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Exam 5: Small Business,Entrepreneurship,and Franchises

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Question 101

Multiple Choice

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Cynthia Catucci is considering going into business.She wants to offer an income tax service.To minimize her chances of failure,she might consider

A) buying a franchise.
B) starting from scratch.
C) dealing only with wealthy people.
D) trying to enter the manufacturing industry instead.
E) borrowing money from the SBA.

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

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Question 102

Multiple Choice

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

A) franchisee.
B) franchisor.
C) entrepreneur.
D) business owner.
E) manager.

F) A) and E)
G) A) and B)

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Question 103

Multiple Choice

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The average life for an SBA-guaranteed business loan is ____ years.

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

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

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

Most Small Business Administration loans are actually made by

_____ are accountable for 97.7 percent of all identified exporters and produce about 33 percent of export value in the United States.

​Jackie 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.Jackie has been thinking of starting her own small business because she feels she has learned much through working for Personal Wellness. ​Jackie'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,Jackie suggested that Personal Wellness contact a group of senior and graduate students to provide management counseling for the company.Jackie wants to make sure that her leaving does not become the cause of the company going under. -Refer to Personal Wellness.A business plan should answer all of the following questions except

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

What are the disadvantages of owning a small business?

In her small retail shop,Stacey 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 statement best characterizes the relationship between franchisor and franchisee in recent years?

Amy 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.Amy is facing a potential

Society usually does not benefit from entrepreneurs who pursue their individual goals;it is only the entrepreneurs who reap the benefits of their own work and creativity.

Madeeha Iyer asks for your advice in opening a new business.She plans to provide tax-related services to individuals and small-business owners in her community.Of course,she wants an attractive means of starting and operating her business with a reasonable hope of succeeding in it.What will be your advice?

The disadvantages of franchising mainly affect the franchisee because the franchisor retains a great deal of control.

Stephanie 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.Stephanie has mismanaged

What is a business plan? What are its components? Why is it so important?

The SBA places special emphasis on aid to