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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 71

True/False

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All franchisors give geographical protection to their franchise holders.

A) True
B) False

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Question 72

Multiple Choice

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An individual's desire to create a new business is referred to as

A) the entrepreneurial spirit.
B) the desire for ownership.
C) self-determination.
D) self-evaluation.
E) the laissez-faire spirit.

F) None of the above
G) A) and B)

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Question 73

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Why are small businesses prone to failure?

Which of the following is not a reason for starting a small business?

Why is the failure rate lower for franchises than for independent businesses?

The disadvantages of small businesses include all of the following except

Professors at most universities are highly encouraged to participate in community service. What organization that provides low-cost courses and workshops would welcome management professors with an interest in small companies?

What organization created by Congress in 1953 assists, counsels, and protects the interests of small businesses?

Is opening your own business usually a way to make big profits quickly? Support your view.

To qualify as a small business, an agricultural company's maximum annual receipts must be no more than

Why is helping women become entrepreneurs a special goal of the SBA?

David Fisher, a recently retired corporate executive, is becoming restless in his new role and would like to make this transition smoother by participating in the business community in some limited manner. Since David is financially secure and primarily interested in some sort of volunteer work, he should consider becoming involved with which of the following SBA programs?

Is franchising a guarantee of success? Explain.

What is a small-business institute? How does it help small-business owners?

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

A franchisor supplies all of the following except

Which of the following organizations would be considered a small business?

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

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. The international agency advising Mc-King would have recommended that it do all of the following except

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 organization skills, Angela's manager asked her to create a business plan for Personal Wellness. The manager hoped that this plan would help organize, 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 counseling 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