Exam 5: Small Business, Entrepreneurship, and Franchises

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 Within the first year she discovers that computer technology becomes outdated very quickly, and she has not been able to sell her products for as much as she thought due to the passage of time.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

Price Waterhouse, a large accounting firm, would be most properly classified in the ____ industry, whereas a grocery store such as Kroger would be included in the ____ industry.

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?

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

Service industries account for ___ percent of all small businesses.

The SBA is offering to help the nation's small-business owners enter world markets. SBA assistance includes all of the following except

Small businesses account for all nongovernment employment.

The franchisee supplies

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

About half of small businesses are in the production industries.

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

The average length of an SBA loan is about twenty-five years.

Service industries make up about 48 percent of all small businesses.

The SBA makes a special effort to

Give examples of how small businesses fill needs of society and other businesses.

Suppose that Diane plans to open a new, deluxe hamburger bar near your college. Her business plan most likely would not include

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

Which of the following statements is not true about small businesses?

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

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. Mc-King has become quite successful domestically, and now it is exploring the possibility of opening franchises internationally. The company hired an international agency to help it learn what and what not to do. After the agency met with the managers of Mc-King a few times, the Mc-King management decided it would go ahead with its decision to expand internationally. -Refer to Mc-King Chicken. The international agency advising Mc-King would have made which of the following recommendations?