Unincorporated businesses - Study guides, Revision notes & Summaries

Solutions Manual for Financial Accounting 8th Canadian Edition Libby Chapter 01 - Financial Statements and Business Decisions Chapter 1 Financial Statements and Business Decisions ANSWERS TO QUESTIONS 1. Accounting is a system that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers. 2. Financial accounting involves preparation of the four basic financial statements and related disclosu...

ADJUSTER PRO - INSURANCE ADJUSTER TEST(QUESTIONS AND REVIEWED ANSWERS) 2023-2024 What is insurance? - CORRECT ANSWER-protection against financial loss what is a premium - CORRECT ANSWER-a scheduled amount to be paid for an insurance policy. What are premiums used for - CORRECT ANSWER-premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? - CORRECT ANSWER-the insurer collect...

Enrolled Agent - Part 2 questions with correct answers 2024 Definition of Self-employed - Answer- You are self-employed if you carry on a trade or business as a sole proprietor or an independent contractor. Statutory employees - Answer- 1. Pay FICA tax through their employer, and so do not pay self-employment tax (Employer pays Social Security and Medicare taxes in the form of FICA). 2. Less expensive to hire than regular employees because the employer does not have to pay unemployment ta...

Mississippi Insurance (Property & Casualty) Latest 2024 Graded A+ Insurance Regulated at the state level Insurance code State insurance law Commissioner of Insurance Chief Officer of the Insurance Department Commissioner of Insurance Elected to a 4 year term Commissioner of Insurance Takes an oath of office and furnish a $25,000 bond which guarantees the faithful performance of the duties of the office Mike Chaney State Insurance Commissioner & State Fire Marshal NAIC Nati...

Party Dispute - Problems that arise on a project (i.e. delays, failures, fee controversies) Administrative Proceeding - Problems that arise from civil statutes (i.e. licensing, code compliance, regulations) Standard of Care - What a reasonably prudent architect would do, in the same time and place, given the same or similar facts and circumstances. The law does not require perfection. Duty - A set of terms or requirements that defines what one person "owes" another in a particular relati...

Reinsurance - an insurance company (the ceding company) paying another insurance company (reinsurer) to take some of the company's risk •Reinsurers help spread the insurer's risk CANHAM - Elements of an insurable risk C - Calculable A - Affordable N - Non-catasrophic H - Homogenous A - Accidental M - Measurable Insurance - Transfer of risk from a person or business to an insurer Risk - Uncertainty / Possibility of a loss Exposure - Risks for which the insurance company would be l...

Finance - correct answer The study of investing Investing - correct answer Committing resources today in hopes of earning a profit in the future Goal of the firm - correct answer Maximize stockholder wealth or maximize the stock price Three elements of financial decision making - correct answer 1. Money 2. Time 3. Risk (Uncertainty) Risk - correct answer The chance that some unfavorable event will occur Risk/Expected Return relationship - correct answer In a financial market c...

Definition of Self-employed Answer You are self-employed if you carry on a trade or business as a sole proprietor or an independent contractor. Statutory employees Answer 1. Pay FICA tax through their employer, and so do not pay self-employment tax (Employer pays Social Security and Medicare taxes in the form of FICA). 2. Less expensive to hire than regular employees because the employer does not have to pay unemployment taxes. 3. Use Schedule C or C-EZ to report their wages and expenses. ...

Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...

Explain "globalization of markets" correct answers competing with markets overseas (exporting overseas: selling semiconductors, tobacco, grain) Explain "globalization of production." correct answers making things overseas (ex: phones) What is the difference between a for-profit and non-profit company? correct answers For-Profit: businesses that aim to make money; Non-profit: organizations such as charities, which exist for specific good causes in societies What does CSR stand for? c...

Sarbanes-Oxley Act Correct Answer A law passed by Congress that requires the CEO and CFO to certify that their firm's financial statements are accurate Proprietorship Correct Answer An unincorporated business owned by one individual Partnership Correct Answer An unincorporated business owned by two or more persons Corporation Correct Answer A legal entity created by a state, separate and distinct from its owners and managers, having unlimited life, easy transferability of ownership, an...