Financial Business Skills

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

You must fill out Form 1099 for any independent contractor to whom you paid more than

$600 during the tax year

What should you consult with when developing the plan of action for opening your new business?

Accountant

What term refers to anything that a business owns?

Assests

What is NOT one of the three general categories the IRS used to determine independent contractor status?

Behavioral control

What term refers to the point at which all costs are covered and your business begins to earn a profit?

Break-even

What is the basic tool that prospective business owners use to help them develop a plan of action and avoid many risk factors?

Business plan

What term refers to the amount of money you need to invest in your business?

Captiol

What type of tax is an important factor in the sale of gift certificates?

Deferred income tac

What does a payment of the self-employed tax make a sole proprietor eligible for?

Disability benefits

What statement about the federal unemployment tax is correct?

EMployers are responsible for paying this tax

What is used to identify a business that maintains employees?

Employer identification number (EIN)

What section of your business plan should provide thereader with a complete overview of your entire strategy?

Executive summary

What form is used to report the amount of federal, social security, and Medicare taxes withhelp and paid for by each employee?

Form 1040

What form is used to report federal estimated tax payments?

Form 1040-ES

What form must a person full out to obtain a social security number?

Form SS-5

What document is commonly referred to as a profit and loss statement?

Income statement

When are quarterly tax payments due?

January 15, April 15, July 15, and October 15

What part of your business plan should discuss the methods you will use to develop brand recognition and promote business?

Marketing plan

What term refers to the owner's interest in the assets of the business after all of the liabilities have been deducted?

Net worth

WHat is typically the biggest expense for a business?

Payroll

What are the four P's?

Product, price, promotion and place

What term refers to a legal document that clearly defines the terms of a loan agreement?

Promissory note

What is NOT a type of insurance generally recommended for salon and spa owners?

Protection and indemnity

What is NOT something you should do before you decide toopen your own business or purchase an existing one?R

Revise your marketing stretgy

What statement about risk management is correct?

Salons must adhere to all local, state, and federal disinfection guidleines

What is the MOST important factor in any business paln?

Solid financial management stragey

How do venture capitalists benefit from loaning money to start a new business?

They are paid a portion of the income

What statement about independent contractors is correct?

They are responsible for adhering to all laws set forth by their licensing board

What is NOT one of the ways in which skin care businesses commonly compensate service providers?

Tips

What statement about small business loans is correct?

To obtain them, you must qualify as a good credit risk


Ensembles d'études connexes

Real Estate - Level 2, Chapter 3 (condos, CO-OPS, etc.)

View Set

Environmental Science A. Interactions The Environment

View Set