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Exam 5: Small Business,Entrepreneurship,and Franchises

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Question 71

Multiple Choice

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​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.In preparing the business plan,Jackie would have incorporated all of these components except

A) company and industry descriptions.
B) an exit strategy.
C) government regulations.
D) benefits to the community.
E) a marketing plan.

F) All of the above
G) None of the above

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Question 72

Multiple Choice

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The average size of an SBA-guaranteed business loan is about

A) $25,000.
B) $100,000.
C) $200,000.
D) $300,000.
E) $500,000.

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

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Question 73

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Robert is the director of a university-based group that provides individual counseling,specialized training,and research data to owners of small businesses.Robert's group is called a

​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.Personal Wellness can be classified as operating in what type of industry?

The disadvantages of small businesses include all of the following except

Gwendolyn is having difficulty managing her business.She knows what she wants to do and what her goals are,but she is having difficulty knowing how to navigate the government forms,employee demands,and how to promote her business.She has come to you for advice about where to get the resources she needs for her business to succeed.Which of the following is the most likely solution to her problem?

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

What are the advantages of owning a small business? Give examples.

The primary financial function of the Small Business Administration is to

The purchaser of a franchise is called the franchisor.

Celina has owned a small coffee shop at the corner of a tourist area in her town for several years.The shop offers coffee,coffee drinks,tea,fresh scones,cinnamon rolls,and other pastries,breakfast,and sandwiches made on fresh bread with fresh ingredients.All breads and pastries are made on the premises.Celina has several regular customers who eat at the same time on the same days each week.One week,one of her regulars did not eat breakfast but the customer's companion ate without him.Celina inquired about the customer by name and when she discovered that he was quite ill,put together a basket of goods from the store and sent them to him.When a fire threatened the town and the firefighters were up all night trying to extinguish the blaze,Celina made pots of coffee and baskets of baked goods and took them to the firefighters' staging area.Because of her contributions,Celina has been awarded a Friends of the Community award.Which of the following best demonstrates Celina's relationship with her customers and community?

The main reason there are fewer production industries than distribution or service industries is that

In a franchise,the franchisee gets the opportunity to start a business with limited capital and to make use of the business experience of others.

About half of small businesses are in the production industries.

International trade will become more important to small-business owners in the new century.

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

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

The SBA makes a special effort to

It is rare that managers of small businesses lack the management skills necessary to run their businesses.

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."