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Business 103 (1-50) Flashcards | StudBud
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Business 103 (1-50)
Business 103 (1-50)
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1
A sole proprietorship is a business owned by:
A corporation
One person
A franchise
Two or more people
2
Important information about the client, combined with the financial value of a client, is referred to as the:
Client factor
Client profile
Client informed
Target market
3
Industry statistics indicate that satisfied client will usually for how many new clients?
One
Three
Twelve
Right
4
A personalized approach is also referred to as:
Staff synergy
Salon experience
Shared accountability
Chairside manner
5
Networking provides all of the following benefits EXCEPT:
Contacts create difficult situations that turn into real problems
Leads to lifelong friendships
Provide a good way to learn about trends in the industry
Gives access to people and resources within the industry
6
A client retention strategy that involves clients booking a future appointment before leaving the salon during a visit:
Prebooking
Upselling
Word-of-mouth
Balancing
7
Compliance with all local, state/province and federal rules, regulations and laws is the responsibility of the:
Local authorities
Salon employees
Former building owner
Salon owner
8
Beverages, food, magazines and umbrella stands in the salon are examples of:
Aromatherapy
Touchable
Decor
Comforts
9
A client profile is a composite of market statistics that can be used to identify characteristics of individuals:
Over the age of 65
Who eat most meals in five-star restaurants
Within that market
Owning more than two vehicles
10
A realistic goal is one that:
Contains concrete benchmarks
Sets a deadline for achieving a goal
States exactly what you want to accomplish
You believe can be accomplished
11
All of the following statements are ways to demonstrate your personalized approach EXCEPT:
Chatting with other designers during a salon service
Asking about important events in your guest’s life
Securing your guest’s valuables
Responding to your guest’s verbal and nonverbal expressions
12
For salon professionals just starting out, the most common and immediate source of referrals is:
Promotional literature
Client profile
Target marketing
Word-of-mouth recommendations
13
An effective strategy to ensure a return visit from a client is to:
Promote negative word-of-mouth
Limit your work hours
Provide exceptional service
Avoid using a business card
14
Location is most important factor in:
Opening a salon business
Choosing a distributor
Choosing a salon
Choosing a lawyer
15
All of the following actions describe how to create a plan to achieve your goals EXCEPT:
Consider your budget
Include alternate plans
Be specific
Avoid alternate plans
16
Measurable goals will help you get organized and:
Track your process
Stick with the status quo
Force you to stretch
Believe in what you can do
17
Adding the client’s service total and retail total for one visit will achieve which of the following results?
Average net profit
Average appointment
Average ticket
Average visit
18
If all of your appointment times have been scheduled with clients for a given day, the term to describe this is a:
Full book
High market demand
Rebook
Client retention
19
Features of a product are its characteristics, which might include:
Re-conditioning effects
Size of container
Economical purchase
Added shine
20
All of the following descriptions apply to an independent salon EXCEPT:
Owner makes all the decisions in terms of pricing and services
May offer from 5-40 workstations
Owner makes all the decisions in terms of decor
Used a set business plan provided by a parent company
21
Of the items listed below, which is NOT considered a benefit?
Paid vacation
Paid holidays
Sick days
Salary
22
Earning additional payment based on the number of clients a salon professional brings to the salon is what compensation?
Salary
Insurance
Salary plus commission
Pension
23
Offering an additional haircoloring service to a client who originally scheduled a haircut appointment is an example of:
Target marketing
Upselling
Full book
Balancing
24
An efficient working space for each salon professional is:
Over 300 square feet
120-150 square feet
200-300 square feet
50-75 square feet
25
I will get a job within the next 60 days is an example of a:
Measurable goal
Timely goal
Realistic goal
Achievable goal
26
If you are going to be absent or have vacation time, you would take all of the following steps EXCEPT:
Notify your client
Avoid telling the client
Reschedule client with another designer
Prebook your client
27
A category title for tracking and overseeing clientele–building strategies is CRM which stands for:
Client Referral Methods
Client Retention Methods
Client Relations Management
Client Retail Management
28
Dependability as a work principle can be described as:
Showing that you love what you do
Getting along with co-workers
Showing up on time and ready to work
Not waiting to be told what to do
29
Net worth is calculated by subtracting liabilities from which of the following?
Loan balances
Assets
Charge accounts
Student loans
30
According to statistics, how often does the average loyal client visit a salon?
Every 3 months
Every 2 weeks
Every 6 weeks
Twice per year
31
A rental agreement is known as a:
Loan
Lease
Waiver
W-2
32
An example of a liability on your financial statement would be:
Last week’s income
Any earned tips
Restaurant receipts
Money you owe on a credit card
33
An important aspect to remember when managing the financial operations of a salon is to:
Create a budget
Ignore economic conditions
Dismiss advice from an accountant
Avoid generating business through promotion
34
A set income given to an employee on a weekly or monthly basis is known as:
Stock
Commission
Booth rent
Salary
35
Is something I can commit to is a question that would be asked when determining if a goal is:
Specific
Measurable
Realistic
Achievable
36
In many cases, the first person to greet a client as they arrive is the:
Manager
Distributor
Owner
Receptionist
37
A form of operation in which an initial purchase fee plus a monthly service charge is paid to the parent corporation is:
Partnership
Franchise
Entity
Corporation
38
All payments received from clients for services and home care products purchased is known as:
Expenses
Income
Compensation
Taxes
39
Net worth is calculated by subtracting liabilities from:
Charge accounts
Loan balances
Assets
Student loans
40
It is wise to keep all records of daily sales and services for:
2-4 years
5-7 years
10 years
6-14 years
41
During a job interview it is very important to:
Stretch the truth if necessary
Stay calm and be yourself
Tell a lot of stories
Tell the interviewer whatever you think he or she wants to hear
42
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):
Accountant
Lawyer
Insurance agent
Sales consultant
43
All of the following items are important factors to research in the process of salon planning EXCEPT:
Location
Inaccessible parking
Market need
Cost of necessary improvements
44
Insurance benefits might include all of the following EXCEPT:
Life insurance
Health insurance
Accident insurance
Car insurance
45
Agreement in which a business functions under a parent corporation in exchange for promotion, advertising & management:
Franchise
Corporation
Sole proprietorship
Partnership
46
A collection of your creative work and documents to show potential clients or employers is called a:
Networking
Cover letter
LinkedIn
Portfolio
47
In many cases, the first person to greet a client is the:
Salon professional
Receptionist
Owner
Manager
48
A major component of the referral process is ensuring positive:
Client profile
Target marketing
Promotional literature
Word-of-mouth
49
Before an interview begins, you might be asked to fill out a(n):
Portfolio
Resume
Cover letter
Application
50
Before a salon owner can hire employees they need to apply for a(n):
Social Security card
Credit card
Social Insurance Number
Federal Employer Identification Number