Cosmetology State Board Prep: Salon Business and Florida Law Exam with Complete Solutions | 100% Correct | Verified & Updated 2024

Cosmetology State Board Prep: Salon Business and Florida Law Exam with Complete Solutions | 100% Correct | Verified & Updated 2024 Word-of-mouth advertising = - Answer ️️ -The most effective way of building your clientele Personal assets = - Answer ️️ -Property you own; house, car, jewelry, etc. Liabilities = - Answer ️️ -The money you owe. Net worth = - Answer ️️ -Assets minus Liabilities. Sole proprietorship = - Answer ️️ -Business owned by one person. Partnership = - Answer ️️ -Business owned by two or more persons. Corporation = - Answer ️️ -Legal entity, separate from its shareholders, which is formed under legal guidelines. Franchise = - Answer ️️ -An operating agreement in which a fee is paid to a parent corporation in exchange for fixtures, promotion, advertising, education and management techniques. Rental agreement = - Answer ️️ -Lease Fixed rent = - Answer ️️ -Set dollar amount paid per month to the lessor. Variable rent = - Answer ️️ -Includes a set dollar amount paid per month plus a percentage of the total monthly income. Malpractice insurance = - Answer ️️ -Protects the salon owner from financial loss that can result from employee negligence while performing hair, nail and skin care services on salon clients. Property/premise insurance = - Answer ️️ -Covers the actual salon equipment and physical location in case of natural disasters, fire, theft or burglary, or accidents occurring at the business. Product liability insurance = - Answer ️️ -Protects against financial loss arising because of injury or damage resulting from the use of a product. Unemployment insurance = - Answer ️️ -Required by federal law for all qualified employers. Worker's compensation = - Answer ️️ -State-controlled insurance required by law