Salon Management CORRECT QUESTIONS & ANSWERS(RATED A)
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Course
Salon Manager
Institution
Salon Manager
Entrepreneur* - ANSWER A person who has possession of a new enterprise, venture, or ideal and assumes significant accountability for the inherent risks and the outcome.
Sublicense* - ANSWER A license giving rights to occupy a rented space to a person or company that is not the primary holder of ...
Salon Management CORRECT QUESTIONS &
ANSWERS(RATED A)
Entrepreneur* - ANSWER A person who has possession of a new enterprise, venture, or ideal and
assumes significant accountability for the inherent risks and the outcome.
Sublicense* - ANSWER A license giving rights to occupy a rented space to a person or company that is
not the primary holder of such location.
Place of business - ANSWER A fixed establishment, temporary location, or place, including any mobile
barber or beauty salon, in which one or more persons practice as barbers, hairstylists, cosmetologists,
manicurists, or estheticians.
Temporary location - ANSWER A location that is not permanent for your business. A term that denotes a
finite period of time, with a defined beginning and end.
freestanding salon and spa - ANSWER A salon and spa whose structure is not attached to another
structure.
Bankruptcy* - ANSWER When an individual or company has been declared, by law, to be unable to pay
its debts to creditors or individuals.
Customer's goodwill - ANSWER The value of intangible assets such as a strong brand name, good
customer relations, and good employee relations.
Employee discount* - ANSWER Often used as incentive to work for a company, a discount on services or
a percentage off products.
Demographics* - ANSWER The profiles of characteristics of a population used in government, marketing,
or opinion research.
, Privately owned salon and spa - ANSWER A business arrangement in which the owner has total and
unlimited personal liability for profit or debts incurred by the business.
Overhead* - ANSWER Also known as operating expenses; an ongoing expenses of operating the
business.
Revenue* - ANSWER Income that a company receives from the sale of goods and services to customers.
Fixed loan* - ANSWER A loan in which the interest rate is guaranteed not to change for a specific period.
Due diligence* - ANSWER An investigation of a business or person prior to signing a contract, most
commonly applied to voluntary investigations. However, can also be an obligation.
Equity* - ANSWER The value of an ownership interest in property, including shareholders' equity in a
business.
Collateral* - ANSWER A security pledged for the repayment of a loan.
Unsecured* - ANSWER Commonly called signature loans or personal loans. Often, these types of loans
are used for smaller purchases such as office equipment/computers.
Reoccurring debt* - ANSWER Any debt or obligation that occurs on a continuing basis.
Security interest* - ANSWER An interest payment used to secure the payment of a debt or obligation
usually created by an agreement or in accordance to a law.
Creditworthiness - ANSWER A creditor's measure of an individual's or company's ability to meet debt
obligations.
Use tax - ANSWER An excise tax levied by the government on otherwise "tax-free" goods purchased by a
state resident for use, storage, or consumption within that resident's state. This tax does not apply to
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