Chapter 5 - Business Management Flashcards
_________ _______ is the simplest form of business organization and the easiest to establish.
Sole Ownership
The CSLB requires an additional bond and liability insurance for this type of entity: ___________
LLC or Limited Liability Company
A ________ is a legal entity that continues to exist even with the death of an officer or shareholder (owner)
Corporation
Federal Income Tax is reported and paid to the ________ _______ _______
Internal Revenue Services ( IRS)
State Income Tax is filed with and paid to the ______________
Franchise Tax Board ( FTB )
Sales tax is reported and paid to the _____________________
Board of Equalization ( BOE )
If you purchase and take delivery of material in a different county than where it will be installed, you will be required to pay _______ _____ to the county where materials were purchased
District Tax
An ____________ ____________ raises limits and covers items that would not be covered by your standard General Liability Policy ?
Umbrella Policy
To obtain the best rate on an insurance policy, you should obtain multiple quotes and compare ______ and _____.
Coverage and cost
Unlike Claim-made coverage, _______ insurance covers claim made after the policy expires .
Occurrence
The formula for the “ accounting equation” and the basis of the balance sheet is : __________ = _________ + ____________
Assets = Liabilities + Owners Equity
In regards to Accounts receivable, if contractors are not careful to collect the money owed to them, it becomes an expense that they later need to write off. To help with this, businesses use what is called an “_____ _____” . It lists each clients account in days.
Aging report
The income statement is also called a ___________
Profit and Loss Statement
