Cosmetology – business skills – Flashcards
29 test answers
Unlock all answers in this set
Unlock answers 29question
This is one of the best ways that a business owner can protect his or her personal assets. i.e. saving money on taxes, greater business flexibility, raising capital easier, limiting personal financial liability
answer
Incorporating
Unlock the answer
question
This is a form of business organization in which a firm that is already successful enters into a continuing contractual relationship with other businesses operating under the franchisor's trade name in exchange for a fee.
answer
franchise ownership
Unlock the answer
question
This is information that business plan should include.
answer
executive summary (states your objectives and plans), vision statement, mission statement, organization plan, marketing plan, financial documents, supporting documents and salon policies.
Unlock the answer
question
What is an "S" corporation?
answer
Small business corporation
Unlock the answer
question
What is an "LLC" corporation?
answer
Limited Liability Company
Unlock the answer
question
Good business operations require a simple and efficient what?
answer
record system
Unlock the answer
question
Proper bookkeeping methods include keeping an accurate record of what?
answer
all income and expenses
Unlock the answer
question
Expenses usually include what for a salon?
answer
rent, utilities, insurance, salaries, advertising, equipment and repairs.
Unlock the answer
question
What is the highest cost when operating/owning a salon?
answer
salaries and commissions (Including pay roll taxes) 53.5 % of total grow income
Unlock the answer
question
Keeping purchase records help you to establish what for the year?
answer
the net worth of your business at the end of the year
Unlock the answer
question
Supplies that are to be used in the salon are known as ...
answer
consumption supplies
Unlock the answer
question
The only way to gurarantee that you will stay in business and have a prosperous salon is to take excellent care of what?
answer
your clients
Unlock the answer
question
This is crucial to the smooth operation of your salon.
answer
salon layout
Unlock the answer
question
Costs to create even a small salon in an existing space can range around how much?
answer
$75 - 125.00 per square foot
Unlock the answer
question
What will determine the amount of staff you will need for a salon?
answer
the size of your salon.
Unlock the answer
question
When interviewing potential employees, what should you consider?
answer
level of skill, personal grooming, image as it relates to the salon, overall attitude and communication skills.
Unlock the answer
question
All employers must be familiar with various civil rights laws, including what?
answer
Equal Employment Opportunity Commission regulations, and the American Disabilities Act.
Unlock the answer
question
These are the most important elements of running a successful salon.
answer
quality and pricing
Unlock the answer
question
One of the most important duties the receptionist has is what?
answer
booking appointments
Unlock the answer
question
A receptionist must have what three qualities?
answer
appearance that conveys your salon's image, knowledge of the various services offered and unlimited patience with both clients and salon personnel
Unlock the answer
question
True or false: An important part of the business is handled over the telephone.
answer
true
Unlock the answer
question
True or false: Incoming phone calls are the lifeline of a salon.
answer
True
Unlock the answer
question
Should you speak to a client on the phone with another client standing nearby?
answer
no, put them on hold.
Unlock the answer
question
As a general rule, your advertising budget should not exceed what?
answer
3% of your gross income
Unlock the answer
question
True or false: In regards to recruiting new business, the first goal of every business is to maintain current clients.
answer
True
Unlock the answer