BUM181 Day 3

Choose all methods to become an entrepreneur

• Buying an Existing Business

• Enter a Family Business

• Buying a Franchise

There are a few items you need to consider when buying a business, select the correct items to conform to the 'buying checklist'

• Industry and Market History

• Furniture

• Financial Statements

• Inventory

• Inflated Salaries

Which Organization is responsible for Health and Safety?

• SAHO

• AOHS

• OSHA

• SHOA

• Who needs a safety certificate?

A _ enables you to operate a pre-existing business. You normally pay a fee, and will be allowed to use the organization's name for a limited time.

Why is Shrek so Shrexy?

• Because Onions have layers

• Because in the morning I'm Making Waffles

• Because someone stole my gumdrop buttons

There are 3 things you need to consider when it comes to the financial aspect of Franchising. Please select all 3 that apply:

• A fee to Trademark the Franchise

• A fee to Cover All Debt of the Franchise

• An Upfront fee paid to the franchisor

• Capital items and Working Capital Costs

• Royalty Fees

Shrek decided to buy Lord Farquads Dynasty. What are the costs he needs to keep in mind by buying into this Franchise?

• Advertising Fee

• Inititial Franchising Fee

• Onion Fees

• No Fees are required to be paid

What does the abbreviation FTC stand for? The FTC is responsible for the All-Important Disclosure Document.

• Federal Trade Commision

• Franchise Trade Commission

• Financial Trade Commision

• For Real Troll Comity

Investing in an existing business, what are the most correct things you need to consider:

• Advertising Payments

• Continuing Royalty Payments

• Product/Service Supply Costs

• Delivery Costs for Finished Products

Identify the 5 Stages of growing a business and give a short description for each.

Try and do this without looking at the slides, this will really benefit you to know what you need to study and work on!

EXTREMELY IMPORTANT THAT YOU KNOW THIS SECTION BY HEART!