Question 1

Megan's business sells souvenirs and craft items to tourists in Myrtle Beach, South Carolina. This is an example of a ____ business.

Accepted Answer

A)  service 
B)  communication 
C)  production 
D)  distribution 
E)  wholesaling 
A)  service 
B)  communication 
C)  production 
D)  distribution 
E)  wholesaling

Question 2

What is the most popular course offered by the SBA?

Accepted Answer

A)  A How to Get Rich Quick course 
B)  A course about accounting for a small business 
C)  A course that surveys eight to ten areas of business management 
D)  A course on motivating and encouraging your employees 
E)  A course on how to obtain more financing for your business 
A)  A How to Get Rich Quick course 
B)  A course about accounting for a small business 
C)  A course that surveys eight to ten areas of business management 
D)  A course on motivating and encouraging your employees 
E)  A course on how to obtain more financing for your business

Question 3

A guaranteed SBA loan may be as large as

Accepted Answer

A)  $5 million. 
B)  $3.5 million. 
C)  $2.0 million. 
D)  $1.5 million. 
E)  $750,000. 
A)  $5 million. 
B)  $3.5 million. 
C)  $2.0 million. 
D)  $1.5 million. 
E)  $750,000.

Question 4

A license to operate an individually owned business as though it were part of a chain is a franchise.

Accepted Answer

A) True 
 B)False

Question 5

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?

Accepted Answer

A)  He should not sell franchises because he will have no control over how the franchisees operate their businesses. 
B)  He should instead raise the capital to build and operate the new stores himself because this is a cheaper way to expand. 
C)  He should hire the managers of the new franchises so that he has control over their operations. 
D)  Through the franchise agreement, he can ensure that the new stores are operated according to his own standards. 
E)  Although he will have a little control over how the franchises operate, he will not be able to influence their advertising or level of service. 
A)  He should not sell franchises because he will have no control over how the franchisees operate their businesses. 
B)  He should instead raise the capital to build and operate the new stores himself because this is a cheaper way to expand. 
C)  He should hire the managers of the new franchises so that he has control over their operations. 
D)  Through the franchise agreement, he can ensure that the new stores are operated according to his own standards. 
E)  Although he will have a little control over how the franchises operate, he will not be able to influence their advertising or level of service.

Megan's business sells souvenirs and craft items to tourists in Myrtle Beach, South Carolina. This is an example of a ____ business.

What is the most popular course offered by the SBA?

A guaranteed SBA loan may be as large as

A license to operate an individually owned business as though it were part of a chain is a franchise.

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?

Exploring the World of Business and Economics

A: Being Ethical and Socially Responsible

B: Being Ethical and Socially Responsible

A: Exploring Global Business

B: Exploring Global Business

Choosing a Form of Business Ownership

Understanding the Management Process

Creating a Flexible Organization

Producing Quality Goods and Services

Attracting and Retaining the Best Employees

Motivating and Satisfying Employees and Teams

Enhancing Union-Management Relations

Building Customer Relationships Through Effective Marketing

A: Creating and Pricing Products That Satisfy Customers

B: Creating and Pricing Products That Satisfy Customers

Wholesaling, Retailing, and Physical Distribution

Developing Integrated Marketing Communications

Social Media, E-Business, and Accounting

Using Management and Accounting Information

Understanding Money, Banking, and Credit

Mastering Financial Management

A: Understanding Personal Finances and Investments

B: Understanding Personal Finances and Investments

Filters

Exam 5: Small Business, Entrepreneurship, and Franchises

Megan's business sells souvenirs and craft items to tourists in Myrtle Beach, South Carolina. This is an example of a ____ business.

What is the most popular course offered by the SBA?

A guaranteed SBA loan may be as large as

A license to operate an individually owned business as though it were part of a chain is a franchise.

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?

Exploring the World of Business and Economics

A: Being Ethical and Socially Responsible

B: Being Ethical and Socially Responsible

A: Exploring Global Business

B: Exploring Global Business

Choosing a Form of Business Ownership

Understanding the Management Process

Creating a Flexible Organization

Producing Quality Goods and Services

Attracting and Retaining the Best Employees

Motivating and Satisfying Employees and Teams

Enhancing Union-Management Relations

Building Customer Relationships Through Effective Marketing

A: Creating and Pricing Products That Satisfy Customers

B: Creating and Pricing Products That Satisfy Customers

Wholesaling, Retailing, and Physical Distribution

Developing Integrated Marketing Communications

Social Media, E-Business, and Accounting

Using Management and Accounting Information

Understanding Money, Banking, and Credit

Mastering Financial Management

A: Understanding Personal Finances and Investments

B: Understanding Personal Finances and Investments

Filters