Business Management Test Flashcards Preview

Business Management > Business Management Test > Flashcards

Flashcards in Business Management Test Deck (25)
Loading flashcards...
0

A document that sets forth the rights and obligations of the landlord and the barber shop owner is a:

Lease

1

To obtain financing and provide a blueprint for future growth, a potential business owner must have a:

Business plan

2

Working capital for a new business should be enough to cover rent wages in monthly expenditures for at least:

One year

3

Federal laws govern:

Unemployment insurance

4

Sales taxes are covered by

State law

5

Barbershop design should include what

An attractive and comfortable waiting area

6

Forever Advertising to be effective it should be what

Repeated

7

Factors that may contribute to business failure include all of the following except what

Well trained personnel

8

Money generated from services in retail sales is called what

Income

9

Net profit is:

Total income less total expenses

10

Keeping monthly and yearly expenditures on track is done with what

An operating budget

11

Keeping accurate records means keeping sales slips, appointment books, and petty cash books for at least:

One year

12

The business should hold onto canceled checks, payroll records, monthly and yearly records for:

Seven years

13

Guidelines for managing personnel effectively do not include:

Double standards concerning rules

14

An independent contractor is typically someone who:

Rents chair and a barbershop or salon

15

In a booth rental arrangement the:

Tenant is responsible for accounting

16

Overhead is the term for:

Operating expenses

17

Advantages of a booth rental arrangement do not include:

Paid holidays and vacations

18

The responsibilities of business management include:

Daily operations

19

In a sole proprietorship, who receives all the profits?

The owner

20

A person who looks for a financial return on his or her investment in a business but does not take an active part in daily operations is called a what

Silent partner

21

Stockholders cannot lose more than their original investment in a what

Corporation

22

A business does not qualify as an established barbershop if what

It was in an existence for less than a few years

23

A statement prohibiting the seller from competing with the new owner within a specified distance from the business should be included in the what

Purchase agreement

24

The features associated with a good location do not include what

Direct competition nearby