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Business Taxes and Insurance Quiz

1.

I keep records of all my expenses during the year so that I can get the most tax deductions.

Almost Always

Sometimes

Rarely

2.

I deduct all "ordinary and necessary" expenses of operating my small business.

Almost Always

Sometimes

Rarely

3.

I pay payroll taxes in full and on time.

Almost Always

Sometimes

Rarely

4.

I fully understand the tax structure of my business entity and pay all taxes on time.

Almost Always

Sometimes

Rarely

5.

I have adequate insurance to cover "big" unexpected expenses, such as a hospital bill, a disability, or liability for damages to others.

Almost Always

Sometimes

Rarely



    

Score:

0

Suggestions for Improving Your Knowledge and Using the Toolkit

12-15 points- You are very knowledgeable about taxes and insurance.  Review the Taxes and Insurance section to refresh your memory, paying particular attention to the "Points to Remember" section.  Learn even more by reviewing some of the advanced information in the resource section.

8-12 points- You understand a fair amount about business taxes and insurance.  Read the Taxes and Insurance section and complete the exercises.  If you want additional information, click on some of the links listed in the resource section or contact a local training provider. Click here for a list of training providers in your area.

7 or fewer points- The Taxes and Insurance section of the website will help you improve your score.  Read the section carefully.  Complete the exercises and click on some of the links listed in the resource section.  We strongly encourage you to contact a local organization for further training and specialized assistance with your taxes and insurance skills. Click here for a list of training providers in your area. Take the time to learn more and protect your business.

Back: Fundamentals of Small Business Quiz