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Pricing Schools Business

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Business Setup and Credibility Quiz

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Questions and Answers

What is a key aspect of maintaining business credit according to the text?

Changing credit utilization frequently
Avoiding all interactions with creditors
Regularly monitoring your business credit report (correct)
Setting unrealistic financial goals

Why is commitment important in building business credit, as per the text?

To delay credit card payments
To have no interactions with creditors
To ignore payment due dates
To consistently make timely payments (correct)

How can seeking professional assistance benefit in building business credit based on the text?

By providing guidance and expert advice (correct)
By never following expert advice
By avoiding all credit-building services
By never interacting with professionals

Why does the text emphasize patience in obtaining higher limit credit lines for a business?

As it takes time and persistence to build credit (D) Signup and view all the answers

What does the text recommend regarding maintaining positive relationships with creditors?

To improve your credit standing (C) Signup and view all the answers

What is an important step in establishing business credibility?

Obtaining an EIN (C) Signup and view all the answers

What is a key factor in accessing and monitoring business credit?

Regularly checking your personal credit score (D) Signup and view all the answers

What can help in building your business credit profile?

Making regular purchases and timely payments (D) Signup and view all the answers

How can you qualify for store credit accounts at major retailers?

Having a strategy to use vendor credit effectively (C) Signup and view all the answers

What is important when planning to apply for business credit cards like Visa and Mastercard?

Planning to manage credit responsibly and improve creditworthiness (D) Signup and view all the answers

Why is it essential to have a separate business address, phone number, and email address?

To establish credibility and professionalism (A) Signup and view all the answers