FTT 240 Actual Exam With Correct Detailed Answers.

A straw purchase for firearms or ammo occurs when someone purchases a firearm or ammo under which of the following conditions: - Correct Answers When purchased for someone else whether they are a prohibited person or not Someone who cannot lawfully receive, possess, ship, or transport a firearm is called which of the following: - Correct Answers c. Prohibited Person A Federal Firearms License entitles a person to buy and sell, at wholesale or retail, firearms and ammunition to which of the following: - Correct Answers b. Residents of their state who are not prohibited persons. T/F: A person may sell a firearm to an unlicensed resident of his state, if he does not know or have reasonable cause to believe the person is prohibited from receiving or possessing firearms under federal law. - Correct Answers True T/F: There is sometimes a fine line between gunsmithing and manufacturing. If you are modifying a firearm to prepare it for sale, generally speaking, you are gunsmithing. - Correct Answers False A person is considered to be "engaging in business" and must obtain a Federal Firearms License if they are doing which of the following: - Correct Answersa. Taking possession of someone else's firearm to make repairs for profit **b. All of these choices.** c. Reloading ammunition and selling it to the local range d. Buying and selling guns for retail or wholesale T/F: A Federal Firearms License covers operations only at the location shown on the license, and not certain activities, such as gun shows and similar activities. - Correct AnswersFalse The one time costs a new business owner can expect to incur are called which of the following: - Correct Answersb. Start-Up Costs The typical business insurance coverage needed includes Comprehensive Liability Coverage, Fire and Interruption-of-Service Insurance, Burglary Insurance, and which of the following: - Correct Answersa. Worker's Compensation Insurance Cash that comes in and out of a business is called which of the following: - Correct Answersc. Cash Flow When starting a business you need to check for Business Licenses, State Licensing, Seller's Permit, and which of the following: - Correct Answersb. Zoning Permit An association of two or more people who run a business for profit is called which of the following: - Correct AnswersPartnership The simplest business entity is which of the following: - Correct AnswersSole Proprietorship A unique business structure that combines features from both the corporation and partnership models, while providing businesses with several taxation and management options is called which of the following: - Correct Answersa. Limited Liability Company Once you decide on a name, register it with which of the following: - Correct Answersa. County Clerk's Office A commonly misunderstood business structure, which may be complicated and expensive to set up, and has many reporting requirements, is which of the following: - Correct AnswersCorporation With sales to law enforcement officers, the most important thing to remember is that this exemption only applies to which of the following: - Correct AnswersDuty Weapons T/F: The minimum age to obtain a firearm is 18. - Correct AnswersTrue The course text lists the following options for financing a new business include: Borrowing From a Bank, Borrowing From Family and Friends, Using Credit Cards, and _______: - Correct Answersc. Self-Financing A gun that is described as follows: "In safe working condition, but well worn, perhaps requiring replacement of minor parts or adjustments that should be indicated in advertisement" - is which of the following condition standards: - Correct AnswersFair T/F: Centerfire rifles are evaluated like any other firearm— usually by the percentage of bluing remaining on the gun. - Correct AnswersTrue Online appraisers are available for a fraction of the cost but are not as accurate primarily because of which of the following: - Correct Answersa. Appraisals are Based on Photos Anyone who buys, sells, trades, appraises, or repairs guns should have Gun Trader's Guide, Antique Firearms: The Collector's Guide, and which of the following: - Correct AnswersBlue Book of Gun Values A gun that is described as follows: "New condition, used very little, no noticeable marring of wood or metal, bluing perfect (except at muzzle or sharp edges)" - is which of the following condition standards: - Correct AnswersExcellent For Rimfire Rifle Trading, and evaluating condition, after you examine and evaluate the outside condition, you should inspect which of the following: - Correct AnswersBore Gun values can vary from region to region and from which of the following: - Correct AnswersDealer to Dealer One of the most important factors in determining the value of a firearm is which of the following: - Correct Answersa. The Condition of the Firearm The true value of a firearm is determined when the amount the seller will accept coincides with which of the following: - Correct Answersc. The Amount the Buyer is Willing to Pay The phrase "Buying Your Stock" refers to which of the following: - Correct AnswersMerchandise for the Gun Shop The first step in development of an advertising plan is Determine the identity or image you want to create for your company or shop. The second step is which of the following: - Correct Answersc. Identify your market According to the __________, it is illegal for anyone other than a licensed importer to engage in the business of importing firearms or bringing into the United States or any possession thereof any firearm or ammunition - Correct AnswersGun Control Act The final step in development of an advertising plan is which of the following: - Correct Answersb. Formulate an advertising plan T/F: In most areas, single-barrel, break-open shotguns move well, especially in .410 and 20 gauges. - Correct AnswersTrue What can make the difference between success and failure of a business? - Correct AnswersService The best method of developing an advertising and promotional budget is based upon which of the following: - Correct AnswersPercentage of Sales Method T/F: Few small businesses can afford, or need to use, radio or television. - Correct AnswersTrue T/F: Publicity is a form of promotion and something that is always within control of the business owner. - Correct Ans