MILADY STANDARD BARBERING CHAPTER 21: THE BUSINESS OF BARBERING | COMPLETE
STUDY GUIDE, PRACTICE QUESTIONS & ANSWERS 2026/2027
Characteristics of individual ownership include owner making all decisions, owner receiving all
profits and owner being the boss, but not what? - ANS ✔✔Limited owner liability
Characteristics of a partnership arrangement include more available capital, combined abilities,
and shared gains and losses, but not what? - ANS ✔✔One decision maker
What type of plan is a written description of the proposed business? - ANS ✔✔Business
Malpractice, property liability, and fire refer to what types of what? - ANS ✔✔Insurance
In order to maintain accurate records that are processed in a timely manner, you should retain
the services of what? - ANS ✔✔Accountant
A good telephone personality includes clear speech, a pleasing tone of voice and good grammar
but not what? - ANS ✔✔Monotone voice
What is a sweeping picture of the long-term goal of the business, what it is to become, and
what it will look like when it gets there? - ANS ✔✔Vision statement
During what time of barbershop ownership, will you want to move from being a worker barber
into a full-time manager of the overall business and to begin planning for your eventual
retirement? - ANS ✔✔11-20 years
What plan outlines all the research obtained regarding the clients a business will target and
their needs, wants and habits? - ANS ✔✔Marketing
STUDY GUIDE, PRACTICE QUESTIONS & ANSWERS 2026/2027
Characteristics of individual ownership include owner making all decisions, owner receiving all
profits and owner being the boss, but not what? - ANS ✔✔Limited owner liability
Characteristics of a partnership arrangement include more available capital, combined abilities,
and shared gains and losses, but not what? - ANS ✔✔One decision maker
What type of plan is a written description of the proposed business? - ANS ✔✔Business
Malpractice, property liability, and fire refer to what types of what? - ANS ✔✔Insurance
In order to maintain accurate records that are processed in a timely manner, you should retain
the services of what? - ANS ✔✔Accountant
A good telephone personality includes clear speech, a pleasing tone of voice and good grammar
but not what? - ANS ✔✔Monotone voice
What is a sweeping picture of the long-term goal of the business, what it is to become, and
what it will look like when it gets there? - ANS ✔✔Vision statement
During what time of barbershop ownership, will you want to move from being a worker barber
into a full-time manager of the overall business and to begin planning for your eventual
retirement? - ANS ✔✔11-20 years
What plan outlines all the research obtained regarding the clients a business will target and
their needs, wants and habits? - ANS ✔✔Marketing
