How to start a business test 3 review 2

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38 Questions - Developed by: Dan - Developed on: - 2.724 taken

Test 3 review 2

  • 1
    Which of these government loan programs to banks participate in?
  • 2
    Small business Investment companies are licensed by:
  • 3
    Although banks may charge ___% per sale, it increases your business capability to service the customer and increase sales volume
  • 4
    Merchant Card Service Companies will be more or less expensive?
  • 5
    Possible hidden fees to be aware of are:
  • 6
    Merchant account application fee:
    Setup fee:
  • 7
    Internet card and processing Software with Web Terminal fee
  • 8
    Checks by web, phone, and fax
    Allows you to accept checks via the Internet, phone, or fax
    Build a web shopping cart

    These all cost around:
  • 9
    Programming charge:
    Shipping and handling:
    American Express setup fee:
  • 10
    Average approval time for merchant card services:
  • 11
    True/False: Know your customer and their credit card preferences
  • 12
    All credit card companies do or do not typically charge the same?
    ________ Typically has a higher fee than ________
  • 13
    Usually each transaction fee has a percent of sale and a
  • 14
    Also, the same card company may have different transaction rates for different _____ of cards (Generally reward cards have a higher fee)
  • 15
    You should try not to accept _________ for small purchases
  • 16
    The need for Insurance today has been heightened today with the predisposition toward lawsuits and the ever increasing potential for tragic events increasing the __________ for business owners
  • 17
    Employee benefits may be _______ for small business owners
  • 18
    Agreements to protect the family or other beneficiaries
  • 19
    T/F: Every business is different (varying types of liabilities) and has different needs
  • 20
    Speak with your present _______
  • 21
    Be specific in explaining your type of _____ you have and identify specific ________ (insurance) before meeting with your agent or shopping other insurance companies
  • 22
    Compare prices for the same
  • 23
    Generally cost less than individual types of coverage for property, liability, criminal coverage and special need business coverage
  • 24
    Two general categories of Business Insurance:
  • 25
    For claims brought against your business for injury to a customer or other person on business property
  • 26
    Damage to property you lease or rent or a customer’s property
  • 27
    Protects premises, fixed assets and inventory
  • 28
    Earthquake, Flood, Hurricane-Disaster premiums are
  • 29
    Protection against employee dishonesty
  • 30
    Monetary protection against a contractor failing to perform specific work within an agreed period of time
  • 31
    Protection against critical business equipment (computers, telephone, operational)
  • 32
    Claims against your product (after it happens at your place of business) even if used incorrectly. Premiums based on volumes of sale and degree of hazard
  • 33
    Coverage for employees injured, disabled, or becomes ill due to required work
  • 34
    Payment approximately equal to earnings while building is under repair or rebuilding.
  • 35
    Extra coverage, 1 million dollars, for an accident that can cause a catastrophe
  • 36
    Life Insurance is used for:
  • 37
    Be careful attempting to classify employees as __________ to avoid benefits or overtime pay
  • 38
    To be classified as a contractor, a person must:

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