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Business Basics: Pivot Point Ch 3 Flashcards | StudBud
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Business Basics: Pivot Point Ch 3
Business Basics: Pivot Point Ch 3
25 terms
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Business Basics
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Assets minus liabilities equals:
assets
net worth
market need
finances
2
Which advisor travels within a “territory” to sell products and equipment to skin care centers?
accountant
lawyer
insurance agent
distributor sales consultant
3
Business plan for telling the world about the products offered by the business?
market potential
three-to five-year financial projection
marketing strategy
executive summary
4
Salaries or commissions for yourself and your employees, including payroll taxes are called?
compensation
rent
supplies
advertising
5
A suggested telephone answering tip is to answer the phone within how many rings?
1 ring
2 rings
6 rings
4 rings
6
Statement best describing the order in which to count back change to a client?
quarters first, then pennies
coins first, then bills
bills first, then coins
dollars first, then quarters
7
How to ensure products are accounted for from time they're added to inventory til sold or used
product liability
pricing
inventory control
record keeping
8
Term used to describe the amount of time it takes to sell the product once it is on the shelf?
controllers
guides
turns or turnovers
monitors
9
Determining how many skin care centers & esti's are in the area is the 1st step in gauging the:
cost of necessary improvements
space requirements
market need
location
10
Which of the following terms comprises all the property a person owns?
income
assets
savings
liabilities
11
The most important factor to consider when opening a skin care business is:
market need
space requirement
cost of necessary improvements
location
12
In many cases, who is the first person to greet a client?
receptionist
owner
esthetician
manager
13
The reservoir of cash that is needed to stay ahead of creditors is called:
improvement costs
total liabilities
operating capital
net worth
14
Which type of rent allows owners to predict monthly expenses carefully?
property or premise
variable rent
product liability
fixed rent
15
Advisor on borrowing money, signing rental agreements & assuming tax responsibilities is a(n):
insurance agent
stock holder
retailer
lawyer
16
Title given to a form of operating agreement in which a fee is paid to a parent corporation?
partnership
franchise
corporation
entity
17
The most effective form of advertising is often:
word-of-mouth
magazine ads
newspaper ads
web page banners
18
Strategies involve shaping of your public image in ways other than advertising?
correspondence
public relations
compensation
marketing
19
A business owned by two or more persons is a:
sole proprietorship
corporation
franchise
partnership
20
The three basic elements of a personal financial statement are:
assets, net worth and company goals
assets, liabilities and net worth
assets, finances and exit plans
liabilities, business plans and net worth
21
Person selling prof products or equip, acting between the manufacturer and the skin care center
distributor
insurance agent
lawyer
accountant
22
A withholding tax, as a plan for savings/retirement for workers in the United States is called:
property tax
income tax
Social Security tax
sales tax
23
Utilities, supplies, cost of promotions, postage and taxes are types of:
premise costs
malpractice costs
variable costs
fixed costs
24
A set dollar amount paid per month plus a percentage of the total monthly income is called:
fixed rent
variable rent
worker’s compensation
commission
25
What is the purpose of an exit plan?
outlines goals and objectives
describes why your product would be in demand by the market
lists short- and long-term goals
describes your strategy in case you decide to call it quits
