CH 29 Business of Massage

  1. One of the business types, this involves a single owner. It is the simplest and least-expensive type of business to open. The owner provides all the capital and reaps all the profits.
    What is a Proprietorship?
  2. One of the business types, this type is a consquence of the check-the-box regulations, the owner of a single-member company can treat the business as a corporation for tax purposes or report any income and expense.
    What is Limited Liability Company? (LLC)
  3. One of the business types, this type has flow-through taxation with two owners. Each owner files his or her own individual taxes and accounts own profit or loss. Both parties also agree to share both the responsibilities and rewards of the business.
    What is a partnership?
  4. What is the types of business, this type pays federal taxes on its taxable income. It is not liable to third parties, your personal assets cannot be attached in a lawsuit against the business. The practice can continue in the event an owner leaves or dies.
    What is a corporation?
  5. Also known as malpractice insurance and errors and omission insurance, this type of insurance covers liability costs arising from your professional activities. Therapist are accountable for their actions and this coverage is easy to obtain.

    B. Professional Liability
  6. Also referred to as premise liability, this insurance takes care of liability coststhat are a result of bosily injusry property damage and personal injury when your client is on the permises.

    A. General Liability
  7. This type of insurance covers the cost of business property such as a desk, massage table, chairs, and stereo equipment in your business location that your homeowners insurnace does not cover.

    A. Business Personal Property
  8. Type of insurance that covers an automobile and should be rated for business for clients and travel.

    A. Automobile
  9. Type of insurnace that covers expenses such as physician visits and hospitalizations

    A. Health
  10. Type of insurance provides your loved ones with financial support in the event of your death.

    B. Life
  11. Type of insurnace that provides income protection from disability in the event you cannot work as a result of injury or illness.\

    A. Disability
  12. Involving the movement of goods and services from the providerto the consumer. The process involves promoting business with image, purpose and direction.
    What is Marketing?
  13. The process of making a business noticeable to the public by purchasing print space or broadcast media time.
    What is Advertising?
  14. Airtime or space from systems of mass communication. Massage therapists often use this in the form of phone book, newspaper and newsletter advertising.
    What is Media?
  15. Also known as a resume, this is an autobiographical sketch that documents all your achievements, including occupational, avocational, academic and personal information.
    What is a Curriculum Vitae (CV)?
  16. Which of the following is not a part that should be included on a Curriculum vitae?

    C. Date of Birth
  17. A written voluntary agreement between two or more parties that communicates expectations, duties, and responsibilities. A signed and dated docutment that is enforcable by law.
    What is a Contract?
  18. A written idea put foward for consideration, discussion or adoption. Many massage therapists entering the field have the opportunity to approach businesses with these.
    What is a Proposal?
  19. Considered free media exposure, this is a method to attract attention to your business in many different ways such as articles, volunteering and health fairs.
    What is Publicity?
  20. Someone who guides you during your postgraduate clinical practice. This person is similar to a mentor and may be psychically on the permises or might be available to be contacted.
    What is a Preceptor?
  21. The process of having any workshop, office and lecture announced in the newspaper as part of publicity. This tactic is a reminder to customers and clients that you are in business and what services you provide.
    What is Press Releases?
  22. One of the methods of expanding your practice and increasing your income by accepting clients with insurance reimbursement for massage services.
    What is Insurance Billing?
  23. What is the art of interpreting, measuring and describing economic activity and also known as language of business.
    What is Accounting?
  24. What is the unsold retail items you have on hand that may be sold to customers
    What is Inventory?
  25. What is the process of spreading out the deduction for the cost of an asset over time. Some fixed assets cane be deducted in one fiscal year.
    What is Depreciation?
  26. What is the form used as a method of standardizing claims, eliminating the confusion of different forms for different insurance comapnies.

    D. HCFA 1500 Form
  27. What does HCFA stands for?
    Health Care Financing Admimistration
  28. One of the types of financial reports, this statement provide an overview of the amounts and sources of money coming into and going out of the company. Since cash flow is regarded as life-giving blood of business, keeping track of these accounts is importatnt.
    What is Cash Flow Statements?
  29. What is known as a collection of differnent investiments held by an individual investor.
    What is a Financial Portfolio?
Card Set
CH 29 Business of Massage
The Business of Massage and Therapy