A savvy entrepreneur should not ________.

A) Rely mainly on making mistakes for themselves and learning from them

B) Learn from the mistakes of others

C) Appreciate the wisdom and experience of trusted advisors and mentors

D) Carefully plan and prepare to avoid mistakes

Which of the following is not an ongoing cost of franchises?

D) Cooperative advertising fees

E) All of the above are ongoing costs.

Start-up standards required of franchisees may include which of the following?

A) Specific types of experience and skills

Which of the following is not a type of franchising according to the text?

A) Product and trade-name franchising

D) All of the above are types of franchising.

E) None of the above is a type of franchising.

Performing due diligence may include ________.

A) Fully understanding the FDD of the franchise company

B) Calling on existing franchisees

C) Visiting the franchise headquarters

Products and services in a franchise may not be altered, added, or dropped without ________.

B) Termination of the franchise

The term "FDD" stands for which of the following?

A) Franchise Disclosure Document

B) Franchisee Disclosure Document

C) Franchisor Disclosure Document

Due diligence can be defined as ________.

A) The exercise of reasonable care in the evaluation of a business opportunity

B) The exercise of sensible care in the evaluation of a business opportunity

C) The exercise of rational care in the evaluation of a business opportunity

D) The exercise of judicious care in the evaluation of a business opportunity

E) The exercise of equitable care in the evaluation of a business opportunity

Records of information that a buyer should request and review during due diligence include all of the following except ________.

A) Tax returns for the previous three to five years

B) Bank deposit tickets for the past two years

C) Employee records and turnover history for five years

D) Supplier lists and references

A common undisclosed reason to sell a business is not ________.

A) Lack of sufficient cash flow

D) Pending or active litigation

Two primary risks start-ups face are ________.

B) Not finding a sufficient market and not being able to operate profitably

A) Not finding a sufficient supplier and not being able to operate profitably

C) Not finding a sufficient market and not being able to do accounting profitably

D) Not finding sufficient advertising opportunities and not being able to operate profitably

E) Not finding a sufficient market and not being able to price profitably

Buying a successful business can help an entrepreneur in all of the following ways except ________.

E) All of the above are helpful.

As the buyer in a negotiation, you are working to do all of the following except ________.

D) Give the buyer the most you can afford

B) Reduce your initial investment capital costs

Which of the following may not be an undisclosed issue when buying a business?

A) The current owner is in poor health.

C) Failure to keep up with market trends

D) Patents are no longer valid.

ENTR Ch 1-3 Review

Authored by Jennifer Newcom

Life Skills, Business

9th - 12th Grade

Used 5+ times

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60 questions

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MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Based on the idea of cost and benefits, which of the following activities is most beneficial?

A) Playing video games

B) Watching a PBS special about nature

C) Seeing a speaker you admire and want to mentor you

D) Going to a movie with your favorite actor/actress

E) Hanging out with friends

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following could be considered an acquisition?

A) Inheriting your father's business

B) Building a new restaurant

C) Inventing a new product and selling it

D) Starting a recycling business

E) Buying a business from a retiring owner

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which is not part of Schumpeter's definition regarding the ways that entrepreneurs find opportunities to create new businesses?

A) Use a new technology to produce a new product

B) Use an existing technology to produce a new product

C) Use an existing technology to produce an old product in a new way

D) Find a new source of resources

E) Find a new market for a new product

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following could not be considered opportunity costs?

A) Time

B) Energy

C) Money

D) Entertainment

E) All of the above can be considered opportunity costs.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A ________ is a legal and commercial relationship between the owner of a trademark, service mark, trade name or advertising symbol and an individual or group seeking to use that identification in a business.

A) Franchise

B) License

C) Acquisition

D) Merger

E) Opportunity

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is not an economic question listed in the text?

A) What should be produced?

B) How much will it cost to be produced?

C) When will it be produced?

D) Who will produce it?

E) Who gets to have what is produced?

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is not a way to identify business opportunity as discussed in the text?

A) Exploiting changes in the world

B) Seeing opportunity where others see problems

C) Training your mind to recognize opportunity

D) Using your imagination

E) Seeing what is wrong, but not a way to fix it

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ENTR Ch 1-3 Review

Based on the idea of cost and benefits, which of the following activities is most beneficial?

Which of the following could be considered an acquisition?

Which is not part of Schumpeter's definition regarding the ways that entrepreneurs find opportunities to create new businesses?

Which of the following could not be considered opportunity costs?

A ________ is a legal and commercial relationship between the owner of a trademark, service mark, trade name or advertising symbol and an individual or group seeking to use that identification in a business.

Which of the following is not an economic question listed in the text?

Which of the following is not a way to identify business opportunity as discussed in the text?

According to the text, which of the following is not a cost of becoming an entrepreneur?

A savvy entrepreneur should not ________.

According to the text, which of the following is not a benefit of becoming an entrepreneur?

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