NASCLA BUSINESS LAW 128 QUESTIONS WITH COMPLETE SOLUTIONS

sole proprietor - ️️A form of business ownership is least regulated partnership - ️️Under which form of business organization are all investors fully liable for all debts of the business. S corporation - ️️owner who is looking for maximum protection from personal liability leaving something out - ️️worst possible error in estimating source documents - ️️the paperwork related to purchase order, credit card receipts and so on... Income Statement - ️️A financial statement that reports a company's revenues and expenses and resulting net income or net loss for a specific period of time. Balance Sheet - ️️a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period. Cash Flow Statement - ️️A summary that shows total income and spending for a given time period Depreciation - ️️term use for the method of allocating the cost of an asset over its useful life 168 hours (7 x 24 hours) - ️️number of hours in a define Fair Labor Standard Acts workweek