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Michigan Cosmetology theory- Business Flashcards | StudBud
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Michigan Cosmetology theory- Business
Michigan Cosmetology theory- Business
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1
Which of the following terms refers to all money owed
Liabilities
Assets
Financial status
Net worth
2
Which type of insurance protects the salon owner from financial loss due to an employee is negligence
Social Security
Malpractice
Product liability
Premise
3
The salon professionals name scheduled service clients name date in clients phone number should be included in
State income tax form
Appointment book
Federal income tax form
I-9 form
4
It is wise to keep all records of daily sales and services for
5 to 7 years
2 to 4 years
6-14 years
10 years
5
To be granted future loans, it is important to pay loans on time and avoid
Compensation
Default
Taxes
Insurance
6
Renting or leasing a workstation from a building owner, would represent which of the following situations
Sole proprietorship
Independent contractor
Partnership
Corporation
7
The determination on whether a specific product should be continued as a retail item is based on the number of
Leftovers
Retail recommendations
Product samples
Turnovers
8
Which of the following business types is owned by the shareholders and formed under legal guidelines
Partnership
Franchise
Proprietorship
Corporation