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Chapter 10F The Beauty of Business Flashcards | StudBud
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Chapter 10F The Beauty of Business
Chapter 10F The Beauty of Business
27 terms
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StudBud Administration
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34 plays
Milady Standards Foundation CIMA
Flashcards
27 cards
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Practice quiz
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Host live
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Questions
27
Answers
1
If you are an owner of a salon, spa, or barbershop, which of the following is TRUE?
You are guaranteed to have small profits.
You are guaranteed to have losses.
You are guaranteed to have large profits.
There is no guarantee of any profits.
2
his vision statement
It protects your staff against compensation loss for sick days.
It protects you against malpractice suits.
It protects your clientele against falls and accidents.
It protects the general public against auto mishaps in front of your store.
3
What is the main concern when planning and constructing the best physical layout for the type of business you envision?
maximum profitability
your competitor’s layout
maximum efficiency
stylistic aesthetics
4
Which of the following is the BEST vehicle for others to promote you and your business via viral marketing?
social media
email
television
face-to-face word of mouth
5
Which part of your business plan should outline all of the research obtained regarding the targeted clients?
mission statement
vision statement
marketing plan
organizational plan
6
Why is it important to have keen business knowledge in the beauty industry?
because entrepreneurship is an essential part of this career
because it serves you well in managing your professional business finances
because you must become a business owner in this career
because renting a booth is the same as owning your own business
7
Marketing is the means for ______.
keeping your clientele satisfied
designing your salon, spa, or barbershop space
selling and promoting your business
recruiting and hiring your staff
8
How long is it MOST likely to take to determine and complete all of the aspects of starting your business?
1 year
1 month
6 months
10 years
9
What does adding services and retail sales to your service tickets mean for your business?
additional risk
additional advertising
additional clientele
additional revenue
10
Which is an essential set of benchmarks that, once achieved, helps you to realize your mission and your vision?
policies
statements
goals
objectives
11
A realistic benchmark for the net profit of a salon, spa, or barbershop is _
50%
75%
15%
5%
12
Which of the following is NOT one of the top three ways that clients find a service provider?
dissatisfaction with another service provider
advertisements
recommendations or referrals
a convenient location
13
Your personnel is your ______.
competition
staff
clientele
customer base
14
An outline of employee and management levels & responsibilities and how to perform business according to the outline is
a marketing plan
a mission statment
an organizational plan
an executive summary
15
The only way to guarantee that you will stay in business is to ______.
take care of your clients
research emerging trends
advertise
pay yourself well
16
Which part of your business plan should include a description of how the business will run administratively?
vision statement
organizational plan
marketing plan
mission statement
17
Which of the following is MOST likely to raise capital by offering shares of stock to stockholders?
a single franchise
a partnership
a corporation
a sole proprietorship
18
If you are interested in booth rental, which of the following states should you NOT move to?
Pennsylvania
Florida
California
New York
19
Which of the following will be LEAST important in becoming a successful entrepreneur?
maintaining loyalty of clients over a long period of time
attracting employees to your business
attracting clients to your business
paying employees a salary instead of a commission
20
Which of the following is built into most booth rental agreements?
paid vacations
healthcare benefits
self-sufficiency
free advertising
21
When you work on your financial document, supporting documents and executive summary, what are you preparing?
his mission statement
his business plan
his vision statement
his organizational plan
22
Which of the following is the MOST important reason to create incentives in the form of money/prizes for your employees?
Incentives can be in lieu of regular pay.
Incentives are a tax write-off.
Incentives can inspire employees to achieve more.
Incentives are appreciated by employees and clientele alike.
23
Which BEST encapsulates promotional efforts that are paid for and that are directly intended to increase business?
viral marketing
social media usage
word-of-mouth
advertising
24
What would be the best reason for an employer to hire a beauty professional for their salon/spa?
The beauty pro responded to most of their questions
The beauty pro has been in the industry much less than most candidates
The beauty pro matched the image to their salon
The beauty pro background is more focused on technical skilld
25
Which of the following is the MOST important question to ask yourself when creating your brand identity?
Which employees should I hire?
Who are my potential customers?
What will my profits be in year one?
What is my business’s point of difference?
26
The modern version of word of mouth is ______.
billboard marketing
television marketing
viral marketing
radio spots
27
The key duty of receptionists is ______.
answering the phone
assisting stylists with their work
greeting clientele at the door
booking appointments
