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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 41

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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 to work there, she noticed several things that were possibly the cause of the business not doing as well as it hoped it would.Angela has been thinking of starting her own small business because she feels she has learned much working for Personal Wellness. Angela's manager asked her to create a business plan for Personal Wellness.The manager hoped that this plan would put things into perspective to help the company do better.After creating the plan, Angela suggested that Personal Wellness contact a group of senior and graduate students to provide management counseling for the company.Angela wants to make sure that her leaving does not become the cause of the company going under. -Refer to Personal Wellness.A business plan should answer all of the following questions except

A) "Which accounting firm will audit the company?"
B) "What exactly is the nature and mission of the new venture?"
C) "Why is this new enterprise a good idea?"
D) "How much will the new venture cost?"
E) "What are the entrepreneur's goals?"

F) A) and B)
G) A) and C)

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Question 42

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What is a small-business development center (SBDC)?

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A Small Business Development Center (SBD...

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Question 43

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Chelsea is about to purchase a Baskin-Robbins franchise because she loves ice cream.How much work should Chelsea expect to have to do to make the franchise successful?

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

Many entrepreneurs lack the management skills required to run a business.

Which of the following statements is not true about small businesses?

Jamie applies for a small-business loan from the SBA.If he is approved for the loan, where will the money actually come from?

You have been running a successful art and framing shop for three years.You have decided to allow others to use your business name, materials, and methods in operating their own business for a fee.You are going to enter a _____.

Why are more small businesses in distribution industries than in production industries?

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 to do and what not to do.After the agency met with the managers of Mc-King a few times, the Mc-King management decided they would go ahead with their decision to expand internationally. -Refer to Mc-King Chicken.Which of the following would be an advantage for Brian?

Small businesses have traditionally added ____ new jobs to the economy.

Small businesses are expected to remain the dominant form of organization in this country.

An individual or organization granting a license to operate an individually owned business as though it were part of a chain of outlets or stores is a(n) _____.

John and Ruby Couch just opened a computer store in a small community.Before opening the store, they listened to their SBA counselor's warnings about the importance of having balanced experience-that is, marketing, finance, and personnel experience-in the computer-store business because

The various types of businesses attracting small business are generally grouped into service industries, distribution industries, and financial industries.

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 to do and what not to do.After the agency met with the managers of Mc-King a few times, the Mc-King management decided they would go ahead with their decision to expand internationally. -Refer to Mc-King Chicken.Which of the following would not be an advantage of a franchise?

Through her University, Gwen and her classmates work together to provide management counseling to small businesses in their community.This is called a

The disadvantages of franchising mainly affect the franchisee because the franchisor retains a great deal of control.

Small-business investment companies

Production industries make up approximately what percentage of all small businesses?