Puzzle ZEMQ 

Workings

Hint
There are 3 P's, so there are 3 different ways to start the word.

Answer
960.

Reasoning
Given: P P P U U Z Z Z Z Z L L L L E S S.

The order of the Z's is important. For example, we could chose a red one and a green one, so the order they appear in the sign has to be taken into consideration.

There are:
   3 different P's that could be chosen.
   2 different U's that could be chosen.
   5 different Z's that could be chosen.
   4 different Z's that could be chosen, as one has already been chosen.
   4 different L's that could be chosen.
   1 E that could be chosen.
   2 different S's that could be chosen.

So there are 3 x 2 x 5 x 4 x 4 x 1 x 2 = 960 different ways to make the sign.