Chapter 2 Review

2. A _______ ________ would be required on a "resale certificate" for a perspective trade source.
7. Requires the owners to be liable for legal claims due to lawsuits
10. A designer mus still charge ________ _______ even if his fee is included in the price of merchandise sold to the client.
11. "Conversion would be referred to as an intentional _______.
12. ______ _____ replaces the sales tax when the business is the customer.
13. Refers to an offense against all people in society.
14. Funds that come from investors for financing a business are referred to as _________ _________.
16. A __________ number allows the designer to purchase goods without paying tax.
17. An advantage of a _________ studio location for business is the small amount of capital to begin the business.
18. Net price is synonymous with....?
19. When a designer first begins to order from a supplier they are required to pay in full in before the goods are shipped. What is this type of credit called?
20. ________ ________ laws could prohibit the use of a residence as a location for an interior design business.
21. Your personal ________ account should never be used as a business account.

1. Rules governing the exemption of sales taxes on services and goods vary from _______ __ ______.
3. Kravet Fabrics would considered a vendor AND a _________ ________.
4. an insurance that employers must provide in order to protect the employee in case of work-related injuries.
5. A designer that does not stop the installation of a carpet incorrectly specified by that designer is guilty of _______ ___ ______.
6. ____________ would NOT be considered in the category of "intentional torts".
8. ___________ ___________ will not cause clients to beat a path to your door.
9. When a designer purchases from a trade source he provides the vendor with his _________ ________ and does not pay sales tax.
13. A ____________ is a separate entity legally and financially from its owners
15. The Lyon Furniture Mercantile Agency began by providing credit information and collection services for the furniture agency