Masters 29: Financial Business Skills

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

What is typically the biggest expense for a business?

Which of these is NOT a basic type of insurance?

What is NOT a way in which computers are commonly used in salons and spas?

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

What statement about the federal unemployment tax is correct?

When are quarterly tax payments due?

What is the MOST important factor in any business plan?

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

What are the four Ps?

It is important to address the four P’s in which section of your business plan?

What form is used to verify that an employee is eligible to work in the United States?

Which of these is an example of a venture capitalist?

When developing your business plan, it’s important to:

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

If you are self-employed, how often are you expected to make estimated tax payments ot the government?

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

Which of these is NOT one of the most important main categories of a good business plan?

What term refers to the standard procedures established by the accounting profession?

The term ____ refers to the chance of incurring some type of harm, damage, or loss.

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

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

What term refers to anything that a business owns?

What statement about small-business loans is correct?

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

You must fill out Form 1099 for any independent contractor to whom you paid more than _______ during the tax year.

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

Who is responsible for making Federal Unemployment (FUTA) tax payments?

When must your federal tax return be filed by if April 15th falls on a Saturday?

You would fill out an IRS form SS-4 to:

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

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

Which of these should NOT be included in the operations section of your business plan?

What statement about risk management is correct?

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

What form is used to report federal estimated tax payments?

The strategic design and development section of your business plan should include:

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

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

What is used to identify a business that maintains employees?

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

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

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

The point at which all costs are covered and your business begins to earn a profit is determined by:

What is the SBA?