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When purchased for someone else whether they are a prohibited person or not correct
answers A straw purchase for firearms or ammo occurs when someone purchases a firearm or
ammo under which of the following conditions:
c. Prohibited Person correct answers Someone who cannot lawfully receive, possess, ship, or
transport a firearm is called which of the following:
b. Residents of their state who are not prohibited persons. correct answers A Federal Firearms
License entitles a person to buy and sell, at wholesale or retail, firearms and ammunition to
which of the following:
True correct answers 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.
False correct answers 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.
a. 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 correct answers A person is considered to
be "engaging in business" and must obtain a Federal Firearms License if they are doing
which of the following:
False correct answers 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.
b. Start-Up Costs correct answers The one time costs a new business owner can expect to
incur are called which of the following:
a. Worker's Compensation Insurance correct answers The typical business insurance coverage
needed includes Comprehensive Liability Coverage, Fire and Interruption-of-Service
Insurance, Burglary Insurance, and which of the following:
c. Cash Flow correct answers Cash that comes in and out of a business is called which of the
following:
b. Zoning Permit correct answers When starting a business you need to check for Business
Licenses, State Licensing, Seller's Permit, and which of the following:
Partnership correct answers An association of two or more people who run a business for
profit is called which of the following:
Sole Proprietorship correct answers The simplest business entity is which of the following:
, a. Limited Liability Company correct answers 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:
a. County Clerk's Office correct answers Once you decide on a name, register it with which
of the following:
Corporation correct answers A commonly misunderstood business structure, which may be
complicated and expensive to set up, and has many reporting requirements, is which of the
following:
Duty Weapons correct answers With sales to law enforcement officers, the most important
thing to remember is that this exemption only applies to which of the following:
True correct answers T/F: The minimum age to obtain a firearm is 18.
c. Self-Financing correct answers 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 _______:
Fair correct answers 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:
True correct answers T/F: Centerfire rifles are evaluated like any other firearm— usually by
the percentage of bluing remaining on the gun.
a. Appraisals are Based on Photos correct answers Online appraisers are available for a
fraction of the cost but are not as accurate primarily because of which of the following:
Blue Book of Gun Values correct answers 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:
Excellent correct answers 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:
Bore correct answers For Rimfire Rifle Trading, and evaluating condition, after you examine
and evaluate the outside condition, you should inspect which of the following:
Dealer to Dealer correct answers Gun values can vary from region to region and from which
of the following:
a. The Condition of the Firearm correct answers One of the most important factors in
determining the value of a firearm is which of the following:
c. The Amount the Buyer is Willing to Pay correct answers The true value of a firearm is
determined when the amount the seller will accept coincides with which of the following:
When purchased for someone else whether they are a prohibited person or not correct
answers A straw purchase for firearms or ammo occurs when someone purchases a firearm or
ammo under which of the following conditions:
c. Prohibited Person correct answers Someone who cannot lawfully receive, possess, ship, or
transport a firearm is called which of the following:
b. Residents of their state who are not prohibited persons. correct answers A Federal Firearms
License entitles a person to buy and sell, at wholesale or retail, firearms and ammunition to
which of the following:
True correct answers 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.
False correct answers 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.
a. 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 correct answers A person is considered to
be "engaging in business" and must obtain a Federal Firearms License if they are doing
which of the following:
False correct answers 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.
b. Start-Up Costs correct answers The one time costs a new business owner can expect to
incur are called which of the following:
a. Worker's Compensation Insurance correct answers The typical business insurance coverage
needed includes Comprehensive Liability Coverage, Fire and Interruption-of-Service
Insurance, Burglary Insurance, and which of the following:
c. Cash Flow correct answers Cash that comes in and out of a business is called which of the
following:
b. Zoning Permit correct answers When starting a business you need to check for Business
Licenses, State Licensing, Seller's Permit, and which of the following:
Partnership correct answers An association of two or more people who run a business for
profit is called which of the following:
Sole Proprietorship correct answers The simplest business entity is which of the following:
, a. Limited Liability Company correct answers 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:
a. County Clerk's Office correct answers Once you decide on a name, register it with which
of the following:
Corporation correct answers A commonly misunderstood business structure, which may be
complicated and expensive to set up, and has many reporting requirements, is which of the
following:
Duty Weapons correct answers With sales to law enforcement officers, the most important
thing to remember is that this exemption only applies to which of the following:
True correct answers T/F: The minimum age to obtain a firearm is 18.
c. Self-Financing correct answers 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 _______:
Fair correct answers 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:
True correct answers T/F: Centerfire rifles are evaluated like any other firearm— usually by
the percentage of bluing remaining on the gun.
a. Appraisals are Based on Photos correct answers Online appraisers are available for a
fraction of the cost but are not as accurate primarily because of which of the following:
Blue Book of Gun Values correct answers 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:
Excellent correct answers 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:
Bore correct answers For Rimfire Rifle Trading, and evaluating condition, after you examine
and evaluate the outside condition, you should inspect which of the following:
Dealer to Dealer correct answers Gun values can vary from region to region and from which
of the following:
a. The Condition of the Firearm correct answers One of the most important factors in
determining the value of a firearm is which of the following:
c. The Amount the Buyer is Willing to Pay correct answers The true value of a firearm is
determined when the amount the seller will accept coincides with which of the following:
