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Business Basics
Business Basics
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Chapter 3
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
If the skin care center’s income is greater than the operating expenses, they are operating at?
an operating expense
an expense
a loss
a profit
2
Which of the following strategies involves shaping of your public image other than advertising?
compensation
marketing
market survey
public relations
3
Which below is NOT a part of interview criteria...?
ability to supply equipment
technical skills
ability to work in a group
experience
4
What is guaranteed set income...
commision
salary
5
The most important factor to consider when opening a skin care business is...
location
cost of improvements
market need
space requirements
6
Which of the following statements describes the order in which to count back change to a client
coins first, then bills
drop the money on the counter
quarters, then dollars
bills first, then coins
7
Advises on legal obligations of business ownership, borrowing money, signing rental agreements
product distributor
sales consultant
all of the above
lawyer
8
A business owned by ONE person is...
sole proprietorship
partnership
franchise
corporation
9
Assets minus liabilities equals...
net gain
net worth
market need
market survey
10
Which of the following insurance policies is state-controlled and required by law?
property
premise
malpractice
workers compensation
11
How many times should the telephone ring before you answer it?
let it go to voicemail, you're busy
4 rings
1 ring
2 rings
12
Which of these below is NOT a fixed expense...
utilities
salary
insurance
rent
13
T/F, determine you prices based on a market survey of the next city over...
True
False
14
What term is used to describe the amount of time it takes to sell the product?
all of the above
turns/turnover
monitors
controller
15
Fixed rent is...
set dollar amount per month
set dollar amount plus a percentage of income
16
T/F, commission is a percentage of dollar income
false
true
17
All of the property you own is...
assets
networth
net gain
liabilities
18
Insurance is a type of...
commission
risk management
inventory control
all of the above
19
Property insurance covers...
damage to the business in case of fire/natural disaster
replacements of lost items
all of the above
if someone is hurt on the premise
20
Which of the following measurements per esthetician allows for an efficient working space?
120-150 sq ft
50-100 sq ft
200-250 sq ft
10-20 sq ft
21
procedures used in the skin care center to ensure products are accounted for is called?
liabilities
public relations
assets
inventory control
22
Which type of business is owned by shareholders/members who have funds invested in the company?
partnership
corporation
franchise
sole proprietorship
23
True or false, origin of company is a part of a business plan...
true
false
24
On a personal financial statement, all the money owed is called...
net worth
assets
liabilities
net gain
25
The best form of advertising is...
billboards
word of mouth
direct mail
radio ads
