Exam Review - Business Skills

Front

Which of the following is an ownership structure controlled by one or more stockholders? franchise, corporation, partnership, sole proprietor

Back

corporation

Front

The kinds of services your business will offer and the quality of those services is found in what part of the business plan?

Back

mission statement

Front

What should be the primary concern when constructing the best physical layout for a salon, spa, or barbershop?

Back

maximum efficiency

Front

Which of the following is considered a salon, spa, or barbershop’s nerve center?
reception area,
booth spaces,
break room,
retail area

Back

reception area

Front

What is the primary purpose of a mission statement in a business plan?

Back

To describe the business's core purpose and values

Front

Which of the following is a key factor in determining the success of a salon's retail area?
Size of the reception area,
Location of the salon,
Quality of products offered,
Number of employees

Back

Quality of products offered

Front

What is the main advantage of a corporation as a business structure?

Back

Limited liability for owners

Front

What is a crucial element to consider when selecting a location for a new salon or spa? Options: Proximity to competitors, Size of the building, Availability of parking, Local zoning laws

Back

Availability of parking

Front

Which of the following is a benefit of having a well-defined organizational plan in a business? Increased employee turnover, Higher marketing costs, Reduced customer satisfaction, Clear roles and responsibilities

Back

Clear roles and responsibilities

Front

What is the primary role of a vision statement in a business plan?

Back

To set long-term goals and aspirations