Product Development
What is the first step in product development?
Idea Generation
What is the main purpose of a job description?
To clearly outline duties, responsibilities, and qualifications
What type of account is utilities expense?
Expense
Which IRS form is used by sole proprietors to report business income and expenses?
Schedule C
John earns $500 and pays 1.45% for Medicare. How much is taken out?
7.25
Why is prototyping important?
It helps test product ideas before full production
Which element is essential in a job posting?
Job title and responsibilities
Accounts Payable is what type of account?
Liability
What type of expense is advertising on Schedule C?
Deductible
A business sells a product for $100. If sales tax is 7%, what is the total cost?
107
What is a product's target market?
The group of customers most likely to buy it
What should a resume highlight most?
Relevant experience and accomplishments
What type of account is 'Office Supplies'?
Expense
Is mileage for business use of your car deductible on Schedule C?
Yes
Marcus is paid $800. His taxes total $160. What is his net pay?
640
Which method helps measure product marketability?
Survey and focus groups
Which resume format is best for highlighting experience?
Chronological format
What type of account is 'Wages Payable'?
Liability
Where would you deduct wages paid to employees on Schedule C?
Wages Expense
A company must match $93 in Social Security and $21.75 in Medicare for an employee. How much total?
114.75
What does MVP stand for in product development?
Minimum Viable Product
How often should job descriptions be reviewed? What should they reflect?
Regularly, to reflect current duties and responsibilities
What type of account is 'Owner's Draw'?
Equity
Where would you list your business income? (Include line)
Line 1 of schedule C
Employee A is paid $400. They owe 10% in income tax and 7.65% in payroll taxes. What is total tax?
71