EDA NM Rainforest University Center Seminar - Taxes and Business Startups Assessment

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Complete this assessment to receive credit for viewing the November 21, 2019 New Mexico Rainforest EDA University Center Seminar, "Taxes and Business Startups" by Craig White, PhD. Recordings and supplemental materials can be found at NMRainforest.com.

Email *

Name (First and Last) *

Branch Campus (if applicable)

Gallup

Valencia

Los Alamos

Taos

Main Campus

Not applicable

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List the names of the three pro forma financial statements *

According to the lecture notes, which pro forma financial statement is the most important of the three? *

Income statement

Balance sheet

Cash flow statement

All of the above

What is the basic formula for the income statement? *

Revenue - Expenses

Revenue + Expenses

Revenue x Expenses

Revenue / Expenses

Approximately how many years of estimates should you produce for income statement, balance sheet, and cash flow statement? *

5 years

1 year

10 years

3 years

True or False? It is important to identify the possible seasonality of your business and to identify potential periods of "cash crunch" *

True

False

List three different types of entity structure choices under which you can register your business. *

True or False? The type of entity you choose will effect how your business will pay taxes. *

True

False

True or False? Distributions are generally tax free for partnerships. *

True

False

True or False? Owner's of a business can "check-the-box" and elect for their LLC to be taxed as a corporation. *

True

False

True or False? The NM Secretary of State website is a good resource for business owners to refer to regarding entity structure and tax policies. *

True

False

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