Title: Prepare financial records.
Course: Cosmetology II (Two-Year Program) (19101-2YII) > Section: Examining Business Skills and Salon Management

Preparation should include

- keeping accurate records for payroll
- paying the bills on time
- keeping record of tips
- completing W-2 and W-4 forms.

Process/Skill Questions:

- How important is it to establish credit?
- What are the pros and cons of a business credit card?
- What is the importance of keeping accurate payroll records?
- Why is goal-setting important?
- What are the consequences of defaulting on a loan or making late payments?
- Why is it necessary to claim tips on tax forms?
- What is a W-2 form? W-4 form?
- What costs are fixed vs. variable in a salon?
- How is profit margin calculated?