Entrepreneurship Study Set Exam Question and Answers
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Entrepreneurship Study Set Exam Question and Answers
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Entrepreneurship Study Set Exam Question and Answers When one designs a unique good or service, the individual is said to have used a(n) _____ approach to starting the business. Answer: new -new Researchers developed a "Newness Framework" to help depict the differing dimensions of newness that ventures could exhibit, which include which of the following dimensions: Answer: Technology newness Which of the following is not a key question a prospective buyer needs to ask in buying a business? Answer: What is the owner's personal net worth? Which of the following is an intangible asset? Answer: goodwill An advantage to buying an ongoing business is Answer: all of these An agreement not to compete is also known as Answer: a legal restraint of trade. The inventory should be examined for which of the following? Answer: all the above An additional consideration to keep in mind when negotiating to purchase an existing business includes requesting that the seller retain _____ in the firm. Answer: a mino rity interest A _____ is a system of distribution that enables a supplier to arrange for a dealer to handle a specific product or service under certain mutually agreed upon conditions. Answer: franchise The individual who buys the franchise is the Answ er: franchisee. The person who sells the franchise is usually required to do all of the following except: Answer: pay a fee When should a potential franchisee receive the FDD (Franchise Disclosure Document)? Answer: at least ten days before signing a c ontract or paying any money Which of the following is an entity that helps new ventures to develop by providing services such as management training and office space? Answer: business incubator
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