Business Management Test Flashcards
To obtain financing and provide a blueprint for future growth, a potential business owner must have a:
Business plan
A document that sets forth the rights and obligations of the landlord and the barber shop owner is a:
Lease
Working capital for a new business should be enough to cover rent wages in monthly expenditures for at least:
One year
Federal laws govern:
Unemployment insurance
Sales taxes are covered by
State law
Barbershop design should include what
An attractive and comfortable waiting area
Forever Advertising to be effective it should be what
Repeated
Factors that may contribute to business failure include all of the following except what
Well trained personnel
Money generated from services in retail sales is called what
Income
Net profit is:
Total income less total expenses
Keeping monthly and yearly expenditures on track is done with what
An operating budget
Keeping accurate records means keeping sales slips, appointment books, and petty cash books for at least:
One year
The business should hold onto canceled checks, payroll records, monthly and yearly records for:
Seven years
Guidelines for managing personnel effectively do not include:
Double standards concerning rules
An independent contractor is typically someone who:
Rents chair and a barbershop or salon
