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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 61

Multiple Choice

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

A) distribution business.
B) retailer.
C) production business.
D) wholesaling business.
E) service business.

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

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Question 62

True/False

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Small businesses are prone to failure.

A) True
B) False

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Question 63

Multiple Choice

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Kim Nguyen is planning to open a boutique stocked with exotic imports from around the world. Most probably, this new business will be managed by

Megan always knew she wanted to start her own business. She was very passionate and wanted to create something new. Megan's primary motivation for starting her own business is

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. -Refer to Mc-King Chicken. Which of the following would not be an advantage of a franchise?

The disadvantages of small businesses include all of the following except

A small business is all of the following except

What organization created by Congress in 1953 assists, counsels, and protects the interests of small businesses?

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

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

A new small business, Underwater Wildlife, has opened to sell tours of underwater sites around the country and in South America. However, money has to be paid up front by the Underwater staff to book hotels and other travel arrangements before its clients have paid for the tours. That means Underwater is facing a potential

Manju 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?

Mary's cleaning business has several customers but is not dominant in its field. This is an example of a(n) ____ business.

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

​A ____ purchases products in quantity from manufacturers and then resells them to retailers.

The acronym SCORE stands for

What is a common mistake that small-business owners make when their businesses begin growing?

​Evelyn would like to open a small business that is categorized as a being in the distribution industry. To do this she could open a ______ establishment.

Which of the following statements is true regarding the profitability of new businesses?

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. Angela has been thinking of starting her own small business because she feels she has learned much through 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. When Angela suggested that the company contact a group, what type of group was she referring to?