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3.1 Key Terms

Business Basics
Across
Insurance that protects skin care centers, distributors and manufacturers from lawsuit due to misuse
A license for operation
Risk management mitigator
Owned by shareholders
State-controlled insurance & required by law; paid directly to state on quarterly basis; covers expenses resulting from injury to an employee
Property owned
Money owed
Insurance that protects the skin care center owner from financial loss due to negligence
Protects you from financial difficulties; known as risk management
Assets - liabilities
Down
Owned by 1 person
Owned by 2 or more people
Explains types of business ownership & tax benefits and liabilities
Lease
Property insurance; covers the actual skin care center equipment and physical location
Set $ amount paid per month PLUS % of total monthly income
Link between manufacturer and skin care center
Set $ amount paid each month to the lessor
Helps with written agreements