Question 7 (3.333333333 points) A budget should include a balance sheet and a(n) inventory list. income statement. 5-year projection. short-term marketing assessment. Question 8 (3.333333333 points) tax, which is used to pay If you have employees, you'll have to pay the compensation to workers who lose their jobs. OFUTA SSI workers' comp Employee theft and embezzlement can be prevented by using a cash accounting system. having a CPA or outside bookkeeper perform periodic audits. ensuring that only one person is in control of the accounting and bookkeeping system giving total control of the accounts to an outside financial services provider. Question 10 (3.333333333 points) In the beginning, a low base salary for the owner, with a bonus at the break-even point is the solution of last resort. the best solution. the worst case scenario. Question 11 (3.333333333 points) If your business is set up as a corporation, your salary is tax deductible. unwarranted. O incalculable. not tax deductible. Question 12 (3.333333333 points) One of the biggest mistakes new business owners make is choosing the wrong location. failing to plan for taxes. underestimating personal expenses. underfunding the business. Question 13 (3.333333333 points) Why is it important to budget both the income statement and the balance sheet? It can help to prevent employee theft. n It allows you to analyze the effect of capital expenditures such as inventory purchases. It can help you to determine future sales from a new profit line. It allows you to determine which suppliers need to be replaced. Question 14 (3.333333333 points) When you hire an independent contractor, you don't have to pay the contractor's Medicare taxes. hourly rate. flat fee. invoice