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Law and Order CHAP 4

Business Management & Bookkeeping

QuestionAnswer
4A: In a Sole Proprietorship or a Partnership, Creditors may go after _____ assets personal
4A: In a Corporation or LLC, Creditors may only go after _____ assets corporate
4A: A Corporation that can file business income as individual income is known as a “S” chapter corporation
4A: What size Surety bond must a LLC post in order to acquire a liscense $100,000
4A: What size General Liability Insurance must a LLC carry $1 Million Dollars for 5 or less members, plus $100,000 for each additional member
4A: If an LLC is suspended, and continues operation, each member will be held personally liable for $1 Million Dollars
4B: Sole Ownership or Partnerships are required to pay taxes _____ pre-paid or quarterly
4B: What is an EIN Employers Identification Number
4B: What is the EDD Employment Development Department
4B: What does California require for businesses that sell tangible personal property sales permit
4B: Where should a contractor deposit collected SALES tax The State Board of Equalization
4C: Under the _____ basis of accounting, revenue is recognized when cash is actually received cash
4C: Under the ______ basis of accounting, revenue is recognized when earned and expenses incurred accrual
4D: The ___________ is a statement of financial condition of an individual business at a certain point in time balance sheet
4D: The Right Side of the Balance Sheet contains Liabilities and Stockholders Equity
4D: The Left Side of the Balance Sheet contains assets
4D: Assets are organized in order of ______ Liquidity
4D: Current Assets are Assets that can be ______ Cash or turned into cash within the normal course of business
4D: Define “Retention” A specified amount withheld from progress payments to the contractor pending satisfactory completion
4D: Define “Accounts Receivable” The amounts due from customers, other than retentions
4D: Define “Inventory” All materials, labor, and overhead on a job that you have spent but not yet charged for
4D: Insurance Premiums are an example of which asset Prepaid Expenses
4D: Property, Plant and Equipment are also known as Fixed assets
4D: Regardless of their market value, Fixed assets are to be valued at _____ original cost minus depreciation
4D: Define “contra account” an account linked with another account, for example Depreciation is linked to Fixed Assets
4D: Define “Depreciation” the process of allocating the costs of assets over their expected useful lives
4E: Define “Current Liabilities” debts of the company that are due within one year of the balance sheet date
4E: Define “Accounts payable” Money owed to suppliers and subcontractors
4E: Define “Notes payable” Principal owed on a written note this year (loan)
4E: Define “Accrued payroll” Salaries and Wages owed to the employees
4E: Define “Miscellaneous Taxes Payable” Taxes owed to local and state governmental agencies
4E: Stockholders Equity represents _____ the claim of the owners on the assets of the business
4E: Define “Capital Stock” The total amount invested by the contractor in exchange for shares of common stock
4E: Define “Retained Earnings” Total corporation earnings minus the total dividends declared
4F: Current Ratio = Current Assets / Current Liabilities
4F: Quick Ratio = (Current Assets – Inventory) / Current Liabilities
4F: Working Capital = Current Assets – Current Liabilities
4F: Debt Ratio = Total Liabilities / Total Assets
4F: Debt to Equity Ratio = Total Liabilities / Total Equity
4F Equity Ratio = Total Equity / Total Assets
4F: Assets to Equity Ratio = Total Assets / Total Equity
4F: The Statement that summarizes the operations of the company over a PERIOD of time is known as the Income Statement
4F: Define “Income” on an Income Statement all the billings made to customers for completed projects, as well as works in progress
4F: Define “Cost of Operations” on an Income Statement all costs and expenses associated with running the business
4F: Which Overhead cost is not shown on the “Cost of Operation” line federal income taxes
4F: Define “Direct Labor” on an Income Statement The actual cost of labor payroll (wages)
4F: Define “Direct Labor Burden” on an Income Statement The cost OF employing (workmans comp, taxes, benefits etc.)
4F: The largest Cost of Operation on an Income Statement is USUALLY ______ Materials Used
4F: Pretax Income, or “Income before provision” is found by subtracting total operating cost from total sales (income)
4F: Pretax Income is the number used for corporations to pay _______ Federal Income Tax
4F: The net income represents the sum of ALL revenues minus ALL expenses, also known as the _____ Bottom Line
4G: List three types of planning systems used by contractors Calendar, Bar Chart, Critical Path
Created by: yobryan2009