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What is a franchise?

• A type of cooperative

• A business that operates under a well-known brand name

• A government-owned business

• A non-profit organization

Which of the following is an advantage for a franchisee?

• Complete independence in operations

• Access to a well-established customer base

• No initial investment required

• Unlimited profit potential

What is a key disadvantage for franchisers?

• Loss of control over brand reputation

• High initial investment

• Limited market reach

• Increased operational costs

Which fast-food chain is known for its extensive franchise training programs?

• Burger King

• Subway

• McDonald's

• KFC

What is a cooperative?

• A business owned by shareholders

• A business owned and run by its members

• A government-funded organization

• A type of franchise

Which of the following is an advantage of cooperatives?

• Individual profit maximization

• Democratic control among members

• Limited decision-making power

• High external funding availability

What is a common disadvantage of cooperatives?

• High levels of external investment

• Potential for internal conflicts

• Strong individual profit incentives

• Limited market access

What typically defines a small business in the UK?

• Fewer than 250 employees

• Fewer than 50 employees

• More than 500 employees

• More than 100 employees

Which factor does NOT influence business size?

• Market size

• Nature of the product

• Personal preference of the owner

• Employee satisfaction

What is organic growth?

• Growth through mergers and acquisitions

• Growth achieved by increasing sales to existing or new customers

• Growth through external funding only

• Growth that involves selling off assets