How much do you really know about opening and running a boutique business? Find out by taking this short, five question quiz.
After meeting what criteria do you need to report your earnings to the IRS? Income of more than $400 When you are trying to make a profit When you are making regular business transactions All of the above
The United States Postal Service is the only method to ship your items from home. No, the USPS does not allow you to ship items from home. Yes, the USPS is the only service that allows you to ship items from your home. USPS allows you to ship items from home if you pay a monthly fee. Several services allow you to ship your items from home.
Juried craft shows allow: everyone that inquires to signup and sell. only accepted sellers are allowed to sell. anyone that pays the fee to signup and sell. only members of their club to sign up and sell.
A sales tax number is required for purchasing items wholesale. any business that sells a tangible item. all of the above. none of the above.
An EIN number is required when: opening your business. one year after opening your business. never. you hire employees.
Answer Key:
1) All of the above.
2) Several services allow you to ship your items from home.
3) only accepted sellers are allowed to sell.
4) all of the above.
5) you hire employees.
If you got all 5 correct: Congratulations, you have been studying! Keep it up and your business will succeed!
If you got 3-4 questions correct: You are on your way to becoming a boutique business guru!
If you got 0-2 questions correct: Start studying now! Knowing simple laws, strategies, and resources is the key to owning a successful business!
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