Pivot Point ch 6
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The item that offers an employee a brief summary of who you are and what qualities you would bring to the salon is called a(n) | cover letter
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| When a client recommends a salon professional to his or her friends, increasing the client base, this type of recommendation is known as a(n) _____________. | referral
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| The money in your checking and savings accounts, IRAs, stocks and bonds are all considered to be your total ____________. | assets
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| An operating agreement in which a business functions under a parent corporation in exchange for promotion, advertising and management is a(n) _____________. | franchise
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| The four types of business ownership are sole proprietorship, partnership, ______________ and ________________. | corporation, franchise
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| A salon owner that pays a set dollar amount each month to a building lessor is paying a(n) ____________ rent. | fixed
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| The type of insurance that helps cover the costs of any salon equipment or the physical location itself in case of a fire or theft is known as premise or _________________ insurance. | property
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| A salon owner must apply for a state sales tax _____________ before collecting tax on products or services sold. | permit
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| The financial success of a salon will be achieved when the salon's income is greater than its ______________ ______________. | operating expense
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| Income minus expenses equal ___________. | profit
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| An employee that receives income based on a percentage of the dollar income of total clients serviced is being paid on a(n) _______________ structure. | commission
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| A customer that did not call ahead to make an appointment, but comes into the salon seeking a service, is called a(n) ___________-____________ client. | walk-in
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| The type of buyer that wants to save money at all costs and is more interested in the price of a product is the ______________ buyer. | bargain
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| The term given for selling products for client home care is: | Retailing
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| The designer's name, scheduled service, client's name, date and client's phone number should all be included in the: | appointment book
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| In many cases, the first person to greet a client is the: | receptionist
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| What amount of commission will a salon owner usually pay an employee for the retail sales of home care products? | 8% to 15%
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| Which of the following is vital in order to allow close management of products purchased for retailing in the salon? | inventory control system
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| Which form of advertising involves sending postcards or flyers to potential customers? | direct mail advertising
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| What is generally considered the best form of advertising? | word of mouth
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| A designer earning additional payment over and above the normal paycheck would be receiving what type of compensation? | salary plus commission
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| What percentage of the total salon expenses generally represents compensation for the salon owner and employees? | 50
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| The government agency that would audit your business' record keeping is the: | IRS
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| Keep all records of daily sales and services for: | 5 to 7 years
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| Renting or leasing a workstation from a building owner would represent which of the following situations: | independent contractor
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| All payments received from clients for services performed and home care products purchased is known as: | income
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| The tax based on the profits (earnings) of a business is known as: | income tax
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| The salon owner is responsible for collecting and paying sales tax how often? | monthly or quarterly
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| Which of the following items is reported to the IRS as employee income? | tips received by an employee
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| U.S. Social Security and Canadian Pension taxes are planned savings/retirement funds, and the money is collected by the: | U.S. and Canadian governments
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| Which type of insurance protects the salon owner from financial loss due to an employee's negligence? | malpractice
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| To be granted future loans, it is important to pay loans on time and avoid: | default
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| The ideal salon arrangement has an efficient traffic pattern providing: | the least steps for the client and designers to travel
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| Compliance with all local, state/province and federal rules, regulations and laws is the responsibility of the: | salon owner
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| Location is the most important factor in: | opening a salon business
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| Which of the following business types is owned by the shareholders and formed under legal guidelines? | corporation
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| The type of business ownership in which two or more persons share all costs of opening, operating and maintaining the business is a: | partnership
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| A business owned by one person is called a(n): | sole proprietorship
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| Net worth is calculated by subtracting liabilities from which of the following? | assets
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| Which of the following terms refers to all money owed? | liabilities
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| Which of the following ways can a salon professional use to develop a successful relationship with the client? | determine the client's needs
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| Making a future appointment with a client while he or she is still in the salon is an effective tool for building a clientele and is referred to as: | prebooking the client
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| One of the most effective techniques in building a clientele is to: | give out business cards
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| Which method is considered to be the most effective way of building your clientele? | word-of-mouth
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| Job features such as paid holidays, health insurance and a retirement plan offered by the workplace are known as: | benefits
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| The least important factor in deciding whether to accept a position is: | the size of the salon
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