Business Finals

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Business Finals
2011-07-01 05:49:53

Business Finals
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  1. Define: Purpose
    Purpose provides a context for your goals. It's very general - it's a direction, a theme.
  2. Define: Priorities
    Priorities are general areas of concern.
  3. Define: Goals
    Goals are ver specific things, events or experiences that have a definiete completion, and you can objectively know when you've achieved them.
  4. S.M.A.R.T.E.R
    • Specific
    • Measureable
    • Attainable
    • Realistic
    • Timelined
    • Enthusiastic
    • Rewarding
  5. Name 4 goal setting techniques
    • Always state your goals in the positive PRESENT TENSE.
    • Personalize your goals: Use a pronoun in every sentence (e.g. I, we, they, "your name")
    • Do not use the terms "try", "will", "never", "should", "would", "could" and "want"
    • Include deadline dates whenever possible
  6. What are some benefits of strategic planning?
    • You are less likely to forget a major step
    • Creative ideas and brainstorming come easier
    • Goals become clarified and more real
    • You gain a better overal picture
  7. Define: Self Management
    Self-Management is artfully directing your life so that you easily and joyfully accomplish what you desire.
  8. List 4 common "Barriers of Success"
    Attitudes, beliefs, perseptions and self sabotage.
  9. List three comon ways of self sabotage
    • Perfectionism
    • Failure to rank a task
    • Procrastination
  10. Common causes of Procrastination
    • Setting expectations that are too high
    • Thinking that a task is critical when it isn't
    • Lack of information
  11. What are some ways to overcome procrastination?
    • Reframing
    • Task Breakdown
    • Delegation (or subcontracting)
  12. True or False?
    Self management is juggling all parts of our lives but not fully enjoying one aspect. If false, explain your answer
    • False
    • Self management includes managing your time effectively, setting priorities and goals, staying inspired
  13. Reframing, task breakdown and simplification are ways to cut down on .......
  14. True or False?
    Reframing is an alternative way to view the project at hand, to put the task in perspective.
  15. Define Task Breakdown
    a) Reminding yourself of what you have to acomplish
    b) not eating the whole elephant at once taking things one step at a time
    c) setting standards to high
    d) having difficulty saying "no"
  16. When you ...... a task or pass it along to someone else to accomplish you still need to oversee the project, you are still responsible for it's outcome.
  17. True or False?
    Time management is about which appointment book you use.
    • False.
    • It's about how you use it and your attitudes toward time
  18. Several types of time are necessary in a successful business. List six.
    • Managing business logistics
    • Working with clients
    • Professional development
    • Idea development
    • Marketing
    • Having fun
  19. High Priority activities are the ......... that produce 80% of your results
  20. Frequently in business we have no idea why things are going the way they are even if they are going well.
    _______ can help you anticipate potential problems and take appropiate steps.
  21. ______ is a documentation of items such as marketing activities, client profiles, app bookings, product usage...
  22. True or False?
    The art of risk taking is knowing how to take smart risks.
  23. _________ is being inspired by the joy of one's own accomplishment.
    Self Motivation
  24. What are 3 influences on career longevity?
    • Personality characteristics
    • client interactions
    • self-care
  25. What are professional boundaries and why are they important?
    • Professional boundaries include being able to say "no".
    • They help to protect the respect and dignity of each person.
  26. True or False?
    Lack of professional boundaries can lead to resentment, burnout and stress
  27. List two ways to alleviate stress
    • do yoga
    • drink a cup of tea
  28. CE is important because it
    a) reduces boredom
    b) required to renew license
    c) can have a positive effect on career longevity
    d) all of the above
    d) all of the above
  29. Why are body mechanics important?
    If you hurt yourself you can't practice if you can't practice you can't make money
  30. List two elements to consider when choosing CEs
    • Price
    • Will it help me move forward?
  31. What types of advisors may you need to be successful in your business?
    • Lawyers
    • Accountants
    • Bankers
    • Business Consultants
  32. Which is NOT a strong example of ethical behaviour?
    A) .... (didn't understand)
    B) striving to bring the highest values in one's work
    C) doing the right thing for the right reasons
    D) doing whatever it takes to make a dollar
    D) doing whatever it takes to make a dollar
    (this multiple choice question has been scrambled)
  33. Define: Professionalism
  34. How do we display professionalism?
    • dress neatly
    • keep the interior clean, particularly the bathroom
    • be prepared
    • be in time
  35. How do we build rapport?
    • correctly pronounce client's names
    • maintain good eye contact
    • be punctual
    • smile
  36. The most important tip for a successful job interview is _______
    Be Prepared
  37. Other interview tips include:
    (List 4)
    • Be punctial
    • Have a postitive attitude
    • Don't chew gum
  38. Define: Resume
    A resume is a tool with one specific goal: To inspire a potential employer to interview you.
  39. How is a cover letter different from a resume?
    A cover letter is a letter of introduction to inspire the interviewer to read your resume
  40. True or False?
    As and independent contractor you function as a separate business operating within another business, generally renting office space and can work for several companies.
  41. What are two options for financing a private practice?
    • Private loan
    • credit card
  42. Define: Sole Propietorship
    If you don't incorporate, create a partnership or form an LLC your business is automatically considered a sole propietorship
  43. Define: Unlimited Liability
    Unlimited liability means that all business debts and liabilities are the personal responsibility of the owner of the business.
  44. True or False?
    You are NOT responsible for decisions your partner makes even if you weren't aware of them.
  45. What is a benefit of a LLC?
    a) easier paperwork than a corporation
    b) more liability protection than a sole propietorship
    c) gives individual owners a separate identity from the business
    d) all of the above
    d) all of the above
  46. What is a ficticous name and why would you need one?
    A ficticious name is a business name that is different than my own and you would need one to create a separate business identity
  47. What is an EIN?
    Employer Identification Number
  48. Name two advantages of a home office
    • No commute
    • No separate overhead costs
  49. List 4 special concerns of a home office?
    • Zoning
    • Sounds
    • Interruptions (children, pets)
    • Pet dander
  50. How do you convey professionalism in your room and home office?
    • Cleanliness
    • Visual Stimuli
    • Nice layout
    • a place for the client to put their stuff
  51. A ______ license allows you to do business, an _______license allows you to work in an industry
    • business
    • occupational
  52. Consider all of the _____ involved in your business when setting your fees
  53. What are prepaid packages and how do they benefit you?
  54. Things covered in a policy and procedure manual
    • Cancellation Policy
    • business hours
    • scope of practice
    • Confidentiality
  55. Why might you hire help?
    • If you don't have the time to do a certain task
    • If you don't have the skills to do it (accounting)
    • If you simply don't want to do it
  56. What are the 2 main reasons small businesses fail?
  57. Financial record keeping is important because
    A) it's fun and exciting
    B) it is a chore and chores are good
    C) it helps you maximize profits and helps you manage tax deductions and plan upcoming expenses
    D) big filing cabinets look professional
    (this multiple choice question has been scrambled)
  58. Why is it important to keep separate personal and business identities?
    • Creates balance for record keeping.
    • Keeps private life and finances separate of business
  59. Assets are the total resources of the business, liabilities are the ______ of the business
  60. Name 4 fully deductible business expenses
    • office supplies
    • education
    • loan percentage
    • association dues
  61. The main concern of marketing is the _____ of the general public of what you do.
  62. What are word of mouth referrals and why would we want them
  63. How can we generate referrals
    • Request referrals
    • have referral program
    • join a network
  64. List 4 networking tips
    • Clearly state what you do
    • Join professional associations
    • Attend community functions
    • Thank people who help you
  65. True or False?
    Barter is not a taxable income
  66. What are promotional materials and why are they important?
    • Brochures
    • Pens
    • Business Cards
    • Newsletters
    • They are important because they let the public know about who we are and what we do and that generates new clients
  67. True or False?
    A business card should contain as much info as possible
  68. What is the difference between the benefits and the features?
    • Benefits: What client gets from us
    • Features: The "ingredients"
  69. It costs ______ as much to keep a client as it does to find a new one.
  70. Name 4 examples of excellent customer service
    • Return phone calls within 2 h
    • make client feel special with a free massage on their birthday
    • provide insurance billing
    • Keep in touch with clients by newsletter or sending them special announcements
  71. Thorough intake interviews identify short and long-term goals and working with clients to develop a treatment plan is an example of _____
    Retaining your clients
  72. How can you help prevent no-shows?
    • Have a cancellation policy
    • Call to remind
    • Have the client pay in advance