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ME Unit 2 Review

Authored by Lynley Payne

Other

9th - 12th Grade

Used 8+ times

ME Unit 2 Review
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8 questions

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1.

MATCH QUESTION

1 min • 1 pt

Match the following types of risks to their correct definition.

Human Risks

There will be no benefits for the business, and the business will definitely see a loss

Natural Risks

The business could experience either a profit or a loss based on a decision you choose to make

Economic Risk

Risks related directly to employees & their decisions/behavior

Pure Risk

Risk that means there is a chance that the money invested in the business will be lost

Speculative Risk

Risks due to natural disasters

2.

MATCH QUESTION

1 min • 1 pt

Match the following franchise vocabulary words to their correct definition.

Franchisee

The person buying the franchise

Franchise Agreement

The company offering the franchise

Franchiser

A license to operate an existing business using the business’s brand and business model

Franchise

The legal document that defines the terms between the corporation and the franchisee

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Ongoing payments that allow a person to use something copyrighted or licensed are know as _____.

royalties

the initial franchise fee

yearly franchise fees.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the public has likely already heard of the business and is familiar with the logo and/or product, this is known as _____.

brand recognition

brand popularity

brand familiarity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are advantages of buying an existing business EXCEPT:

Business is already known

Typically comes with all necessary equipment

Can be opened quickly, so money-making starts fast

Customers and staff can be resistant to change

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are disadvantages of running a family business EXCEPT:

Disagreements can damage personal relationships

Family members are more likely to have less professional training/experience

Difficult to fire family members

Family members are more likely to be committed to the business

7.

MATCH QUESTION

1 min • 1 pt

Match the following vocabulary words to their correct definition.

Insurable

There is nothing a business can do to prevent it from happening

Uninsurable

A good insurance policy will cover certain risks

Uncontrollable

There is no insurance for certain risks

Controllable

An aspect of the business that the owner can control

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