Business Licenses & Rules
What is the permission from the government to run a business called?
Business License
A business owned and run by one person is a
Sole Proprietorship
Why do businesses need licenses?
To protect customers and ensure quality
A barber must have what to cut hair legally?
Barber License
What color do you get when you mix red and blue?
Purple
What do restaurants get to make sure they are safe and clean?
Health Inspection
A business owned by two or more people is a
Partnership
Why are inspections important?
To keep customers from getting sick or hurt
A restaurant failing its health check is an example of what?
Failed Inspection
How many sides does a hexagon have?
Six
What type of law decides where businesses can and can’t be built?
Zoning Law
Which business type is a separate legal entity that can sell stock?
Corporation
Why do we have zoning laws?
To keep communities organized and safe
Why can’t a factory be built next to your house?
Zoning Laws
What planet is known as the “Red Planet”?
Mars
Rules about how a building must be built or look are called?
Codes & Covenants
Which type avoids double taxation and has limited shareholders?
S-Corporation
Why do codes and covenants exist?
To make sure buildings are safe and fit the area
A shopping plaza that bans neon signs is enforcing what?
Codes & Covenants
What is the capital of the United States?
Washington, D.C.
What is the main reason governments require business licenses, inspections, zoning laws, and codes?
To protect the public and keep businesses safe, fair, and organized
Which type combines limited liability with flexible taxes?
Limited Liability Company (LLC)
Why is limited liability important for business owners?
It protects their personal assets from business debts
A small consulting business that protects its owners’ personal assets is an example of what?
LLC
If you have 3 quarters, 2 dimes, and 1 nickel, how much money do you have?
$1.00