Business Records Quiz

What is the purpose of a 1099 Form in business records?

• Legal permission to operate a business

• Reports payments to independent contractors and freelancers, then used to file individual tax returns

• A guide to policies, procedures, and expectations for employees

• Expenses paid out-of-pocket

What does a Balance Sheet assess in business records?

• Projected costs for products or services

• The financial position at a specific point in time

• Expenses paid out-of-pocket

• Legal permission to operate a business

What information is typically found on a Bank Statement?

• Business name, license number, type of license, etc.

• Assets, liabilities, and owner’s equity

• Statement date, account balance, deposits, withdrawals, fees, transfers, etc.

• Who is involved, terms, scope, requirements, etc.

What is a Business License?

• A legal agreement between two or more parties

• Expenses paid out-of-pocket

• Legal permission to operate a business

• A guide to policies, procedures, and expectations for employees

What does a Business Permit grant?

• Permission for certain business activities or operations

• A record of transactions and balances throughout a time period

• Reports payments to independent contractors and freelancers

• Projected costs for products or services

What is the purpose of an Employee Handbook?

• To provide a brief description of expenses

• To report payments to independent contractors and freelancers

• To assess the financial position at a specific point in time

• To guide policies, procedures, and expectations for employees

What is an Estimate used for in business records?

• To provide legal permission to operate a business

• To record transactions and balances throughout a time period

• To project costs for products or services

• To grant permission for certain business activities or operations

What information does an Expense Report contain?

• A guide to policies, procedures, and expectations for employees

• Legal permission to operate a business

• A brief description of expense

• Statement date, account balance, deposits, withdrawals, fees, transfers, etc.

What does an Income Statement report?

• Workplace incidents including injuries, illness, and accidents

• A statement of profit/loss

• A breakdown of earnings and deductions

• A project outline

What information does an Incident Report contain?

• Revenue from sales, cost of goods sold, operating expenses, taxes, net income, and net loss

• Date and time of incident, who was involved, what happened, actions taken, etc.

• Name of product, quantity, unit cost, total value, location, etc.

• Buyer's info, seller's info, purchase order number, data, products/services requested, quantity, cost, total cost, payment terms, etc.