Ch 3 Buisiness Basics

Question 1

A business owned by two or more persons is a

Accepted Answer

partnership

Question 2

The following is best determining factor which to establish service prices for skin care center

Accepted Answer

results of a market survey conducted in your area

Question 3

Which type of business is owned by shareholders or members who have funds invested in company

Accepted Answer

corporation

Question 4

Which of the descriptions listed below does NOT represent an element of a business plan

Accepted Answer

liabilities

Question 5

A set dollar amount paid per month plus a percentage of the total monthly income is called

Accepted Answer

variable rent

Question 6

An advisor on borrowing money, signing rental agreements and assuming tax responsibilities

Accepted Answer

lawyer

Question 7

"Middleman" contracts,sell professional product as link between manufacturer & skin care center

Accepted Answer

distributor

Question 8

Which of the following items is NOT considered to be a part of an individuals total assets

Accepted Answer

outstanding loan balance

Question 9

Which of following is a typical commission rate for an employee to receive when selling retail

Accepted Answer

8% to 15%

Question 10

Which advisor travels within a "territory" to sell products and equipment to skin care centers

Accepted Answer

distributor sales accountant

Question 11

A skin care center should keep all records of daily sales and services for at least

Accepted Answer

six months

Question 12

Of the following descriptions which does NOT represent a way an employee can be paid?

Accepted Answer

income tax

Question 13

Skin care center's income is greater than operating expenses, skin care center is operating at

Accepted Answer

profit

Question 14

Accountants frequently refer to income as

Accepted Answer

revenue

Question 15

In many cases who is the first person to greet a client?

Accepted Answer

receptionist

Question 16

Compensation guarantee certain money regular basis & additional income when employee meet goal

Accepted Answer

salary plus commission structure

Question 17

Which of the following terms comprises all the property a person owns

Accepted Answer

assets

Question 18

A with holding tax that is planned savings/retirement fund for every worker in the US is called

Accepted Answer

Social Security Tax

Question 19

The most effective form of advertising is often:

Accepted Answer

word of mouth

Question 20

Inventory is also referred to as which of the following terms

Accepted Answer

stock in quanity

Question 21

Estimate what you think you'll earn in revenues & what you think you will pay out in expenses

Accepted Answer

projection

Question 22

Which of following statements best describes the order in which to count back change to client

Accepted Answer

coins first , then bills

Question 23

A suggested telephone answering tip is to answer the phone within how many rings

Accepted Answer

two rings

Question 24

Which type of rent allows owners to predict monthly expenses carefully?

Accepted Answer

fixed rent

Question 25

Procedure in skin care center ensures products are accounted from time added until they sell

Accepted Answer

inventory control

Ch 3 Buisiness Basics

Questions 25

Ch 3 Buisiness Basics

Questions 25