Introduction to Franchising: What it Means for Business Owners and the Economy

Introduction to Franchising: What it Means for Business Owners and the Economy

Assessment

Interactive Video

Business

11th Grade - University

Hard

Created by

Quizizz Content

FREE Resource

The video tutorial explores the concept of franchising, highlighting its benefits and challenges for entrepreneurs. It explains how franchising allows business owners to adopt an established business model, reducing risks associated with starting a new business. The tutorial focuses on the fast food industry, using examples like McDonald's and KFC to illustrate franchising's global reach. Key terms such as franchise, franchisee, and franchisor are defined, and the responsibilities of running a franchise are discussed. The video concludes by examining the viability of franchising and its potential as a stepping stone for aspiring entrepreneurs.

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the main advantages of franchising for new entrepreneurs?

Guaranteed success in any location

Complete independence in business decisions

No need for any financial investment

Access to an established business model

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which industry is most commonly associated with franchising?

Fast food

Technology

Healthcare

Retail

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is the franchisee in a franchising agreement?

The person who sells the franchise rights

The person who buys the franchise rights

The company that owns the brand

The customer of the franchise

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a royalty fee in the context of franchising?

A tax on franchise profits

A fee for marketing services

A percentage of sales revenue paid to the franchisor

A one-time payment for franchise rights

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one responsibility that remains with the franchisee?

Brand logo design

Product development

National marketing campaigns

Staff recruitment

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does franchising reduce the risk for entrepreneurs?

By eliminating all competition

By providing a proven business model

By offering free financial support

By allowing complete creative freedom

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a potential downside of owning a franchise?

Guaranteed high profits

Unlimited creative freedom

No need for initial investment

Lack of control over business operations

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