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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 1

Multiple Choice

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A company generally needs more than ____ employees in order to be considered large.

A) 50
B) 100
C) 300
D) 500
E) 1,000

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Question 2

Multiple Choice

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The franchisee supplies

A) the required training for the franchised business.
B) a known and advertised business name.
C) a method of doing business.
D) the required materials for the franchised business.
E) labor and capital, and owns and operates the outlet.

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Question 3

Multiple Choice

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Which of the following statements is correct?

All of the following are franchise establishments except

Of the small businesses in the distribution industry, nearly three-quarters of them are involved in _____.

The SBA is a private organization rather than a government agency.

Distribution industries account for approximately what percentage of all small businesses?

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) _____.

A main disadvantage of a small business is that employees and customers usually develop too close of a relationship.

What is the primary reason that so many new businesses fail?

The following statement answers which major question that a business plan should address? "This business will serve over 200 customers by the end of the year and employ seven full-time employees."

Volunteers for SCORE are

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

Franchising is a win-win combination; both franchisees and franchisors are guaranteed success.

Imagine that you want to open your own small business.You will probably be most concerned with having

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?

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

Privately owned firms providing venture capital would be identified as

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.What is not one of the key reasons Personal Wellness would possibly fail?

The Hamptons enjoy owning and operating their own restaurant.They enjoy being the masters of their own destinies and closing down the restaurant for one week a year so that they can take a vacation.The Hamptons seem to enjoy which advantage of a small business?