal assets are protected in the event of business debts or legal issues.
- B. Complex and regulated.
- C. Easy to set up and manage, and few formal requirements.
- D. Unlimited personal asset protection.
Question 7 of 10

7. Question
How is a corporation different from other types of business entities?
- A. Corporation is more formal and typically owned by shareholders.
- B. Corporation is a business owned by two or more individuals.
- C. Corporation is easy to set up and manage.
- D. Corporation is a legal structure.
Question 8 of 10

8. Question
What is the main advantage of a corporation?
- A. Unlimited personal asset protection.
- B. The greatest level of personal asset protection for owners.
- C. Complex and regulated.
- D. Easy to set up and manage, and few formal requirements.
Question 9 of 10

9. Question
How does the type of entity affect the management and financing of a business?
- A. Affect the amount of taxes the business pays.
- B. Affect the way your business is managed and financed, to your personal liability and taxes.
- C. Affect the number of shares of a business.
- D. Affect the number of employees a business can have.
Question 10 of 10

10. Question
Why is it important to consult with a professional before choosing a business entity?
- A. It's important to research and consult with a professional to determine which type of entity will best suit your business needs.
- B. To learn how to set up the business.
- C. To know the laws of the business.
- D. To get more funding for the business.

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