Virtual Assistant Financial and Legal Practices 5

Question 1

A client asks a VA to give specific tax-filing advice. What is the appropriate response?

Accepted Answer

Refer them to a licensed CPA or tax professional

Answer

Provide detailed legal tax rulings

Answer

Guess and file for them

Answer

Ignore the request entirely

Question 2

What does reconciling a client's accounts mean?

Accepted Answer

Matching records against bank statements to ensure they agree

Answer

Deleting old transactions

Answer

Increasing the client's revenue

Answer

Issuing new credit cards

Question 3

A VA handling payroll discovers an employee was underpaid. What should they do first?

Accepted Answer

Notify the client and correct it per their instructions

Answer

Hide the error

Answer

Overpay everyone to compensate

Answer

Quit immediately

Question 4

Which practice helps a VA avoid commingling personal and business finances?

Accepted Answer

Maintaining a separate business bank account

Answer

Using one account for everything

Answer

Paying clients from personal savings

Answer

Avoiding records altogether

Question 5

What is the purpose of a SOW (Statement of Work)?

Accepted Answer

To detail specific deliverables, timelines, and costs for a project

Answer

To advertise the VA's services

Answer

To file taxes

Answer

To request a refund

Question 6

A late-paying client owes a VA for two months. What contract clause helps address this?

Accepted Answer

A late-fee or interest clause on overdue invoices

Answer

A confidentiality clause

Answer

A vacation clause

Answer

A dress-code clause

Question 7

Why should a VA review a client contract's termination clause before signing?

Accepted Answer

To understand notice periods and how the relationship can end

Answer

To find the client's home address

Answer

To set their own salary

Answer

To change the client's logo