SDI FTT 240 Shooting Sports Management
Questions and Answers Updated 2024
'False'. - ANSWER-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.
20% - ANSWER-What is the minimum percentage of profit from sales a business owner
should plan to make from each sale?
Accounts Payable Ledger - ANSWER-If you have bills you hold until their due date or
until customers' payments come in, or if you have many bills to pay, you need to create
which of the following:
Accounts Receivable - ANSWER-Every time you send out an invoice, or bill, to a
customer for payment, you need to record which of the following:
Accrual - ANSWER-There are two types of accounting methods: cash and which of the
following:
All of these choices.
a.Taking possession of someone else's firearm to make repairs for profit
b. All of these choices.
c. Buying and selling guns for retail or wholesale
d. Reloading ammunition and selling it to the local range - ANSWER-A person is
considered to be "engaging in business" and must obtain a Federal Firearms License if
they are doing which of the following:
Appraisals are Based on Photos - ANSWER-Online appraisers are available for a
fraction of the cost but are not as accurate primarily because of which of the following:
Balance Sheet - ANSWER-A statement of assets and liabilities is called which of the
following:
Balance Sheet - ANSWER-Which of the following discloses your business net worth by
summarizing your assets (cash on hand, accounts receivable, investments, and
property) and your liabilities (accounts payable and debts):
Blue Book of Gun Values - ANSWER-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:
bore - ANSWER-For Rimfire Rifle Trading, and evaluating condition, after you examine
and evaluate the outside condition, you should inspect which of the following:
, Carrying Out the Plan - ANSWER-Marketing involves a plan to make people aware of
your business. In contrast, advertising is which of the following:
cash flow - ANSWER-Cash that comes in and out of a business is called which of the
following:
Corporation - ANSWER-A commonly misunderstood business structure, which may be
complicated and expensive to set up, and has many reporting requirements, is which of
the following:
County Clerk's Office - ANSWER-Once you decide on a name, register it with which of
the following:
Database Management - ANSWER-Which of the following is a fancy term for making
lists, as related to starting and managing a business:
Dealer to Dealer - ANSWER-Gun values can vary from region to region and from which
of the following:
Direct Mail - ANSWER-Which of the following includes brochures, letters, reply cards,
price lists, catalogs, and coupons:
Display Advertising - ANSWER-A business owner should consider hiring an agency if
the budget is large enough to include which of the following:
Duty Weapon - ANSWER-With sales to law enforcement officers, the most important
thing to remember is that this exemption only applies to which of the following:
Excellent - ANSWER-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:
Excellent - ANSWER-The NRA also makes available Antique Firearm Condition
Standards based upon percentage of original finish. Which of the following is described
as follows: "All original parts; more than 80% original finish":
Expenses - ANSWER-Disbursements include all money that goes out of your business
and is called which of the following:
Expenses - ANSWER-There are two things your financial record-keeping system should
track: income and which of the following:
Fair - ANSWER-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:
Questions and Answers Updated 2024
'False'. - ANSWER-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.
20% - ANSWER-What is the minimum percentage of profit from sales a business owner
should plan to make from each sale?
Accounts Payable Ledger - ANSWER-If you have bills you hold until their due date or
until customers' payments come in, or if you have many bills to pay, you need to create
which of the following:
Accounts Receivable - ANSWER-Every time you send out an invoice, or bill, to a
customer for payment, you need to record which of the following:
Accrual - ANSWER-There are two types of accounting methods: cash and which of the
following:
All of these choices.
a.Taking possession of someone else's firearm to make repairs for profit
b. All of these choices.
c. Buying and selling guns for retail or wholesale
d. Reloading ammunition and selling it to the local range - ANSWER-A person is
considered to be "engaging in business" and must obtain a Federal Firearms License if
they are doing which of the following:
Appraisals are Based on Photos - ANSWER-Online appraisers are available for a
fraction of the cost but are not as accurate primarily because of which of the following:
Balance Sheet - ANSWER-A statement of assets and liabilities is called which of the
following:
Balance Sheet - ANSWER-Which of the following discloses your business net worth by
summarizing your assets (cash on hand, accounts receivable, investments, and
property) and your liabilities (accounts payable and debts):
Blue Book of Gun Values - ANSWER-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:
bore - ANSWER-For Rimfire Rifle Trading, and evaluating condition, after you examine
and evaluate the outside condition, you should inspect which of the following:
, Carrying Out the Plan - ANSWER-Marketing involves a plan to make people aware of
your business. In contrast, advertising is which of the following:
cash flow - ANSWER-Cash that comes in and out of a business is called which of the
following:
Corporation - ANSWER-A commonly misunderstood business structure, which may be
complicated and expensive to set up, and has many reporting requirements, is which of
the following:
County Clerk's Office - ANSWER-Once you decide on a name, register it with which of
the following:
Database Management - ANSWER-Which of the following is a fancy term for making
lists, as related to starting and managing a business:
Dealer to Dealer - ANSWER-Gun values can vary from region to region and from which
of the following:
Direct Mail - ANSWER-Which of the following includes brochures, letters, reply cards,
price lists, catalogs, and coupons:
Display Advertising - ANSWER-A business owner should consider hiring an agency if
the budget is large enough to include which of the following:
Duty Weapon - ANSWER-With sales to law enforcement officers, the most important
thing to remember is that this exemption only applies to which of the following:
Excellent - ANSWER-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:
Excellent - ANSWER-The NRA also makes available Antique Firearm Condition
Standards based upon percentage of original finish. Which of the following is described
as follows: "All original parts; more than 80% original finish":
Expenses - ANSWER-Disbursements include all money that goes out of your business
and is called which of the following:
Expenses - ANSWER-There are two things your financial record-keeping system should
track: income and which of the following:
Fair - ANSWER-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:
