Take our 5 minute Business Quiz to see how clued up you are!

Is it important to have worked out your personal survival budget before starting a business?

Yes
No
Thinking about it
No it a waste of time

Do I need to work out the new businesses 'start up' costs?

No its not neccassary
Yes it is essential
Its fairly important

Is market research neccessary?

No I know the market place well enough
Its a waste of time
Who needs market research anyway
Yes it is important to know if my service or product is required

Should you rely on your friends or families opinion of your idea?

Yes it is a must
No

Should you over estimate or under estimate your survival budget?

It should be exact
under
Over
A survival budget is not worth the paper its wriiten on!

Should a business plan always include a CV?

Yes definately
No
Its desirable but not essential

What is meant by the term 'Sole Trader'?

You will be selling shoes?
You will be running a business with a business partner?
You will be the proprietor of the business?
Del Boy will be helping you?

If you start a business as a 'sole trader', do you have to register it with Companies House?

No
yes

If you started a business as a 'sole trader' do you have to register it with HMRC..

Straight away?
Within 1 month?
Within 10 days?
Within 12 weeks?

How many directors are required to form a Limited Company?

1
2
3
4

Do I have to register my new limited company with HMRC?

No
No only with Companies House
With both Companies House and HMRC

Do I have to trade with my Limited Company straight away?

Yes, once you have one you have to trade with it.
No it can remain dormant until I want to use it.

If I am trading with a business partner and the business becomes insolvant, am I liable for any debts that they have built up?

No, I will be liable for my own debts only.
Yes, I will be liable for both my own and their debts
I trust my business partner so it doesn't apply.

If I am trading as a limted company and pay myself a regular wage, will I have to pay National Insurance Contributions?

No not until the end of the tax year
Personal NIC only
Employers NIC only
Both personal and employers NIC

If I am trading as a limited company and pay myself a regular wage, will I have to pay tax?

No, not until the end of the tax year
Yes, I will have to pay as I earn

If I am trading as a sole trader and pay myself a regular wage, will I have to pay National Insurance Contributions?

No
Class 2 only
Class 2 and 4

If I am trading as a sole trader and pay myself a regular wage, when will I have to pay Tax?

As I go along
On my profits at the end of the tax year
On my turnover, at the end of my tax year
On my losses at the end of the tax year

If I am a director of a limited company that fails, am I liable for the companies debts?

Yes all of them
Yes both the companies and any other director's debts.
No

If I am trading as a sole trader or within a partnership and the business fails, can the creditors come after my personal belongings and property to pay for the debts?

No they are business debts only
No they would be limited only to the cash that I had in the bank
Yes they could potentially take everything I own.
They would take my business partners assets only.
They could take all that me and my business partner owns.

What does SWOT mean?

Strengths, Weaknesses, Over, Time
Sell, Well, Over, The odds
Strengths, Weaknesses, Opportunities, Threats
Sales, Weaknesses, Opportunities, Threats

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