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Chapter 32 The Salon Business Flashcards | StudBud
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Chapter 32 The Salon Business
Chapter 32 The Salon Business
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Questions
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Answers
1
Supplies purchased by a salon that are to be sold to clients are ___________
Consumption supplies
Inventory supplies
Retail supplies
Client supplies
2
Which part of a business plan ensures that all clients and employees are treated fairly and consistently?
Executive summary
Salon policies
Financial documents
Organizational plan
3
Which part of plan includes the owner's resume, personal financial information, legal contracts, & any other agreements
Financial documents
Salon policies
Executive summary
Supporting documents
4
An agreement to buy an established salon does not typically include which of the following?
A financial audit
Confirmation of the identity of the owner
An analysis of future maintenance costs
A signed statement of inventory and its value
5
Which part of a business plan summarizes your plan and states your objectives?
Executive summary
Mission statement
Marketing plan
Salon policies
6
For cosmetologist with a large, steady clientele & who does not rely on the salon's clientele _________ may be desirable
An S corporation
A limited liability company
A franchise
Booth rental
7
Which of these is considered the very best form of advertising for a salon?
Satisfied clients
Radio spots
Television ads
Newspaper ads
8
When planning and constructing the best physical layout for a salon, the primary concern should be _________
Salon furniture
Color scheme
Maximum efficiency
Salon carpeting
9
Which part of business plan outlines employees & management levels & describes how a business will run administratively?
Mission statement
Organizational plan
Vision statement
Financial documents
10
The first goal of every business should be to ______________
Upgrade existing equipment
Compensate employees fairly
Maintain current clients
Attract new clients
11
It should always be your top priority to meet which of the following financial obligations?
Rent or mortgage
Vendor bills
Utility bills
Payroll
12
A(n) _________ is an essential set of benchmarks that, once achieved, helps you realize your mission and your vision
Obligation
Goal
Result
Assignment
13
Costs to create even a small salon in an existing space can range from ________ per square foot
$75 to $125
$20 to $35
$5 to $15
$30 to $80
14
Booking appointments is primarily whose job?
The receptionist's
The manager's
The cosmetologist's
The client's
15
If you operate your salon in a building that you own, it is not necessary to purchase which of the following insurance?
Burglary insurance
Malpractice insurance
Renter's insurance
Liability insurance
16
What is the minimum number of stockholders allowed for a corporation to exist?
Three
Two
One
Zero
17
Someone who is trained to do everything from recording sales & payroll to generating a profit & loss statement is ______
A full-charge bookkeeper
A financial director
A manager
A receptionist
18
Outlines all of the research obtained regarding the clients your business will target & their needs, wants, and habits?
Financial documents
Executive plan
Marketing plan
Organizational plan
19
Which part of a business plan is a description of the key strategic influences of the business?
Mission statement
Vision statement
Marketing plan
Supporting documents
20
Human resources does not cover which of the following concerns?
What you should do when you need to increase sales
What you must do when firing someone
How you manage your employees
What you can and cannot say when hiring someone
21
Which part of a business plan includes projected financial statements, actual statements, & financial statement analyses
Salon policies
Vision statement
Financial documents
Organizational plan
22
A long-term picture of what the business is to become and what it will look like when it gets there?
Salon policies
Mission statement
Marketing plan
Vision statement
23
Which of these terms refers to your staff or employees?
Personnel
Clients
Creditors
Constituents
24
Form of business in which firm that is successful enters into a contractual relationship with other businesses is ______
A corporation
A sole proprietorship
A franchise
A partnership
25
Smooth business management depends on sufficient investment capital as well as _____________
personnel with only basic training
Minimal computer skills
Adequate business procedures
Excellent customer service delivery
26
With each call, gracious, appropriate response will help build ____________
The salon's reputation
The salon's energy level
A quiet atmosphere
Teamwork
27
When choosing a location for your business, you should select one that ______
Has limited parking
Is secluded
Has low traffic
Offers easy Access
28
Supplies used in the daily business operation are considered _________________
Retail supplies
Consumption supplies
Inventory supplies
Consumer supplies
29
When gathering financial information for purchasing an existing salon, it is helpful to consult with a(n) _________
Attorney
Interior designer
Certified public accountant
Architect
30
Another name for an individual owner who determines policies and has the last say in decision making
Manager
Business partner
Sole proprietor
Stockholder