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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 31

Multiple Choice

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Approximately how many businesses are there in a large nation?

A) 960,000
B) 11.8 million
C) 27.5 million
D) 1.05 billion
E) 4 billion

F) C) and E)
G) B) and D)

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Question 32

Multiple Choice

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The franchisee supplies

A) the required training for the franchised business.
B) a known and advertised business name.
C) a method of doing business.
D) the required materials for the franchised business.
E) labour and capital, and owns and operates the outlet.

F) A) and D)
G) C) and D)

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Question 33

Multiple Choice

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Tim owns a McDonald's franchise that is having some troubles.Where is Tim most likely to go for advice and guidance?

Which of the following would least likely be started as a small business?

Large companies often find it less expensive to purchase parts from small companies than to manufacture their own.

Mc-King Chicken Brian decided to open a local franchise of the well-known Mc-King Chicken, a fast-food restaurant.Before he took the initiative to open the franchise, he tried to weigh all the advantages and disadvantages.He decided, based on his research and understanding, that it would be beneficial to open a local fast-food restaurant. Mc-King has become quite successful domestically, and now it is exploring the possibility of opening franchises internationally.The company hired an international agency to help it learn what and what not to do.After the agency met with the managers of Mc-King a few times, the Mc-King management decided it would go ahead with its decision to expand internationally. -Refer to Mc-King Chicken.When Brian opens the Mc-King Chicken restaurant in his town, he would be known as the

Businesses such as flower shops, restaurants, bed and breakfasts, and automobile repair are good candidates for entrepreneurs because they

All of the following are advantages that small businesses have except

The average life for an SBA-guaranteed business loan is ____ years.

Mary's cleaning business has several customers but is not dominant in its field.This is an example of a(n) ____ business.

SCORE is a group of active business executives offering their services to small businesses for a fee.

Personal Wellness Angela has been working for a local small business called Personal Wellness for the last three years.It is a retail business that sells sporting goods equipment.When she started her job, she noticed several things as causes of the business not doing as well as the owners were expecting.Angela has been thinking of starting her own small business because she feels she has learned a great deal through working for Personal Wellness. Due to her education, attention to detail, and organisation skills, Angela's manager asked her to create a business plan for Personal Wellness.The manager hoped that this plan would help organise, structure, and focus the business.As part of the plan, Angela suggested that Personal Wellness contact a group of senior and graduate students to provide management counselling for the company as she is concerned that her leaving the company may be detrimental to the slow, but forward, progress that the company is making and her connection with the owners is strong.Angela's most immediate concern is keeping the business from failing. -Refer to Personal Wellness.A business plan should answer all of the following questions except

Small businesses are prone to failure.

The main reason there are fewer production industries than distribution or service industries is that

You have just opened a new small business.You're really happy to learn that studies show that small-business workers

What is the most popular course offered by the SBA?

In the 1970s, Steve Jobs and Steve Wozniak, the founders of Apple Computer, Inc., were creative, free-spirited individuals who decided that being corporate underlings was not what they wanted from a career.They had an innovative idea for a product and desired to create their own business based on this idea.All of the following are factors that could have led them to go into business except

Ben has been thinking about going into business.However, he has discounted entering automobile manufacturing because it

Victor owns his own motorcycle and ATV store.He notices that many of his customers talk about golf while in his store.He quickly adds golf carts and golf clubs to his merchandise selection.Rapidly adjusting to the needs of his customers is possible because small businesses

One reason small businesses fail is that their research and development investments are less productive than those of the largest firms.