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Business Basics Flashcards | StudBud
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Business Basics
Business Basics
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Questions
30
Answers
1
The emotional buyer type bases their purchases on :
Personal reasons
Brand new products
Price
Facts
2
An effective strategy to encourage repeat business from a client is to :
Provide exceptional service
Limit your work hours
Have a negative approach to clients
Avoid sending thank you cards
3
An agreement on how things are done in a salon/spa so things happen in a uniform way is called :
Consistency
Prebooking
Accountability
Treatment
4
If you don’t waste time or salon/spa resources, you are demonstrating that your work ethic has a quality of ______.
Efficiency
Laziness
Procrastination
Time management
5
In many cases, the 1st person to greet a client as they arrive is the :
Owner
Front Desk Associate
Distributor Consultant
Manager
6
An important aspect to remember when managing the financial operations of a salon/spa is to create a _______.
Budget
Payment reminder
Bank account
Online presence
7
Who can decide if a goal is realistic ??
You
Your tutor
Your family
Your friends
8
Turnings $70 ticket into an $80 ticket is an example of _________.
client profile
Target marketing
Demographics
Upselling
9
Treating your client like an important, valued individual is known as :
Shared accountability
Personalized approach
Cooperation
Staff synergy
10
A set dollar amount of rent to be paid each month to the lessor is called :
Flexible rent
Tentative rent
Variable rent
Fixed rent
11
Before a salon/spa owner hire employees, they need to apply for :
Social insurance number
Social security card
Federal employer identification number
Drivers license
12
The tax based on the profits (earnings) of a business is known as _________ tax.
Federal
Income
State
Property
13
Showing up on time and ready for work shows dependability.
True
False
14
A set income given to an employee on a weekly or monthly basis is known as :
Commission
Stock
Salary
Booth rent
15
All of the costs incurred in running the salon/spa each day is referred to as :
Loss
Operating loss
Profit
Operating expense
16
Workers’ Compensation Insurance is not required for the salon/spa owner.
True
False
17
Which of the following terms refers to all money owed ?
Liabilities
Assets
Net worth
Financial status
18
Before an interview begins, you might be asked to fill out a _______.
Application
Resume
W-2
Cover Letter
19
The type of salon/spa that uses a set business plan provided by a parent company is a _____________.
Business proposal
Booth renter
Chain salon/spa
Independent contractor
20
Which buyer type wants to save money at all costs and isn’t interested in quality of product as price ?
Bargain
Logical
Ready
Stubborn
21
Document that introduces you and why you’d like to be employed with a salon/spa is called a _____.
Cover letter
Resume
Application
W-2
22
A sole proprietorship is a business owned by one person.
True
False
23
All the property you own is called a list of _________.
Debt
Finances
Liabilities
Assets
24
A brief written account of personal, educational and professional qualifications and experience is known as a _______.
Resume
Application
W-2
Cover Letter
25
Employment benefits, such as holiday pay, are considered a part of an employees regular salary or wages.
True
False
26
The renting of a space, suite or booth by an individual on a monthly basis is referred to as an independent contractor.
False
True
27
Paid holidays, bonuses and insurance are all examples of _________.
Sign on bonus
Job security
Job benefits
Employee contract
28
Which of the following strategies works to involve the client when reccommending products ?
State the price
Give reasons why to buy the product
Know what the promotions are
Let the client hold, smell or sample the product
29
4 main areas to consider for employment in the esthetics industry are service, management, sales & education.
True
False
30
To be granted future loans, it is important to pay loans on time and avoid _______.
Fees
Default
Debt
Penalties