Another name for the maximum payout on the health insurance policy is known as Limit of liability.
A Limit of liability means the maximum amount of liability that an insurance policy has stated at the onset, to pay at most when a loss occurred to the policyholder.
Hence, another name for the maximum payout on the health insurance policy is known as Limit of liability.
Therefore, the Option B is correct.
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Answer:
The two main financial statements are the income statement and the balance sheet.
In the income statement all the revenue and the expenses should be accounted for, resulting in net profits or net losses. The income statement shows how the restaurant has been performing over a given period (usually a year).
The balance sheet is like a photo of the restaurant itself at a specific point in time. The balance sheet shows what assets the restaurant has, how much money it owes and what percentage of the business really belongs to the owners.
The other two financial statements are the statement of owner's equity and the statement of cash flows, but they are more complicated to explain and not that basic for a small business.
The financial tool that is vital when planning for your future financial goals is creating a budget.
A budget simply means an estimate of the income and the expenditure of an economic entity for a particular period of time.
It should be noted that a budget is vital for an individual to plan his or her expenses. For example, if one wants to buy a car in the future, the person can make a budget for it.
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A records inventory is detailed listing found through surveying, of all records owned and stored by an organization. The goal behind this is to know where they are stored and how they are stored to have a record retention schedule. This information helps managers in present and in the future make decisions regarding the organization.
Answer:
<u>$1,300</u>
Explanation:
Only the cost that are directly related to the business conference is to be deducted as Melissa's business tax. Sightseeing cost is therefore not part of her original plan. The business related cost are therefore;
- <u>$400 for round-trip airfare to San Francisco</u>
- <u> $250 fee to register for the conference,</u>
- <u> $300 per night for three night’s lodging,</u>
- <u> $200 for meals, and</u>
- <u> $150 for cab fare.</u>
A summation of this cost would give $1,300 as the amount of the total costs that can Melissa deduct as business expenses.
