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Pivot Point ch 6

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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