ME Unit 2 Review
Quiz
•
Other
•
9th - 12th Grade
•
Practice Problem
•
Easy
Lynley Payne
Used 6+ times
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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.
Economic Risk
The business could experience either a profit or a loss based on a decision you choose to make
Speculative Risk
Risks due to natural disasters
Natural Risks
There will be no benefits for the business, and the business will definitely see a loss
Pure Risk
Risks related directly to employees & their decisions/behavior
Human Risks
Risk that means there is a chance that the money invested in the business will be lost
2.
MATCH QUESTION
1 min • 1 pt
Match the following franchise vocabulary words to their correct definition.
Franchise
The legal document that defines the terms between the corporation and the franchisee
Franchiser
The company offering the franchise
Franchisee
A license to operate an existing business using the business’s brand and business model
Franchise Agreement
The person buying the franchise
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
An aspect of the business that the owner can control
Controllable
There is nothing a business can do to prevent it from happening
Uncontrollable
A good insurance policy will cover certain risks
Uninsurable
There is no insurance for certain risks
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