Business MT Flashcards
A credential obtained by completing a certification course, usually in a school setting
Certification
A jurisdictional requirement, used to regulate the practice of massage therapy. Licensing boards set rules and laws that a person is required to follow if they wish to be a licensed massage therapist
License
The ability for a massage license in one jurisdiction to be recognized as valid in another jurisdiction.
Reciprocity
Protects the massage therapist in cases such as accidental falls by the client that result in bodily injury.
General Liability Insurance
Protecting a therapist from workplace accidents, it protects the therapist from lawsuits regarding malpractice or negligence.
Professional Liability Insurance
When a court requires a person to attend a hearing or trial and testify in some way, the person is issued a writ by the court.. also translates to “under penalty”
Subpoena
A document prepared to state the objectives of a future business, and its means of achieving them. Often utilized to obtain a business loan as a way to show a bank how the business will operate, turn a profit, and how the loan will be repaid.
Business Plan
A statement that defines the overall objective and values of the business. Often consist of the product being offered, with an over arching vision of the business, such as the quality of service provided, who the clientele is, and what the clientele can expect to receive from the business
Mission Statement
Used to state long term objectives in regards to money. These objectives can include the amount of money expended, the amount of money saved, repayment of loans, etc.
Financial Planning
Utilized to assess a market, helping determine things such as a customer volume, money spent in specific locations, money spent on specific products, the competition, and more.
Market Analysis
When money is owed to a business. EX- a massage business shipping crates of body scrubs to a store, who will then sell them. The store will then owe the massage business payment for the body scrubs, and is usually given a time frame in which to deliver payment. Once payment is received, balance returns to zero.
Accounts receivable
When the business owes money to another company. EX- A business accruing credit card debt. The money owed by the business to the CC company. Once the CC dept is paid off by the business, the amount in account returns to a zero balance.
Accounts payable
A massage therapist that works independently, for themselves, but contracts with another person or company to perform work. These contractors are not beholden to the same limitations as employees, however, they may work whatever schedule they want, charge their own prices, and wear their own uniform
Independent contractors
Businesses owned by one person.
Sole Proprietors
Business owned by 2 or more people. Ownership may be split differently depending on variables such as money entering into a business relationship, assets, etc.
Partnership
Corporations that pass income and taxes onto the shareholders. This requires the shareholders to shoulder the responsibility of reporting income and taxes to the IRS
S Corporations
Filed by employees, detailing earnings and money withheld for SS taxes, medicaid, state and federal income taxes. Gratuity may also be reported, if the gratuity is added to the employee’s paychecks.
W2
Issued to an independent contractor by the company they contract with. This statement details the amount of income accused by the independent contractor through the year
1099
Filed to the IRS by sole proprietor, detailing the amount of money the business made during the previous year
Schedule C
A form filed by individual partnership members. It is similar to a W-2 detailing the amount of money each partnership member made during the previous year
Schedule K-1
(income and expense) statements are forms filed by the businesses that show how much money was made(profit) and how much money was expended(loss) during the year.
Profit and Loss
May be used as deductions on taxes. A business buys a gift for a customer, no more than $25 may be claimed as a deduction for that specific client. Other gifts for different clients may also be reported but each gift reported cannot exceed $25.
Gift Taxes
guiding moral principals are used to direct a massage therapist in proper course of action in ethical dilemmas.
Ethics
Performing treatments and techniques you are qualified to perform.
Scope of practice
