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Marrying a Private Practice: Financing Your Startup

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1.  Sources of funding may depend on your: Location- city, state Demographics Target population All of the above

2.  Funding could come from: Banks Family Members Hearing Aid Manufacturers All of the above

3.  To help keep the initial cost of financing low, an owner might: Lease a small office space Purchase all new equipment Hire a marketing coordinator Pay him/herself a salary of $100,000

4.  A separate business credit card is most helpful for what reasons? Obtaining frequent flyer miles To keep all associated costs separate from personal expenses Buying things for the owner’s house Making minimum payments until a loan is secured

5.  When determining the total cost to start a business, what would NOT be included? Owner’s salary Cost for Electronic Health Records (EHR) Cost of hearing aids Operating expenses for 6 months

6.  The portion of a business plan that bankers are most interested in is: Population of the location area Curriculum vitea of the owner Equipment expenses Marketing plan

7.  An owner should ask for ________ cost s/he thinks will be needed for the business. More Less The exact Zero

8.  A lender is most interested in the equipment costs for a new practice, because: If you fail, the equipment can be resold Learning more about the practice and profession The lender will invest in the manufacturer The lender can help determine the best option for your practice

9.  Practice owners can find grants from the following organizations: Small Business Administration (SBA) Chamber of Commerce Rotary Club Lions Club

10.  When applying for a loan, audiology practices will typically require: Seed money Start-up funds Growth financing Balloon loans