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WorksheetsChapter 32: The Salon Business
Total questions: 30
Worksheet time: 16mins
When gathering accurate financial information for purchasing an existing salon, it is often helpful to consult with a(n) ________________________
Interior designer
Attorney
Architect
Certified public accountant
Another name for an individual owner who determines policies and has the last say in decision making is a __________________.
Business partner
Stockholder
Sole proprietor
Manager
Supplies used in the daily business operation are considered ______________________.
Retail supplies
Consumption supplies
Inventory supplies
Client supplies
Supplies purchased by a salon that are to be sold to clients are _______________________.
Retail supplies
Consumption supplies
Inventory supplies
Client supplies
When planning and constructing the best physical layout for a salon, the primary concern should be ________________.
Color scheme
Salon furniture
Salon carpeting
Maximum efficiency
It should always be your top priority to meet which of the following financial obligations?
Utility bills
Vendor bills
Payroll
Rent or mortgage
Which of these is considered the very best form of advertising for a salon?
Radio spots
Satisfied clients
Television ads
Newspaper ads
A(n) _________________ is an essential set of benchmarks that, once achieved, helps you realize your mission and your vision.
Assignment
Result
Obligation
Goal
When choosing a location for your business, you should select one that ________________________.
Offers easy access
Has limited parking
Is secluded
Has low traffic
What is the minimum number of stockholders allowed for a corporation to exist?
0
1
2
3
If you operate your salon in a building that you own, it is not necessary to purchase which of the following types of insurance?
Liability insurance
Malpractice insurance
Renter's insurance
Burglary insurance
Which of these terms refers to your staff or employees?
Personnel
Constituents
Clients
Creditors
Human resources does not cover which of the following concerns?
What you can and cannot say when hiring someone
What you must do when firing someone
What you should do when you need to increase sales
How you manage your employees
Booking appointments is primarily whose job?
The cosmetologist's
The client's
The manager's
The receptionist's
The first goal of every business should be to __________________.
Maintain current clients
Attract new clients
Compensate employees fairly
Upgrade existing equipment
Which part of a business plan outlines employees and management levels and describes how the business will be run administratively?
Financial documents
Organizational plan
Vision statement
Mission statement
Which part of a business plan summarizes your plan and states your objectives?
Salon policies
Marketing plan
Mission statement
Executive summary
Which part of a business plan includes projected financial statements, actual statements, and financial statement analyses?
Organizational plan
Vision statement
Financial documents
Salon policies
Which part of a business plan ensures that all clients and employees are treated fairly and consistently?
Salon policies
Financial documents
Executive summary
Organizational plan
Which part of a business plan is a long-term picture of what the business is to become and what it will look like when it gets there?
Vision statement
Mission statement
Salon policies
Marketing plan
Which part of a business plan outlines all of the research obtained regarding the clients your business will target and their needs, wants, and habits?
Organizational plan
Financial documents
Marketing plan
Executive summary
Which part of a business plan includes the owner's resume, personal financial info, legal contracts, and any other agreements?
Executive summary
Salon policies
Financial documents
Supporting documents
Which part of a business plan is a description of the key strategic influences of the business?
Vision statement
Mission statement
Supporting documents
Marketing plan
An agreement to buy an established salon does not typically include which of the following?
An analysis of future maintenance costs
A signed statement of inventory and its value
A financial audit
Confirmation of the identity of the owner
Costs to create even a small salon in an existing space can range from ______________ per square foot.
$5 - $15
$20 - $35
$30 - $80
$75 - $125
A form of business in which a firm that is already successful enters into a continuing contractual relationship with other businesses is ___________________.
A sole proprietorship
A corporation
A franchise
A partnership
Smooth business management depends on sufficient investment capital as well as ______________.
Adequate business procedures
Excellent customer service delivery
Minimal computer skills
Personnel with only basic training
Someone who is trained to do everything from recording sales and payroll to generating a profit-and-loss statement _____________________.
A full-charge bookkeeper
A financial director
A receptionist
A manager
For a cosmetologist who has a large, steady clientele and who does not have to rely on the salon's general clientele to keep busy, ________________ may be a desirable situation.
A franchise
An S corporation
A limited liability company
Booth rental
With each call, a gracious, appropriate response will help build ________________.
Teamwork
A quiet atmosphere
The salon's reputation
The salon's energy level
