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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 101

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What are the disadvantages of owning a small business?

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Owning a small business can be a fulfill...

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Question 102

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There are three general types of franchising arrangements.In one approach, the franchisor authorizes retailers to sell a particular brand-name item.This type of arrangement is common in all of the following areas except

A) the soft-drink industry.
B) truck and car sales.
C) shoe sales.
D) the gasoline industry.
E) paint sales.

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Question 103

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All franchisors give geographical protection to their franchise holders.

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?

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.In preparing the business plan, Angela would have incorporated all of these components except

A new small business, Underwater Wildlife, has opened to sell tours of underwater sites around the country and in South America.However, money has to be paid up front by the Underwater staff to book hotels and other travel arrangements before its clients have paid for the tours.That means Underwater is facing a potential _____.

Small businesses account for all nongovernment employment.

Small businesses are typically managed by

"This business will create a caring, learning environment for elementary school children after regular school hours to meet the needs of working parents." This statement answers which of the following issues that should be addressed in a business plan?

Small businesses are generally managed by professional managers.

Why should small-business owners have good skills in working with people?

Which of the following organizations aids small businesses with selling overseas?

In a franchise, the franchisee gets the opportunity to start a business with limited capital and to make use of the business experience of others.

How does the SBA define a small business?

In her small retail shop, Jocelyn knows most of her best customers by name and knows their preferences in clothing and shoes.This demonstrates which advantage of a small business?

As a businessperson planning to open a new small business, you know that the business plan should not contain

A friend of yours has recently received his MBA.He wants to open his own business but feels that it might be too risky at this point in his career.As an SBA counselor, you are able to advise him and explain more clearly to him some of the advantages and disadvantages of starting a small business.Which of the following statements best represents something you might tell him?

Which of the following statements is true regarding the profitability of new businesses?

A carefully constructed guide for the person starting a business is a(n) _____.