Exam 15: Personal Taxes, Payroll, and Financial Statements

A ____________________ is generally a percentage of sales for a given period.

A(n) ____________________ ____________________ is the instrument used in a business operation to let management know its exact financial position.

____________________ expenses are additional expenses incurred as a result of serving customers.

Under the terms of the Social Security Act, the employer is required by law to deduct a certain percentage of the employee's wages each payday and remit the amount deducted to the state government.

Sales - Cost of food sold = Gross margin.

Amount of sales ÷ Percent of commission = Amount of commission.

Each food service operator must know how to determine the amount of sales dollars needed to show a profit or a loss. This is referred to as the ____________________ ____________________ ____________________.

Your state income tax is not taxable if the money was earned in another state.

The balance sheet is a necessary part of any business operation, almost as important as the profit and loss statement. It is a statement listing all the following except :

____________________ ____________________ refers to money that is owed to the company by various people or companies for various reasons.

____________________ ____________________ taxes are paid to the federal government for the purpose of retirement benefits.

The ____________________ ____________________ ____________________ is money withheld from each employee's paycheck during the year to pay for the income tax that he or she owes the federal government at the end of the year.

____________________ ____________________ refers to money the food service operation owes for purchases made.

____________________ ____________________ are taxes collected by the federal government.

The ____________________ ____________________ contains a record of all income and expenses.