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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 91

Multiple Choice

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Statistically, approximately what percentage of all new businesses can be expected to fail within their first seven years?

A) 10
B) 24
C) 50
D) 31
E) 69

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

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Question 92

Multiple Choice

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Which of the following is not considered a category in the distribution industries?

A) Manufacturing
B) Wholesaling
C) Retailing
D) Transportation
E) Communications

F) A) and B)
G) A) and C)

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Question 93

Multiple Choice

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The following statement answers which major question that a business plan should address? "This business will serve over 200 customers by the end of the year and employ seven full-time employees."

Carmen Catucci is considering going into business. She wants to offer an income tax service. To minimize her chances of failure, she might consider

Because of small-business competition, large companies must become more efficient and responsive to consumers' needs.

Small businesses are expected to remain the dominant form of organization in this country.

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. In preparing the business plan, Angela would have incorporated all of these components except

Natalie owns a highly successful bakery and coffee shop, Mocha & Muffins. Others have expressed interest in starting nearly identical shops at various locations. Natalie decides to sell franchises of Mocha & Muffins. Why is this option a less expensive way to increase the distribution of her treats?

Data from 2013 from the Small Business Administration shows women-owned businesses as a dominate part of the U.S. economy. What were some of the findings of that data?

Small businesses account for all nongovernment employment.

The main reasons small businesses fail are poor management skills on the part of owners, inadequate capital, and poor planning.

John Wells, an African-American small business owner, might be eligible for a grant from the Minority Business Development Agency.

Society usually does not benefit from entrepreneurs who pursue their individual goals; it is only the entrepreneurs who reap the benefits of their own work and creativity.

Statistically, one can expect about two out of every three new businesses to fail within six years of their founding.

Franchising is a win-win combination; both franchisees and franchisors are guaranteed success.

Why do certain industries tend to be more attractive for the start-up of a small business?

All of the following are franchise establishments except

The SBA has defined a small business as one independently owned, operated for profit, and not dominant in its field.

Which of the following is not a franchise establishment?

Production industries make up approximately what percentage of all small businesses?