Lets Talk Vocab...Cosmetology: Business Opportunities Worksheet ... - Free Printable

Let's solve this vocabulary matching exercise step by step. The task is to match each definition with the correct term related to cosmetology business opportunities.

Here are the definitions provided:

1. Money needed to invest in a business
2. The state of being responsible for something, especially by law
3. A written plan of a business as it is seen in the present and envisioned in the future, and it follows your business throughout the entire process from start-up through many years in the future
4. A professional who is responsible for keeping and interpreting financial records
5. A form of compensation paid by employers to employees over and above regular salary or wages
6. Individual owner and, most often, the manager of a business
7. A form of business organization in which a firm that is already successful enters into a continuing contractual relationship

Now, let’s identify the correct vocabulary terms that match each definition.

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Step-by-step Matching:

1. Money needed to invest in a business
→ This refers to capital or startup capital. In business terms, this is commonly called "start-up capital" or simply "capital".
✔ Answer: Capital

2. The state of being responsible for something, especially by law
→ This is liability. It means legal responsibility, especially for debts or obligations.
✔ Answer: Liability

3. A written plan of a business... from start-up through many years in the future
→ This describes a business plan. A business plan outlines goals, strategies, and financial forecasts.
✔ Answer: Business Plan

4. A professional who is responsible for keeping and interpreting financial records
→ This is an accountant. Accountants manage financial data and ensure compliance.
✔ Answer: Accountant

5. A form of compensation paid by employers to employees over and above regular salary or wages
→ This is bonus. Bonuses are extra payments given for performance or incentives.
✔ Answer: Bonus

6. Individual owner and, most often, the manager of a business
→ This describes a sole proprietor. A sole proprietor owns and operates the business alone.
✔ Answer: Sole Proprietor

7. A form of business organization in which a firm that is already successful enters into a continuing contractual relationship
→ This is a franchise. In franchising, a company (franchisor) allows others (franchisees) to use its brand and business model under contract.
✔ Answer: Franchise

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Final Answer Key:

| Number | Definition | Vocabulary Term |
|--------|-----------|-----------------|
| 1 | Money needed to invest in a business | Capital |
| 2 | The state of being responsible for something, especially by law | Liability |
| 3 | A written plan of a business... | Business Plan |
| 4 | A professional who keeps and interprets financial records | Accountant |
| 5 | Compensation over and above regular salary | Bonus |
| 6 | Individual owner and manager of a business | Sole Proprietor |
| 7 | A successful firm enters into a continuing contractual relationship | Franchise |

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✔ Summary: These terms are essential in understanding business structures and operations, especially when starting a cosmetology-related business like a salon or spa. Knowing these vocabulary words helps in planning, financing, and managing a successful venture.