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Foundations

Chapter 10

QuestionAnswer
One of the requirements for a partnership arrangement is ______ Trust
In how many states is booth rental allowed? 48
What should be the primary concern when constructing the best physical layout for a salon spa or barbershop? Maximum efficiency
In a business plan, the owners résumé and personal financial information would be found in the ______ Supporting documents
Which of the following is considered a salon spa or barbershops nerve center? Reception area
_______ supplies are using daily business operations. Consumption
The kinds of services your business will offer, and the quality of those services is found in what part of the business plan? Mission statement
It takes most new shops _____ to begin operating a full capacity. 6 months
Which of the following is the best form of advertising? Satisfied clients
Which of the following is an ownership structure controlled by one or more stockholders? Corporation
One reason we’re going into a partnership agreement is to _______ have help running your operation
A ________ is a written description of your business as you see it today and as you foresee it in the next five years. Business plan
The first goal of every business should be to _______ Maintain current clients
An advertising budget should not exceed _______ percent of your gross income. 3 percent
What business time period would be appropriate for adding more locations or expanding the scope of the business? Year 5
Salon, spa and barbershop owners have no guarantee of _______ Profits
A ______ is a guide to the actions of the organization. Mission statement
Owning your own own business or renting a booth in an existing salon spot or barbershop requires __________ Strong line of credit
Someone who is trying to do everything from recording sales and payroll to generating a profit and loss statement is called a(n) ______ Bookkeeper
Unless you are at least _______ percent booked all of the time it may not be advantageous to rent a booth. 70 percent
Created by: princesalove
 

 



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