Milady Cosmetology Comprehensive Written Exam Practice Questions and Answers UPDATED 2024
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Course
Milady Cosmetology
Institution
Milady Cosmetology
Owning - Becoming your own boss, you have 2 main options to consider; ____ your own salon and booth rental.
Booth rental - A desirable working situation for practioners who are 70 percent booked all the time is ___ ___.
Double - For booth rental, social security taxes are ___ that of an emplo...
Milady Cosmetology Comprehensive
Written Exam Practice Questions and
Answers UPDATED 2024
POSSIBLEA
MILADY
9/12/24
, Milady Cosmetology Comprehensive Written Exam Practice
Milady Cosmetology Comprehensive
Written Exam Practice Questions and
Answers UPDATED 2024
Owning - Becoming your own boss, you have 2 main options to consider; ____ your own
salon and booth rental.
Booth rental - A desirable working situation for practioners who are 70 percent
booked all the time is ___ ___.
Double - For booth rental, social security taxes are ___ that of an employee of the
salon.
Goal - A ___ is a benchmark that, once achieved, helps you realize your mission and
your vision.
Five to ten - On a business timeline, expansion of services and locations would take
place in ___ to ___ years.
Location - When planning to open a salon, one of the most important considerations is
___.
Primary - When opening a new business, the location selected should reflect your ____
clientele.
Easy access - When choosing a location for your business, you should select one that
has ___ ___.
Business - A written plan that describes a business and foresees projections for the
next 5 years is a ____ plan.
Financing - An important first step in seeking ___ to open a salon is develoing a
business plan.
Demographics - Information about a specific population, including age and income is
____.
Five years - When opening a salon, your business plan should include income and
expenses for up to ___ ___.
Milady Cosmetology Comprehensive Written Exam Practice
, Milady Cosmetology Comprehensive Written Exam Practice
Accountant - When preparing your business plan, it is helpful to consult an ___ to
prepare your financial documents.
Licenses - Prior to opening a business, contact local authorities regarding business
____.
OSHA - The federal agency that requires that the ingredients of cosmetic preparations
be available to employees is ____
Owner - Malpractice insurance is purchased by you, the ____.
Lawsuits - Insurance policies help protect salon owners against malpractice ____.
Salon policies - Clients and associates will be treated more fairly and consisently
through ____ ____.
Corporation - The three types of salon ownership are individual ownership,
partnerships, and ____.
Sole - A salon that is owned or operated by an individual is referred to a ___
proprietorship.
Profits - The sole proprietor assumes expenses, recieves ____, and bears all
Partnership - A business structure where two or more people share ownership is a
____.
Captial - Money to invest in a business is called ____.
Investment - One reason for entering into a partnership is to have more captial for
____.
Corporation - The type of ownership in which stockholdrs share profits is called ____.
Incorporating - One of the best ways for a business owner to protect personal assets
is by ____.
Stockholders - People or companies who purchase shares in a company are called
____.
One - The minimum number of stockholders allowed for a corporation to exist is ____.
Salary - A stockholder of a corporation is required to pay unemployment insurance
taxes on _____.
Milady Cosmetology Comprehensive Written Exam Practice
, Milady Cosmetology Comprehensive Written Exam Practice
Trade name - Franchise ownership means that, in exchange for a fee, you operate
under the franchiser's ____ ____.
Executive - The ____ summary is the part of the business plan that summarizes your
plan and states your objectives.
Vision - The ___ statment is a long term picture of what the business is to become and
what it will look like.
Organizational - The ____ plan outlines managment levels and describes how the
business will be run.
Marketing - The ___ plan outlines all research obtained regarding the clients your
business will target.
Financial - ____ documents include projected financial statements, actual statements,
and financial statement analysis.
Supporting - ____ documents include the owners resume, personal financial
information, legal contracts and agreements.
Policies - Salon ___ in the business plan ensure that all clients and employees are
treated fairly and consistently.
Identity - An agreement to buy an established salon should include _____ of the owner.
Lease - If you don't own the building in which your salon is located, you must have an
agreement between yourself and the building owner called a___.
Malpractice - If you operate your salon in a building you own, you need liability, ___ and
burglary insurance.
Record - Good business operations require a simple and efficient ___ system.
Correct - Business records are only of value if they are concise, ___, and complete.
Expenses - Proper bookkeeping methods include keeping an accurate record of all
income and ____.
Client Base - Customers who are loyal to a particular cosmetologist
Milady Cosmetology Comprehensive Written Exam Practice
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