ACE Business & Marketing Principles Flashcards

Which document outlines the specific services, fees, cancellation policies, and responsibilities agreed upon between a personal trainer and client?

Answer: Service agreement / personal training contract

A service agreement or personal training contract formally defines the scope of services, fees, scheduling policies, and mutual obligations for both parties.

Which financial document shows a business's revenues, expenses, and profit or loss over a specific period?

Answer: Income statement (profit and loss statement)

An income statement, also called a profit and loss statement, summarizes revenues and expenses to show net profit or loss over a defined period.

Which marketing concept describes the unique value a fitness business offers that differentiates it from competitors?

Answer: Unique Selling Proposition (USP)

A Unique Selling Proposition defines the specific benefit or combination of benefits that makes a business stand out from all other options in the market.

When an ACE-certified personal trainer works independently and is responsible for their own taxes and business expenses, they are classified as:

Answer: Independent contractor

Independent contractors operate their own businesses, set their own schedules, and are responsible for self-employment taxes and business expenses.

Which pricing strategy sets session rates based on what competitors in the local market are charging?

Answer: Competitive pricing

Competitive pricing involves analyzing local competitors' rates and setting prices at, above, or below that market benchmark.

Which of the following BEST describes a client referral program as a marketing strategy?

Answer: Incentivizing current clients to recommend the trainer's services to friends and family

A referral program rewards existing clients for bringing in new clients, leveraging word-of-mouth marketing and personal trust networks.