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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 71

Multiple Choice

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

A) 5
B) 10
C) 19
D) 31
E) 41

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Question 72

Multiple Choice

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Businesses are generally placed into three broad categories: service industries, production industries, and ____ industries.

A) financial
B) manufacturing
C) distribution
D) transportation
E) retailing

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Question 73

Multiple Choice

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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.Which of the following would be an advantage for Brian?

The disadvantages of small businesses include all of the following except

All of the following are franchise establishments except

Cindy compiles a business plan for a business she hopes to start.This plan should answer all of the following questions except

Statistically, one can expect about two out of every three new businesses to fail within six years of their founding.

Privately owned firms providing venture capital would be identified as

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

Janis starts a small quilting and embroidery business.She purchases a technologically advanced quilting machine and an embroidery machine for a combined €25,000.Her monthly payments on the equipment are €500, but she has only one client at this time.Janis is facing a potential

Volunteers for SCORE are

You stop at a SUBWAY to get a sandwich for lunch and you notice that they now have TCBY yoghurt.This is an example of a

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

Unlike nonfranchised business owners, franchise owners have little work to do.

Natalie owns a highly successful bakery and coffee shop, Mocha & Muffins.Others have expressed interest in starting nearly identical shops at various locations.Natalie decides to sell franchises of Mocha & Muffins.Why is this option a less expensive way to increase the distribution of her treats?

Which of the following is not a franchise establishment?

About three-quarters of all small businesses are in the service industry.

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?

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

The business plan should deceive neither investors nor loan officers and should convey accurate and realistic expectations of business potential.