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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 101

Multiple Choice

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The SBA is offering to help the nation's small-business owners enter world markets. SBA assistance includes all of the following except

A) counseling on how to enter markets overseas.
B) counseling on where to enter markets overseas.
C) matching U.S.small-business executives with potential overseas customers.
D) bringing small U.S.firms into direct contact with potential overseas buyers and partners.
E) offering long-term loans to U.S.business owners.

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Question 102

Multiple Choice

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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?

A) Most franchisees simply hire managers to run the operations, so she will have to work very little.
B) She will need to work about twenty hours a week to make sure things are running smoothly.
C) She should expect to work very hard, putting in long hours about six days a week.
D) She will have to work a standard forty-hour work week, just as she did at her previous corporate job.
E) Her franchising agreement likely requires her to be at the store whenever it is open.

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Question 103

Multiple Choice

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Privately owned firms providing venture capital would be identified as

In a franchise business, the party paying the franchise fee is known as the

Large firms generally buy parts and assemblies from smaller firms because

Some advantages of the sole proprietorship also apply to the small business.

Small businesses are typically managed by people who started and own them.

Which of the following would most likely be classified as a distribution industry?

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. Angela has been thinking of starting her own small business because she feels she has learned much through 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. What is not one of the key reasons Personal Wellness would possibly fail?

A franchisor supplies all of the following except

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

Before seeking financial backing for his new business, Tyler puts together a concise document explaining the nature, mission, and goals of his new business and its expected costs and potential. Tyler has constructed a(n)

Franchising is limited only to fast foods.

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

Economically, the U.S. government is not concerned with whether or not small businesses make it.

Nathan's business constructs storage sheds for new housing developments as requested by the builders. Nathan's business would best be classified as a

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

​_____ are accountable for 97.5 percent of all identified exporters and produce 31 percent of export value in the United States.

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?

Small businesses operate only in the service industry, not in manufacturing.