Salon Business.

Question 1

List of all the money you owe:

Answer 1

Liabilities

Question 2

Total assets - total liabilities =

Answer 2

Networth (financial status)

Question 3

A business owned by one person:

Answer 3

Sole proprietorship

Question 4

A business owned by two or more people:

Answer 4

Partnership

Question 5

A business owned by its shareholders:

Answer 5

Corporation

Question 6

A business that is an operating agreement where a fee is paid to a parent corporation in exchange for fixtures, promotion, advertising, education and management techniques:

Answer 6

Franchise

Question 7

What is the most important factor in opening a salon?

Answer 7

LOCATION

Question 8

A financial advisor, not a beauty expert:

Answer 8

Accountant

Question 9

Someone who will provide advise on insurance needed to safely open and operate a business:

Answer 9

Insurance agent

Question 10

An advisor on the legal obligations of business, ownership, borrowing money, signing rental agreements and assuming tax responsibilities:

Answer 10

Lawyer

Question 11

Regular interviews that your employer discusses job performance with you:

Answer 11

Performance review

OR employee evaluation

Question 12

A set dollar amount paid each month to the lessor:

Answer 12

Fixed rent

Question 13

A set dollar amount paid per month plus a percentage of the total monthly income:

Answer 13

Variable rent

Question 14

An insurance policy that protects the salon owner from financial loss that can result from employee negligence while performing hair, nail and skin care services on salon clients:

Answer 14

Malpractice

Question 15

An insurance policy that covers the actual salon equipment and physical location in case of natural disasters, fire, theft or burglary, or accidents occurring at the business:

Answer 15

Property or premise insurance

Question 16

Insurance that protects against financial loss arising because of injury or damage resulting from the use of a product:

Answer 16

Product liability insurance

Question 17

Insurance required by federal law by all employers that offers compensation to laid off employees until they can get more work

Answer 17

Unemployment insurance

Question 18

This insurance covers any expenses resulting from an injury to an employee:

Answer 18

Workers’ compensation

State-controlled insurance required by law

Question 19

Who must apply for a state sales tax permit before collecting taxes on product or services sold?

Answer 19

Salon owner

Question 20

What percentage of salon expenses represent compensation for yourself and employees?

Answer 20

50%

Question 21

To creat an efficient working space a stylist needs how much square feet?

Answer 21

120-150 sq. ft.

Question 22

Income - expenses =

Answer 22

Profit

Question 23

An open-minded buyer that will take a chance on new products without hesitation:

Answer 23

Ready buyer

Question 24

This buyer wants to know all the facts about a product, thinks carefully about buying without much regard for who else likes or uses the product:

Answer 24

Logical buyer

Question 25

This buyer bases purchases more on personal reasons than facts:

Answer 25

Emotional buyer

Question 26

This buyer wants to save money at all costs and is not interested in quality of product as price:

Answer 26

Bargain buyer

Question 27

This buyer puts up a struggle and has a strong desire to debate with you:

Answer 27

Stubborn buyer

Question 28

List of all the property you own:

Answer 28

Assets