Question 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:

$495

$95

$50

$300

Question 9: Programming charge:
Shipping and handling:
American Express setup fee:

95, 35, 50

35, 95, 50

50, 35, 95

Question 10: Average approval time for merchant card services:

1 week to same day

1 month to 1 week

1 year to 1 month

Question 11: True/False: Know your customer and their credit card preferences

False

True

N/A

Question 12: All credit card companies do or do not typically charge the same?
________ Typically has a higher fee than ________

Do not; Amex, Visa/Mastercard

Do not, Visa/Mastercard, Amex

Do, Visa/Mastercard, Amex

Do, Amex, Visa/Mastercard

Question 13: Usually each transaction fee has a percent of sale and a

Variable transaction cost (3.21% + 10 cents)

Fixed transaction cost (1.51% +10 cents)

Fixed transaction cost (3.21%+15 cents)

Variable transaction cost (1.51% + 10 cents)

Question 14: Also, the same card company may have different transaction rates for different _____ of cards (Generally reward cards have a higher fee)

Locations

Classes

Rates

Question 15: You should try not to accept _________ for small purchases

Debit Cards

Cash

Checks

Credit Cards

Question 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

Confusion

Liability

Liability and risk

Risk

Question 17: Employee benefits may be _______ for small business owners

Cost Allocation

Cost Variable

Cost Prohibitive

Question 18: Agreements to protect the family or other beneficiaries

Health Insurance

Life Insurance

Buy Sell Agreements

Life Insurance and Buy Sell agreements

Question 19: T/F: Every business is different (varying types of liabilities) and has different needs

True

N/A

False

Question 20: Speak with your present _______

Employer

Closest family member

Insurance Agent

Question 21: Be specific in explaining your type of _____ you have and identify specific ________ (insurance) before meeting with your agent or shopping other insurance companies

Insurance; liabilities

Business; liabilities

Business; risk

Insurance; risk

Question 22: Compare prices for the same

Type of insurance

Protection

Insurance Agency

Question 23: Generally cost less than individual types of coverage for property, liability, criminal coverage and special need business coverage

Property and Liability Insurance

Business Owners' Policy

Health and Life Insurance

Question 24: Two general categories of Business Insurance:

Property/Life Insurance and Health/Liability Insurance

Property/Liability Insurance and Life/Health Insurance

Business Owner's Policy/Property Insurance and Life/Health Insurance

Question 25: For claims brought against your business for injury to a customer or other person on business property

General Liability

Property damage Liability

Location Liability

Question 26: Damage to property you lease or rent or a customer’s property

Location Liability

Property damage liability

General Liability

Question 27: Protects premises, fixed assets and inventory

Property Damage Liability

Fire Insurance

General Liability

Question 28: Earthquake, Flood, Hurricane-Disaster premiums are

High

Average

Low

Question 29: Protection against employee dishonesty

Boller and Machinery Coverage

Surety Bonds

Fidelity Bonds

Question 30: Monetary protection against a contractor failing to perform specific work within an agreed period of time

Surety Bonds

Boller and Machinery Coverage

Fidelity Bonds

Question 31: Protection against critical business equipment (computers, telephone, operational)

Boller and Machinery Coverage

Product Liability

Worker's Compensation

Question 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

Product Liability

Boller and Machinery Coverage

Umbrella Insurance

Question 33: Coverage for employees injured, disabled, or becomes ill due to required work

Umbrella Insurance

Worker's Compensation

Business Interruption Insurance

Question 34: Payment approximately equal to earnings while building is under repair or rebuilding.

Worker's Compensation

Business Interruption Insurance

Umbrella Insurance

Question 35: Extra coverage, 1 million dollars, for an accident that can cause a catastrophe

Workman's Compensation

Vehicle Insurance

Umbrella Insurance

Question 36: Life Insurance is used for:

All of the above

Protect a surviving business partner from automatic transfer to the deceased’s family

Used to pay estate taxes and not disrupt the business or require the business to be sold to pay possible Estate taxes

Used to establish survivor/retirement funds for partners or their family cover Key employees Health Insurance-Is and has been a major issue for small businesses, expensive (Trade Associations or EDC may help)

Protect your beneficiaries in case of death

Question 37: Be careful attempting to classify employees as __________ to avoid benefits or overtime pay

Beneficiaries

Contractors

Sub-Contractors

Question 38: To be classified as a contractor, a person must:

Work off site and Work by the project rather than have a continuous relationship with the employer only

Have ability to set own hours and determine sequence of work Work off site Work by the project rather than have a continuous relationship with the employer Be paid by the job Have an opportunity for profit or loss Furnish own tools and training Be self employed or work with a leasing company

Be paid by the job and Have an opportunity for profit or loss only

Have ability to set own hours and determine sequence of work only

Furnish own tools and training and Be self employed or work with a leasing company only

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