stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
CHAPTER 3 ~ BUSINESS BASICS (SALON FUNDAMENTALS ESTHETICS; TRICOCI UNIVERSITY AKA TUBC) Flashcards | StudBud
Explore
/
CHAPTER 3 ~ BUSINESS BASICS (SALON FUNDAMENTALS ESTHETICS; TRICOCI UNIVERSITY AKA TUBC)
CHAPTER 3 ~ BUSINESS BASICS (SALON FUNDAMENTALS ESTHETICS; TRICOCI UNIVERSITY AKA TUBC)
22 terms
·
StudBud Administration
·
1,386 plays
Imported from external platform
Flashcards
22 cards
F
Practice quiz
P
Host live
L
Questions
22
Answers
1
A withholding tax that is a planned savings/retirement fund for every worker in the United States is called:
income tax
sales tax
Social Security tax
Worker's Compensation
2
I will pass this test!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
True
False
3
A business owned by two or more persons is _____________?
an LLC`
a corporation
too legit to quit
a partnership
4
Which item below does NOT represent an element of a business plan?
Expansion
Company Origin
Market Potential
Exit Plan
5
What is a financial advisor who can explain in greater depth the types of business ownerships & the tax benefits?
A Banker
A Teacher
An Accountant
A Financial Advisor
6
Which category generally accounts for 50% of the expenses for a skin care center?
inventory
rent
utilities
salaries & commissions
7
What compensation is based on a percentage of the dollar income an individual esthetician generates by serving clients?
commission
salary
salary + commission
tips
8
What describes the plan for telling the world about the products offered by the business?
Public Relations
Marketing
Marketing Strategy
Advertising
9
Property or Premise is an insurance policy that covers the actual skin care center equipment & physical location in case
True
False
10
What is a reserve of cash that can be drawn upon to meet operating expenses in the event of a slow month or 2?
A Credit Card
A Loan
Line of Credit
Operating Capital
11
What is the first step in determining Market Need?
Going on Yelp to see who & what is out there
Creating your Business Plan
Determining how many other skin care centers & estheticians in the area
Creating a Menu of Services based on what guests want or need
12
Which description incorporates all activities that attract attention to the skin care center & create a positive impress
public relations
marketing
advertising
promotional activities
13
Which insurance policie is state-controlled & required by law?
Unemployment
Social Security Tax
Health Insurance
Worker’s Compensation
14
What is net worth?
Assets minus Liabilities
Assets multiplied by Liabilities
Liabilities minus Assets
Assets plus Liabilities
15
Which term defines salaries or commissions for yourself & your employees, including payroll taxes?
income
asset
compensation
revenue
16
What is a form of operating agreement in which a fee is paid to a parent corporation?
Franchise
Limited Liability (LLC)
Corporation
Mom & Pop
17
Which is NOT considered to be part of an individual's total assets?
CHECKING ACCOUNT
PERSONAL LOAN
SAVINGS ACCOUNT
LIFE INSURANCE POLICY
18
Who travels within a territory to sell products & equipment to skin care centers?
a distributor product consultant
distributor sales consultant
a product representative
a sales representative
19
What is capital?
Washington D.C.
The reservoir of cash needed to pay yourself
The reservoir of cash that is needed to stay ahead of creditors
money
20
THE PURPOSE OF AN EXIT PLAN DESCRIBES YOUR PLAN IN CASE YOU DECIDE TO
CALL OFF OF WORK
.
True
False
21
What term is used to describe the amount of time it takes to sell the product once it is on the shelf?
inventory
promotions or sales
loss prevention
turns or turnovers
22
Which skill is essential to be a successful skin care center owner?
management of financial operations
management of people
electrician
accountant
