Bookkeeping Week 5 Exam With Solutions 100% Correct
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Course
Bookkeeping
Institution
Bookkeeping
Bookkeeping Week 5 Exam With Solutions
100% Correct
In which part of your business plan should you explain the legal structure of your business?
Description of your business
The description of your business should also explain the legal structure of your business. Will
you have a sole prop...
Bookkeeping Week 5 Exam With Solutions
100% Correct
In which part of your business plan should you explain the legal structure of your business?
Description of your business
The description of your business should also explain the legal structure of your business. Will
you have a sole proprietorship, for instance, or incorporate?
What is it called when "a separate, legal corporate entity has been created for the purpose of
conducting business"? Incorporation of a business
Incorporation of a business means that a separate, legal corporate entity has been created for the
purpose of conducting business. Like an individual, corporations can be taxed, sued, can enter
contractual agreements and are liable for their debts.
Why is it important that your business name does not resemble the name of another similar
business offering similar services? Because it might confuse prospective clients, and the
other business will have grounds for legal action against you
, Bookkeeping Week 5 Exam With Solutions
100% Correct
It's important that your business name does not resemble the name of another similar business
offering similar services. For one thing, prospective clients may confuse the other business with
yours and go with your competitor's services instead of yours. In addition, if you do use a name
too similar to another business that was in business first, they will have grounds for legal action
against you.
Which of the following factors should you include when deciding on your fee? Your
competitors' fees, your reputation, and your geographic location
Factors affecting the fees you may charge include:
● Your income requirements (this includes how much you want to be paid, your business
expenses, and how much profit you want your company to earn)
● Your reputation
● Your niche; bookkeepers providing services to law firms will likely earn more than those who
specialize in supporting not-for-profit organizations.
● Your client and their budget
● Your relationship with the client
● Your competitors' fees if you will be competing for projects
● Your geographic location
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