Franchising/EEE/Entrepreneurship Exam Package Deal -Solved

(T/F) conversation between franchisor and franchisee must be marked by open and honest communication - ANSWER-True (T/F) "mutualism" as a term for the franchise relationship is synonymous with "partnership" and "joint venture" - ANSWER-false (T/F) a thorough evaluation of the prospective...

A ______ is a legal agreement that allows an individual to market and sell a company's products within a certain area. - ANSWER-Franchise _______ is the person who purchases a franchise and a ______ is the person or company who offers a franchise. - ANSWER-Franchisee, Franchisor _______ are f...

A(n) _____ creates something new - ANSWER-an inventor Established firms with an orientation toward acting entrepreneurially practice _____ - ANSWER-corporate entrepreneurship The word "entrepreneur" was originally used to describe people who "_______" between buyers and sellers. - ANSWER-t...

Which of the following statements is correct regarding business format franchises. - ANSWER-A business format franchise can be very rigid and demanding. A(n) ________ franchise agreement involves the sale of a single franchise for a specific location. - ANSWER-Individual New product developmen...

Prior to launching his Korean Mexican fusion restaurant, Gregory Kim is making a detailed evaluation of the restaurants in his market area. Gregory Kim is doing a ____ analysis. Question content area bottom Part 1 A. stockholder B. resource C. competitor D. stakeholder E. industry - ANSWER-C....

According to the textbook, which is NOT a common characteristic of successful entrepreneurs? - Execution Intelligence - Patience - Passion - Product/customer Focus - Tenacity - ANSWER-patience According to the Global Entrepreneurship Monitor (GEM) 2015-2016 survey, about ________ percent of ...

Business Model - ANSWER-is its plan or recipe on how it creates, delivers and capturers value for its stakeholders Business Plan - ANSWER-is a written document that describes all the aspects of a business venture in a concise manner Entrepreneurship - ANSWER-The process by which individuals pu...

three forces of pricing - ANSWER-image, competition, value markup - ANSWER-the difference between the cost of a product or service and it's selling price proper financial management - ANSWER-relevant financial information, easy to understand, timely types of financial statements - ANSWER-i...

Definition of Entrepreneurship - ANSWER-Entrepreneurship is defined as the process by which individuals pursue opportunities without regard to the resources they currently control Four Primary Characteristics of Successful Entrepreneurs - ANSWER--Passion for the business -Product/Customer focus ...

Small businesses have a positive effect on the local community because they: A. reduce competition. B. pay taxes. C. limit job growth. D. charge interest. - ANSWER-Pay Taxes What is one of the main reasons why small businesses are strongly promoted and supported by local government? A. The...