NASCLA BUSINESS LAW LATEST UPDATE GRADED A+

NASCLA BUSINESS LAW LATEST UPDATE GRADED A+ 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 State Income Tax taxes deducted solely from employee's wages Form W-3, Transmittal of Wage and Tax Statements A form completed by the employer to verify the number of W-2s and amounts withheld as shown on them. This form is sent to the Social Security Administration data processing center along with copies of each employee's W-2 forms. FUTA (Federal Unemployment Tax Act) A payroll or employment tax paid solely by the employer based on the salary, usually around .6% to cover the unemployment insurance (UI) and job service programs, pay one-half of the cost of extended unemployment benefits, and provides for a fund from which states may borrow 4 years how long must federal employment tax records must be kept? establish a basis for future estimates one useful outcome of job cost analysis is to bonds which of the following is NOT a company