Ch. 17 Business
What percentage rate does the self-employed individual pay for Medicare and Social Security?
15.3%
According to the text what percentage of massage therapists work in the spa or healthcare setting?
30%
According the American Massage Therapy Association and the textbook what percentage of massage therapists are self employed?
73%
What is a Resume?
A brief summery of your education, experience, and other qualifications related to a particular skill set
What is a corporation?
A business entity that is granted a charter recognizing it a s a separate legal entity having its own privileges and liabilities distinct from those of its members
What is a partnership?
A business owned by two or more people
What is a Sole Proprietorship?
A business with a single owner
What is Equity?
A company's net worth
What is a business plan?
A document that identifies your business goals and your plan for attaining those goals
What is a contract?
A formal and legally binding agreement that delineates expectations, duties, and responsibilities.
According to Dunn and Bradstreet and the American Massage Therapy Association what is the number one reason massage businesses fail?
A lack of ability to grow a business
When writing a Professional Profile you should always write it using?
A narrative style and in the first person.
What is petty cash?
A small amount of discretionary money used to purchase inexpensive items when writing a check or using a credit/debit card is not sensible because of the added cost and the time it takes to use them
What is a balance sheet?
A snapshot of a business; assets, liabilities, and equity at an exact point in time.
What is an Independent Contractor?
A sole proprietor who has special skills, training or licensure, that allows operation without supervision.
What is burnout?
A state of fatigue, frustration, and emotional exhaustion and is associated with professionals who work with people dealing with challenging situations
What is a blog?
A web-based log or journal which can be used to attract and retain clients
What is a Professional profile?
A written summary about you.
Of the two types of employment which one is when someone lese sets your hours your pay, and provides you with a place to work?
An employee
What is a proposal?
An idea or suggestions put forward for consideration
What is a Curriculum Vitae?
An in depth account of your education, experience, and other qualifications
What is a financial statement?
Formal records of economic activity
Of the three types of partnerships which one is the most popular?
General Partnership
What are the three types of Partnerships discussed in the textbook?
General, Limited, Limited liability
What is another name for tip?
Gratuity
What insurance claim forms are standardized forms used for all insurance companies?
HCFA 1500
What two types of Insurance plans will reimburse massage therapists who are on a pre-approved provider list?
Health Maintenance Organizations (HMO) and Preferred Provider Organizations (PPO)
What is Marketing?
Ideas, strategies, and activities that help a business attract and retain clients
Many massage therapists who are self employed work as what?
Independent contractors
What are self-employment taxes?
Levies on individuals that derive income directly from consumers
What is Finance?
Managing money and involves everything for acquiring it, spending it, and investing it
What are the two primary governmental programs that both employees at a lesser rate and the self employed at the full rate pay into?
Medicare and Social Security
What is a Limited Liability Partnership?
Members limit their liability to their equity in the company and are not held liable for their partner's misconduct or negligence
What is a Limited Partnership?
Members may be silent, does not actively participate in business management, but still receives profit and is only liable up to the amount of personal investment
What is a General Partnership?
Members share equally in the decision making, profit sharing, and personal liability
What is income tax?
Money paid on income
What does your marketing image include?
Name, logo, your picture, and anything associated with your business
As of 2018 does government-based insurance cover massage therapy?
No
What is a gift?
Nonmonetary tokens of appreciation given to therapists during special occasions, such as holidays or birthdays
What are the other reasons massage business fail according to Dunn and Bradstreet?
Not being in touch with customer needs, a lack of market differations, a failure to communicate the value of your business, and inability to make a profit
What are the key elements of a business plan?
Personal information, General description of Business, Operating procedures, Management and personnel, Insurance needs, Marketing and competition, Advertising, promotion, and location, and Financial projections
What type of insurance covers cost arising from errors made while conducting professional activities?
Professional Liability Insurance
What is a cash flow statement?
Reports the movement of money into and out of a business
What are taxes?
Required contributions levied by governments
If you plan on selling merchandise what type of permit will you need?
Sales Tax Permit
What is another term for the monies used to start a business?
Seed money
What is a tip?
Small gifts, usually money, given to a person who provided a service
What are the three main business entities discussed in the textbook?
Sole Proprietorship, Partnership, and Corporation
What is a business coach?
Someone who has a business background who can help you develop , start, or grow your business
What is a preceptor?
Someone who is paired with a newly hired therapist during his or her orientation period
What is a mentor?
Someone who provides encouragement, support, and professional guidance not tied to a particular position within the company
What is telephone etiquette?
The behavior used when on the telephone communicating for social or professional activities
What is the Voluntary process of certifying an individual's professional qualifications by a board of specialists in a particular field of study?
Board certification
What are often the first item of marketing prospect client receive?
Business card
What is another name for an occupational license?
Business license
What is general liability insurance do?
Covers the cost that arise from personal injury and property damage while your client is on your property
Which one is longer in length- the Curriculum Vitae or the Resume?
Curriculum Vitae
What is a Liability?
Debt that a business owes to others
Which form of professional or business communication is currently the most widely used?
Examples of social media sites that businesses use to promote themselves are?
Facebook, LinkedIn, Twitter, YouTube, and Pinterest
What is bartering?
The exchange of goods or services without the use of money
What is a profit and loss statement?
The income and expenses, and indicates whether a business made a profit or sustained a loss within a specific time frame
What are start up costs?
The initial investment it takes to get your doors open after you are licensed
What is accounting?
The process of recording, summarizing, and analyzing financial transactions
What is bookkeeping?
The recording of financial transactions
What is a tax deduction?
The reduction of the amount on which income tax is calculated
What is digital Citizenship?
The responsible and ethical use of technology
What is Gross income?
The total income from services and products sold
What is Net income?
The total income left after expenses have been deducted
What is Advertising?
Uses media to deliver your business message to the public, usually at a cost, and promotes your goods or services
What is social media?
Websites and virtual communities used to interact with other individuals
Business receipts
past income tax returns, and related documents should be kept for how long?,7 years
What is a Mission Statement?
It expresses reasons why your business exists and its core objectives
What is an asset?
Things that add value to a business
In what time frame should you return a phone call?
Within 24 hours
What are the two main choices for employment for massage therapists?
Work for someone else (and employee) or become self employed
Are websites vital to the success of a business in today's society?
Yes
You must register your business name with the county if you choose to use a name different than what?
Your own name
