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Entrepreneurship for the OT Professional

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1.  Which business structure is NOT liable for corporate income tax and its earnings pass through the company directly to individual members, who pay federal income tax along with self-employment taxes?
  1. Sole-Proprietor
  2. Corporation
  3. LLC
  4. None of the above
2.  What is the most common business structure utilized by small businesses?
  1. Sole-Proprietor
  2. Corporation
  3. LLC
  4. None of the above
3.  Once your business structure is determined where do you register your business?
  1. Treasury and accounting department of the state
  2. IRS.gov
  3. Secretary of State
  4. AOTA
4.  What resources are recommended and available to OT professionals for guidance on what the best business structure is for their business venture?
  1. Attorneys
  2. Small business development centers
  3. Other business owners
  4. A and B
5.  What do the letters stand for in SWOT?
  1. Strengths, Weaknesses, Opportunities, Teaching
  2. Strengths, Weaknesses, Outreach, Threats
  3. Strengths, Weaknesses, Outreach, Total Revenue
  4. Strengths, Weaknesses Opportunities, Threats
6.  When would completing a SWOT be helpful?
  1. To assess the current state of your business
  2. To assist with creating and marketing and operational plans
  3. Facilitate making a key hiring decision; When making an important decision that will impact your company
  4. All of the above
7.  What would be a helpful strategy for a business owner:
  1. Hire a mentor or coach
  2. Always stop working at other employers when starting a business
  3. Participate in personal development habits
  4. A and C
8.  What is one condition that is important to avoid that can often lead business owners to close their business?
  1. Burnout
  2. Too much to do
  3. Catching a cold
  4. Too many referrals
9.  What resources should an OT always refer to when developing their business?
  1. APTA resources
  2. OT Code of Ethics and OT State Practice Acts
  3. Textbooks from school
  4. Small business development center marketing classes
10.  What class subjects may be helpful for an OT wanting to start an outpatient practice in pediatrics to help the business grow and be successful?
  1. Marketing
  2. Business management
  3. Social media
  4. All of the above

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