A Formal, Written Guide to Action for Employees in an Organization

question 64

Multiple Choice

A formal, written guide to action for employees in an organization is known as a

• A)policy.
• B)rule.
• C)standard operating procedure.
• D)rolling plan.

Understand the commonality and significance of home-based financial and service-related businesses.

Identify sources of ideas for new businesses.

Differentiate between an idea and an opportunity in the business context.

Understand the initial tax obligations for new businesses, including the requirement for advance payments of estimated income taxes.

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Definitions:

Revised Estimated

Revised estimated refers to the updated projection or calculation of a particular metric, budget, schedule, or plan based on new information or changes in circumstance.

Salvage Value

The calculated end-life value of an asset after its utility period is over.

Double-Declining-Balance Method

An accelerated method of depreciation that doubles the regular depreciation rate, reducing the asset’s book value more quickly in the early years of its life.

Depreciation Expense

Assigning the cost of a material asset over the duration of its usefulness.