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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 91

Multiple Choice

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Mike's small company produces specialized hardware pieces.His industrial clients prefer to purchase these parts from Mike because

A) large companies do not manufacture small parts.
B) they cannot produce such high-quality parts.
C) it is cheaper to buy from Mike than to make the parts themselves.
D) large companies prefer to have less control over their operations.
E) buying from Mike will help increase their expenses for tax purposes.

F) D) and E)
G) A) and C)

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Question 92

True/False

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SCORE is a group of active business executives offering their services to small businesses for a fee.

A) True
B) False

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Question 93

True/False

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

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starts a business that sells personal computers.Within the first year she discovers that computer technology becomes outdated very quickly, and she has not been able to sell her products for as much as she thought due to the passage of time.Lauren has mismanaged _____.

Statistically, approximately what percentage of all new businesses can be expected to fail within their first seven years?

The industry concerned with the movement of goods from producer to consumer is _____.

Joe decides to start his own business designing websites for other businesses.Joe's business would be classified as a _____.

Doug has always wanted to operate his own fast-food restaurant, but he knows the high failure rate of restaurants.To increase his chances of success, he should consider

Small businesses operate only in the service industry, not in manufacturing.

The SBA places special emphasis on aid to

The primary financial function of the Small Business Administration is to

Victor owns his own motorcycle and ATV store.He notices that many of his customers talk about golf while in his store.He quickly adds golf carts and golf clubs to his merchandise selection.Rapidly adjusting to the needs of his customers is possible because small businesses

By age 26, Tom was a plant manager in the snack-foods division.By 33, he headed the division, one of the most profitable in the corporation.Eventually, however, the company decided to move its corporate offices.Although he loved the job and thought the work was great, Tom's lifestyle was awful.He was on the road so often that he was giving up much of his family life.Tom had also become disenchanted with corporate life.He saw that the closer one got to the top, the more vulnerable one's position became.Thus, Tom left the corporation to start his own snack-foods company.His thoughts and actions most clearly reveal his

In the past, the SBA could guarantee loans up to $5 million.

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

You have decided to open a pet store and have engaged in a contract with Dog N' Cat Centers, Inc.You and the company have drawn up an agreement that allows you to use the company's name and its proven method of doing business, to receive training, and to use its advertising materials.In this agreement, Dog N' Cat is the ____ and you are the ____.

Which of the following is not a franchise establishment?

Some franchisors claim that contracts are unfairly tilted toward the franchisees.

The disadvantages of small businesses include all of the following except

Which of the following would most likely be classified as a distribution industry?