MBLEX QUIZ 1 QUESTIONS AND
ANSWERS 100% CORRECT
If an independent contractor is compensated by a salon massage service, what tax
document does the salon provide the contractor? - ANSWER-1099
When working with another therapist how do you maintain business entities? -
ANSWER-Maintain two separate banking accounts and avoid comingling funds
When are estimated payments due on self-employed taxes? - ANSWER-Quarterly
Sole proprietor report profit and losses in you will be using which tax form? - ANSWER-
Schedule C
What is the accounting term for monies owed to you or your business? - ANSWER-
Accounts receivable
If you are taught how to do service at work, have benefits, and do not pay your own
taxes you are most likely a/an? - ANSWER-Employee
Employees file this tax form? - ANSWER-1040
Contractors filed his tax form - ANSWER-1099
Confidentiality is required by law by which guidelines? - ANSWER-HIPPA
Ownership is divided between stockholders: - ANSWER-Corporation
Two or more individuals share ownership and liability: - ANSWER-Partnership
Who is responsible for filing a SE tax form? - ANSWER-Self employed
Who would be responsible for filing a schedule S. tax form? - ANSWER-Corporation
Relates to the judgment of goodness in badness of human behavior and character -
ANSWER-Morals
Malpractice insurance is also known as - ANSWER-Professional liability insurance
Our massage therapist are required to set the same personal boundaries? True or false
- ANSWER-False
ANSWERS 100% CORRECT
If an independent contractor is compensated by a salon massage service, what tax
document does the salon provide the contractor? - ANSWER-1099
When working with another therapist how do you maintain business entities? -
ANSWER-Maintain two separate banking accounts and avoid comingling funds
When are estimated payments due on self-employed taxes? - ANSWER-Quarterly
Sole proprietor report profit and losses in you will be using which tax form? - ANSWER-
Schedule C
What is the accounting term for monies owed to you or your business? - ANSWER-
Accounts receivable
If you are taught how to do service at work, have benefits, and do not pay your own
taxes you are most likely a/an? - ANSWER-Employee
Employees file this tax form? - ANSWER-1040
Contractors filed his tax form - ANSWER-1099
Confidentiality is required by law by which guidelines? - ANSWER-HIPPA
Ownership is divided between stockholders: - ANSWER-Corporation
Two or more individuals share ownership and liability: - ANSWER-Partnership
Who is responsible for filing a SE tax form? - ANSWER-Self employed
Who would be responsible for filing a schedule S. tax form? - ANSWER-Corporation
Relates to the judgment of goodness in badness of human behavior and character -
ANSWER-Morals
Malpractice insurance is also known as - ANSWER-Professional liability insurance
Our massage therapist are required to set the same personal boundaries? True or false
- ANSWER-False
