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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 101

True/False

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

A) True
B) False

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Question 102

Multiple Choice

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Nathan's business constructs storage sheds for new housing developments as requested by the builders.Nathan's business would best be classified as a

A) service business.
B) retailer.
C) distribution business.
D) production business.
E) wholesaler.

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

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Question 103

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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 her job, she noticed several things as causes of the business not doing as well as the owners were expecting.Angela has been thinking of starting her own small business because she feels she has learned a great deal through working for Personal Wellness. Due to her education, attention to detail, and organisation skills, Angela's manager asked her to create a business plan for Personal Wellness.The manager hoped that this plan would help organise, structure, and focus the business.As part of the plan, Angela suggested that Personal Wellness contact a group of senior and graduate students to provide management counselling for the company as she is concerned that her leaving the company may be detrimental to the slow, but forward, progress that the company is making and her connection with the owners is strong.Angela's most immediate concern is keeping the business from failing. -Refer to Personal Wellness.Personal Wellness can be classified as operating in what type of industry?

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