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Pivot Point ch 6
| Question | Answer |
|---|---|
| The item that offers an employee a brief summary of who you are and what qualities you would bring to the salon is called a(n) | cover letter |
| When a client recommends a salon professional to his or her friends, increasing the client base, this type of recommendation is known as a(n) _____________. | referral |
| The money in your checking and savings accounts, IRAs, stocks and bonds are all considered to be your total ____________. | assets |
| An operating agreement in which a business functions under a parent corporation in exchange for promotion, advertising and management is a(n) _____________. | franchise |
| The four types of business ownership are sole proprietorship, partnership, ______________ and ________________. | corporation, franchise |
| A salon owner that pays a set dollar amount each month to a building lessor is paying a(n) ____________ rent. | fixed |
| The type of insurance that helps cover the costs of any salon equipment or the physical location itself in case of a fire or theft is known as premise or _________________ insurance. | property |
| A salon owner must apply for a state sales tax _____________ before collecting tax on products or services sold. | permit |
| The financial success of a salon will be achieved when the salon's income is greater than its ______________ ______________. | operating expense |
| Income minus expenses equal ___________. | profit |
| An employee that receives income based on a percentage of the dollar income of total clients serviced is being paid on a(n) _______________ structure. | commission |
| A customer that did not call ahead to make an appointment, but comes into the salon seeking a service, is called a(n) ___________-____________ client. | walk-in |
| The type of buyer that wants to save money at all costs and is more interested in the price of a product is the ______________ buyer. | bargain |
| The term given for selling products for client home care is: | Retailing |
| The designer's name, scheduled service, client's name, date and client's phone number should all be included in the: | appointment book |
| In many cases, the first person to greet a client is the: | receptionist |
| What amount of commission will a salon owner usually pay an employee for the retail sales of home care products? | 8% to 15% |
| Which of the following is vital in order to allow close management of products purchased for retailing in the salon? | inventory control system |
| Which form of advertising involves sending postcards or flyers to potential customers? | direct mail advertising |
| What is generally considered the best form of advertising? | word of mouth |
| A designer earning additional payment over and above the normal paycheck would be receiving what type of compensation? | salary plus commission |
| What percentage of the total salon expenses generally represents compensation for the salon owner and employees? | 50 |
| The government agency that would audit your business' record keeping is the: | IRS |
| Keep all records of daily sales and services for: | 5 to 7 years |
| Renting or leasing a workstation from a building owner would represent which of the following situations: | independent contractor |
| All payments received from clients for services performed and home care products purchased is known as: | income |
| The tax based on the profits (earnings) of a business is known as: | income tax |
| The salon owner is responsible for collecting and paying sales tax how often? | monthly or quarterly |
| Which of the following items is reported to the IRS as employee income? | tips received by an employee |
| U.S. Social Security and Canadian Pension taxes are planned savings/retirement funds, and the money is collected by the: | U.S. and Canadian governments |
| Which type of insurance protects the salon owner from financial loss due to an employee's negligence? | malpractice |
| To be granted future loans, it is important to pay loans on time and avoid: | default |
| The ideal salon arrangement has an efficient traffic pattern providing: | the least steps for the client and designers to travel |
| Compliance with all local, state/province and federal rules, regulations and laws is the responsibility of the: | salon owner |
| Location is the most important factor in: | opening a salon business |
| Which of the following business types is owned by the shareholders and formed under legal guidelines? | corporation |
| The type of business ownership in which two or more persons share all costs of opening, operating and maintaining the business is a: | partnership |
| A business owned by one person is called a(n): | sole proprietorship |
| Net worth is calculated by subtracting liabilities from which of the following? | assets |
| Which of the following terms refers to all money owed? | liabilities |
| Which of the following ways can a salon professional use to develop a successful relationship with the client? | determine the client's needs |
| Making a future appointment with a client while he or she is still in the salon is an effective tool for building a clientele and is referred to as: | prebooking the client |
| One of the most effective techniques in building a clientele is to: | give out business cards |
| Which method is considered to be the most effective way of building your clientele? | word-of-mouth |
| Job features such as paid holidays, health insurance and a retirement plan offered by the workplace are known as: | benefits |
| The least important factor in deciding whether to accept a position is: | the size of the salon |
Created by:
annalder
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