Selected Answer: A franchise outlet often reaches the break-even point faster than an independent business would. Answers: The time required to set up an independent business is much lower than obtaining a franchise.
A franchisee would experience more flexibility in decision making than the owner of an independent business. The quality of goods and services needs to be more standardized and uniform in an independent business than in franchises. A franchise outlet often reaches the break-even point faster than an independent business would. Access to managerial and financial assistance is more limited in franchises than in independent businesses. Question 16 1 out of 1 points _____ is the process of creating and managing a business to achieve desired objectives. Selected Answer: Entrepreneur ship Answers: Bootstrappin g Innovation Brainstormin g Bootlegging Entrepreneur ship Question 17 1 out of 1 points If a small business has to cope with growth, it requires the owner to: Selected Answer: give up a certain amount of direct authority. Answers: delay decision making. decrease the levels of management. disregard narrow niches.
give up a certain amount of direct authority. reduce the workforce. Question 18 1 out of 1 points A precise statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals is known as a(n) _____. Selected Answer: business plan Answers: business plan article of partnership business agreement article of incorporation promissory note Question 19 1 out of 1 points Which of the following is one of the commonly reported disadvantages of franchising? Selected Answer: Restrictions on purchasing Answers: Lack of management training and assistance Restrictions on purchasing Lack of financial assistance Low rate of success Decentralized buying power Question 20 1 out of 1 points One of the most significant drawbacks of small businesses is their inability to innovate and to bring significant benefits to customers. Selected Answer: Fals e
Answers: True Fals e Question 21 1 out of 1 points In the process of starting a business, the step that immediately succeeds the development of a business plan involves: Selected Answer: deciding an appropriate legal form of business ownership. Answers: promoting the business to the customers. developing some general business ideas. filing for tax returns for the business with the Internal Revenue Service. deciding an appropriate legal form of business ownership. organizing resources like labor and supplies. Question 22 0 out of 1 points Jacob and Harry are business partners, and their company manufactures portable solar panels. They initially started the business with their savings. However, now the company plans to expand its operations and the required amount of capital cannot be raised through savings or by reinvesting profits. Thus, the partners have decided to sell stock in their business to family members, friends, and employees. Which of the following sources of capital have Jacob and Harry planned to use for the expansion of their business?
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- Fall '16
- carey winset
- Business, Management