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Scenario 5-2

question 30

Multiple Choice

Scenario 5-2. Connie is considering opening a small bakery called Connie's Cookie Cupboard. She loves to bake cookies. Family and friends have told her she should consider opening a small business using her baking skills. Connie has no business experience and no idea where to start in opening her own business. She also has very few funds available. One day she is glancing through the newspaper and notices an ad for a bakery franchise that would like to open an outlet in the local mall. This franchise provides everything from equipment to packaging to full business services. She decides to look into the opportunity further.
Connie decides to pursue her franchise opportunity further. The bakery franchise looks promising. Since she has a limited amount of funds, no business experience, and no idea how to start a new business, she is seriously considering purchasing the bakery franchise located in the local mall. She obtains a copy of the document that will legally bind her.
-In Scenario 5-2, Connie is concerned that the bakery franchise did not open other outlets within 10 miles of the mall. She is concerned about ______.

Definitions:

Deductions

Amounts subtracted from gross income to arrive at a lower taxable income, including expenses like mortgage interest, state taxes, or charitable donations on a tax return.

Gripe Session

An informal meeting where participants are free to express complaints and frustrations.

Staff Meeting

a scheduled gathering of employees facilitated by an organization to discuss operational matters, policies, or updates.

Accountant

One who keeps, audits, and inspects the financial records of individuals or businesses; one who analyzes these transactions and prepares reports that not only tell the present status of accounts receivable and payable but compare current reports with other years or periods of time.