Accident Liability - a type of insurance that protects against claims by clients injured while at the salon, Accountant - a financial adviser that can help with bookkeeping, banking, loan payments, and taxes., Booth Rental - renting a space (a booth or chair) in an established salon and maintaining its upkeep., Basic Salons - usually have limited services (such as strictly hair cutting) with affordable prices and a fast pace., Appendix - a section or table of relevant or referenced documentation to be added to the end of a business plan, Business Plan - the documents with which the present is documented and the future is envisioned, Client Base - customers who are loyal to specific cosmetologist or salon, Commission - a percentage of the revenue taken in from sales, Commission Plans - service-based rather than time-based compensation, so that cosmetologists are paid a percentage of the salon's total income, Compensation - payment arrangements that can be performance- based, hourly based, or flatrate, Corporation - a business owned by a set of stockholders and managed by a board of directors, Financials - a section of a business plan that records thhe anticipated income of the salon within the first five years, Flat-rate salaries - a net sum is earned each pay period, regardless of how many hours are worked., Retail Supplies - supplies that are marketed and sold to clients, Partnership - a business model wherein two or more people share ownership of the company, Personal Budget - a financial tool that helps keep track of earnings and expenses,

Employability and Salon Ownership Vocabulary PT 1

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