Staying on the Right Side: Test Your Small Business Regulatory Compliance Knowledge

Regulatory Compliance

Welcome to the Regulatory Compliance for Small Business Quiz!

This quiz will test your knowledge about licensing requirements for a small business. Are you ready to put your knowledge to the test?

1 / 11

1. What is the main purpose of licensing?

To create additional revenue for the government

To ensure certain businesses meet certain standards and protect consumers

To limit competition in an industry

To allow businesses to operate with limited oversight

2 / 11

2. What is an example of a business that may NOT require a specialized license?

Consulting business

Hair salon

Gas station

Food truck

3 / 11

3. What is the consequence of operating a business without a license?

Increased liability

Reduced customer trust

Forced closure, legal penalties and fines

Higher operational costs

4 / 11

4. Which of the following businesses would require a business/operating license?

Restaurant

Florist

Clothing store

Art gallery

5 / 11

5. What does a business/operating license regulate?

Industry

Profession

Location

All of the above

6 / 11

6. Which of the following businesses would require an occupational license?

Cook

Electrician

Dog trainer

Auto Mechanic

7 / 11

7. What does an occupational license regulate?

Industry

Profession

Location

All of the above

8 / 11

8. What is the primary purpose of a sales tax license?

To exempt a business from paying sales taxes

To permit a business to charge and remit sales tax on behalf of taxing jurisdictions

To limit competition in a particular industry

To restrict a business’s ability to sell certain products or services

9 / 11

9. What is NOT a sales tax jurisdiction?

Federal

State

County

City

10 / 11

10. Which of the following is true regarding renewing a business/operating license?

All business licenses must be renewed annually

Renewal requirements are defined by industry and are the same in every state

Business/operating licenses remain in force forever and do not need to be renewed

The renewal period and requirements vary by state and industry

11 / 11

11. Which of the following is an example of a business that may require employees to have a background check?

Financial services

Medical/Healthcare

Transportation company

All of the above

Your score is

The average score is 86%

Staying on the Right Side: Test Your Small Business Regulatory Compliance Knowledge

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