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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 81

Multiple Choice

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Which of the following statements is correct?

A) The risk of failure for women-owned businesses is lower than average.
B) Women are starting businesses at about the same rate as men.
C) Women are almost always sure to succeed.
D) Women own 7.7 million businesses in the United States.
E) Minority business owners pay lower federal tax on profits than men do.

F) A) and D)
G) C) and D)

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Question 82

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The SBA is a private organization rather than a government agency.

A) True
B) False

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Question 83

True/False

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About three-quarters of all small businesses are in the service industry.

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. Personal Wellness can be classified as operating in what type of industry?

Doug has always wanted to operate his own fast-food restaurant, but he knows the high failure rate of restaurants. To increase his chances of success, he should consider

What is the most popular course offered by the SBA?

The fact that insulin and power steering both originated with individual inventors and small companies is testimony to the power of small businesses as providers of

Entrepreneurial spirit is the desire to create a new business.

What is a franchise? Name several and popular franchises.

What is a small-business development center (SBDC)?

​Some of the entrepreneurs' personal factors in small-business success include

SCORE is a group of retired businesspeople who volunteer their services to small businesses through the SBA.

Why are small businesses prone to failure?

You have decided to open a pet store and have engaged in a contract with Dog N' Cat Centers, Inc. You and the company have drawn up an agreement that allows you to use the company's name and its proven method of doing business, to receive training, and to use its advertising materials. In this agreement, Dog N' Cat is the ____ and you are the ____.

Which of the following is not a reason for starting a small business?

An agreement between two franchisors in which the two franchisors offer their products together is called double franchising.

​Studies have shown that the incidence of ______ among small-business workers is significantly higher than among workers in larger businesses.

Megan's business sells souvenirs and craft items to tourists in Myrtle Beach, South Carolina. This is an example of a ____ business.

Victor owns his own motorcycle and ATV store. He notices that many of his customers talk about golf while in his store. He quickly adds golf carts and golf clubs to his merchandise selection. Rapidly adjusting to the needs of his customers is possible because small businesses

​According to the SBA 2013 data, women-owned businesses are ____ and their risk of failure is ___ average.