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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 81

True/False

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According to a government source, more than half of this century's technological innovations came from small companies.

A) True
B) False

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Question 82

Multiple Choice

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The SBA places special emphasis on aid to

A) new businesses.
B) those in production industries.
C) minority-owned businesses.
D) franchise outlets.
E) those in need of guaranteed loans.

F) B) and D)
G) A) and C)

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Question 83

Multiple Choice

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Which of the following was established to arbitrate disputes between franchisors and franchisees?

A small business is all of the following except

A small-business investment company (SBIC) is a government agency that provides venture capital to small enterprises.

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 organisation skills, Angela's manager asked her to create a business plan for Personal Wellness.The manager hoped that this plan would help organise, 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 counselling 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.In preparing the business plan, Angela would have incorporated all of these components except

Which statement best characterises the relationship between franchisor and franchisee in recent years?

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 organisation skills, Angela's manager asked her to create a business plan for Personal Wellness.The manager hoped that this plan would help organise, 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 counselling 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.When Angela suggested that the company contact a group, what type of group was she referring to?

The incidence of innovation among small-business workers is significantly higher than that among workers in large businesses.

Kevin has considered selling franchises of his very successful hardware store.However, he is concerned that the franchises will destroy the reputation of the company and end up hurting his business.What advice would you give Kevin?

Michael Tucker operates Tucker Farms in northern France.Last year, his annual receipts were just under €750,000.According to the Small Business Administration, Tucker Farms is a

Lauren starts a business that sells personal computers.Within the first year she discovers that computer technology becomes outdated very quickly, and she has not been able to sell her products for as much as she thought due to the passage of time.Lauren has mismanaged

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

For those who like dealing with people, small business is the place to be.

In the early days of franchise agreements, franchising was used primarily for automobile dealerships and

Many entrepreneurs lack the management skills required to run a business.

Eric decides to purchase and operate a SUBWAY restaurant.Eric is the

Through her university, Gwen and her classmates work together to provide management counselling to small businesses in their community.This is called a

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

All of the following are disadvantages to the franchisee except