Artistry Review

Question 1

A financial advisor who can tell you what a bank is likely to lend you, based on your net worth, is referred to as a(n):

Accepted Answer

accountant

Question 2

Which buyer wants to know all of the facts about the product and thinks carefully about buying

Accepted Answer

logical

Question 3

The ideal salon arrangement has an efficient traffic pattern providing:

Accepted Answer

the least steps for the client and salon professional to travel

Question 4

The term given for selling products for client home care is:

Accepted Answer

retailing

Question 5

Which type of insurance protects the salon owner from financial loss due to an employee’s negligence?

Accepted Answer

malpractice

Question 6

All of the following items are important factors to research in the process of salon planning EXCEPT:

Accepted Answer

inaccessible parking

Question 7

Which of the following business types is owned by the shareholders and formed under legal guidelines?

Accepted Answer

corporation

Question 8

Features of a product are its characteristics, which might include:

Accepted Answer

size of container

Question 9

A rental agreement is known as a:

Accepted Answer

lease

Question 10

When handling a client complaint you can turn a negative experience into a positive one by:

Accepted Answer

restating back to the client what you heard

Question 11

Which of the following buyer motivations is perhaps the easiest to recognize in the salon?

Accepted Answer

need

Question 12

Which type of buyer puts up a struggle and has a strong desire to debate with you?

Accepted Answer

stubborn

Question 13

Who must apply for a state sales tax permit before collecting taxes on products or services sold?

Accepted Answer

salon owner

Question 14

Which buyer type wants to save money at all costs and is not as interested in quality of product as price?

Accepted Answer

bargain

Question 15

Workers' Compensation Insurance is needed to protect the:

Accepted Answer

employee

Question 16

The emotional buyer bases his or her purchases on:

Accepted Answer

personal reasons

Question 17

Which of the following terms refers to all money owed?

Accepted Answer

liabilities

Question 18

If you are going to be absent or have vacation time, you would take all of the following steps EXCEPT:

Accepted Answer

avoid telling the client

Question 19

Which of the following actions would represent taking the team approach?

Accepted Answer

offer guests something to drink while they are waiting

Question 20

Net worth is calculated by subtracting liabilities from:

Accepted Answer

assets

Question 21

The following are all benefits of a product EXCEPT:

Accepted Answer

aromatic ingredients

Question 22

Renting or leasing a workstation from a building owner would represent which of the following situations?

Accepted Answer

independent contractor

Question 23

The money in your checking and savings accounts, IRAs, stocks and bonds are all considered to be your total:

Accepted Answer

assets

Question 24

Insurance that helps cover the costs of any salon equipment or the physical location itself in case of fire or theft

Accepted Answer

property insurance

Question 25

Which buyer type is open-minded and willing to take a chance on new products without hesitation?

Accepted Answer

ready

Question 26

Networking provides all of the following benefits EXCEPT:

Accepted Answer

contacts create difficult situations that turn into real problems

Question 27

Compliance with all local, state/province and federal rules, regulations and laws is the responsibility of the:

Accepted Answer

salon owner

Question 28

Which one of the following items is usually the largest expense in operating a salon?

Accepted Answer

salaries or commissions

Question 29

An important aspect to remember when managing the financial operations of a salon is to:

Accepted Answer

create a budget

Question 30

Successful salons are those whose staff are doing all of the following EXCEPT:

Accepted Answer

making negative comments

Question 31

An example of a liability on your financial statement would be:

Accepted Answer

money you owe on a credit card

Question 32

Operation in which an initial purchase fee plus a monthly service charge is paid to the parent corporation is called:

Accepted Answer

franchise

Question 33

U.S. Social Security and Canadian Pension taxes are planned savings/retirement funds, and the money is collected by the:

Accepted Answer

U.S. and Canadian Governments

Question 34

Operating agreement in which a business functions under parent corporation in exchange for promotion, advertising, etc

Accepted Answer

franchise

Question 35

An efficient working space for each salon professional is:

Accepted Answer

120-150 square feet

Question 36

All payments received from clients for services and home care products purchased is known as:

Accepted Answer

income

Question 37

What percentage of the total salon expenses generally represents compensation for the salon owner and employees?

Accepted Answer

50%

Question 38

Which of the following descriptions would be considered a key to successful client relationships?

Accepted Answer

teach the client how to maintain the look at home

Question 39

To be granted future loans, it is important to pay loans on time and avoid:

Accepted Answer

default

Question 40

A sole proprietorship is a business owned by:

Accepted Answer

one person

Question 41

Location is the most important factor in:

Accepted Answer

opening a salon business

Question 42

Which of the following characteristics will contribute to career success?

Accepted Answer

respecting knowledge of others

Question 43

The most important relationships you form at the beginning of your career are those that develop:

Accepted Answer

within the salon

Question 44

he tax based on the profits (earnings) of a business is known as:

Accepted Answer

income tax

Question 45

Type of business ownership in which two or more persons share costs of opening, operating and maintaining the business

Accepted Answer

partnership

Question 46

It is wise to keep all records of daily sales and services for:

Accepted Answer

5-7 years

Question 47

Which of the following items must be reported as employee income?

Accepted Answer

tips received by an employee

Artistry Review

Questions 47

Artistry Review

Questions 47