The EIN and the Oregon BIN (step 4 of 6)

Check what you learned

10 questions from this lesson. Answers are checked as you go; nothing is recorded.

1. 1 / 10

   What is the cost of obtaining an EIN according to the IRS?

   AIt is freeBIt costs $50CIt costs $100DIt costs $25
   Hint

   Look at the section describing the IRS statement about fees.

2. 2 / 10

   Which of the following is true about needing an Oregon BIN for a solo practice with no employees?

   AIt is required for filing personal taxesBIt is required for billing insuranceCIt is not required unless you plan to hireDIt is required even without employees
   Hint

   Check the paragraph about the BIN and solo practices.

3. 3 / 10

   When should a new Oregon clinician register for a BIN?

   AWhen filing the first tax returnBBefore the first employee's paycheckCWhen opening a business bank accountDWhen the LLC is formed
   Hint

   Refer to the timing described for hiring.

4. 4 / 10

   Which document can be used as the paper equivalent of the online EIN interview?

   AForm 941BForm W-9CForm 1040DForm SS-4
   Hint

   Look for the form mentioned as the paper alternative.

5. 5 / 10

   What does the lesson say to have in front of you for the online EIN interview?

   AA copy of your counseling licenseBThe LLC's exact name and formation detailsCThe practice's first bank statementDA signed operating agreement
   Hint

   The interview asks about the company itself.

6. 6 / 10

   On a weekday, what time does the IRS online EIN application open, Eastern time?

   AMidnightB9:00 a.m.C6:00 a.m.DIt is open around the clock
   Hint

   Check the table of application hours.

7. 7 / 10

   Why do banks generally want an EIN from a new practice?

   ATo issue health insuranceBSo the practice's own number goes on paperwork instead of your Social Security numberCTo verify the practice’s credit scoreDTo calculate payroll taxes
   Hint

   See the paragraph describing bank requirements.

8. 8 / 10

   If a solo Oregon practice decides to hire a receptionist, what is the first step regarding identification numbers?

   ACancel the existing EINBApply for a BIN before the first paycheckCApply for a second EINDFile an amendment to the LLC articles
   Hint

   Look at the guidance for when you plan to put someone on payroll.

9. 9 / 10

   Which of the following statements about the EIN online interview is correct?

   AIt is an interview that asks questions and assigns the number at the endBIt requires uploading a scanned copy of the LLC articlesCIt can be completed at any time without preparationDIt is only available on weekends
   Hint

   Read the description of the online application process.

10. 10 / 10

    What does the lesson suggest about third‑party websites that charge for an EIN?

    AThey are the only way to get an EIN if you have no internetBThey are charging for a service that is free on the IRS siteCThey are required by the IRS to process the applicationDThey provide a faster way to get the EIN
    Hint

    Consider the warning about fee‑charging sites.