We’ve got a little small business knowledge quiz for you. It covers a few of the important aspects about taxes, marketing, and business expansion.
True or False: Pricing a product or service is more of an art than a science.
True or False: The best place to get money to start or expand your business is a bank.
True or False: All businesses should advertise heavily in the yellow pages since every home has a copy.
True or False: You should hire family members in your business.
True or False: Recent changes in tax law now gives employees a bigger tax break than small business owners.
Click the Read More click to find out the answers.
Pricing a product or service is more of an art than a science.
False! There are specific equations including cost, profit, and time in order to calculate one’s product or service price.
The best place to get money to start or expand your business is a bank.
False! There are hundreds of different sources that can provide funds to help you start or expand your business. While not all sources are appropriate for all industries there are many investment firms that are eager to invest in your company.
All businesses should advertise heavily in the yellow pages since every home has a copy.
False! No one marketing channel is the single most effective method of marketing for all industries. Each channel is diverse and will market to different demographics.
You should hire family members in your business.
True! The government gives special tax breaks to businesses that employ family members. Hiring family members will decrease your federal tax payout.
Recent changes in tax law now gives employees a bigger tax break than small business owners.
False! The government knows that small businesses are the heart that keeps our economy running. There are 122 different deductions available to small business owners.
Serious business knowledge is the only thing that can keep your company from failure. It’s not your product, it’s how your run your business. Take a look at the services offered at CMI Interactive that can help keep your business profitable.
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