SELF EMPLOYMENT

Self Employment Essentials Quiz

Are you self-employed or thinking of starting your own business? Test your knowledge with our Self Employment Essentials Quiz!

Learn important facts about self-employment, including:

10 Questions2 MinutesCreated by CreatingCactus752

What question should be asked if a customer claims to be self-employed?

Do your own the business?

Do you work for someone else?

Do you have employees?

If a farmer sells his crops once a year, his income should be averaged over 12 months?

True

False

A deer processor makes $2000 over a 3 month period, the same period every year. This income is divided by

3 months

12 months

1 month

What are allowable costs for self-employment?

Cost of labor

Depreciation

Raw Materials

Income Taxes

How many hours does a customer have to work in a week in order to be exempt from the Employment and Training (E&T) work requirement?

20 hrs/wk

30 hrs/wk

40 hrs/wk

A self-employment customer has Tax and Social Security payments that are the individual’s responsibility.

True

False

What are acceptable forms of verification of self-employment?

Bookkeeping records

Other records maintained by the business owner that allows a calculation of the income and expenses

Sales and expenditure records

Paystubs

The following self-employment expenses are not allowed

Income Taxes

Fines and Penalties

Legal and professional fees

Business supplies