BUS Ch 5 Test - Review Assessment Chapter 5 User Submitted...

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Review Assessment: Chapter 5 User Christopher Pasquariello Submitted 5/17/10 11:55 PM Name Chapter 5 Status Needs Grading Score 65.73 out of 100.16 points Time Elapsed 0 hours, 25 minutes, and 6 seconds out of 0 hours and 25 minutes allowed. Instructions Only 1 attempt is allowed and you must complete the test the first time it is launched so make sure there will be no distractions when you begin. Good luck! Question 1 3.13 out of 3.13 points Approximately what percentage of the jobs in the United States do small businesses provide? Selected Answer: 50% Correct Answer: 50% Question 2 3.13 out of 3.13 points Businesses such as flower shops, restaurants, bed and breakfasts, and automobile repair shops are good candidates for entrepreneurs because they: Selected Answer: have a relatively low initial investment Correct Answer: have a relatively low initial investment Question 3 3.13 out of 3.13 points A license to operate an individually owned business as if it were a part of a chain of outlets or stores is called a: Selected Answer: franchise Correct Answer: franchise Question 4 3.13 out of 3.13 points
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Statistically, approximately what percentage of all new businesses can be expected to fail within their first five years? Selected Answer: over 70% Correct Answer: over 70% Question 5 3.13 out of 3.13 points Which statement best describes the general success rate for franchises? Selected Answer: Franchises have a very high success rate compared to other small businesses. Correct Answer: Franchises have a very high success rate compared to other small businesses. Question 6 0 out of 3.13 points Your friend has just been awarded a franchise in a particular industry. He explains that his franchisor has licensed him to sell and distribute a product to retailers. Knowing that this type of francise arrangement is most common in one particular industry, you suspect that your friend has obtained a franchise in the __________ industry.
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