Entrepreneurship Chapter 7

When buying an existing business ask the owner to provide you with financial accounting for 

Which of the following is NOT an advantage to buying an existing business

Federal Trade Commission requires franchise 14 days to give buyers detailed disclosure document

Franchisors often help buyers with marketing , merchandising and site selection

All of the following info is included in a Franchise Disclosure Document EXCEPT

Its easier to start a new business than to take over an existing business or purchase franchise

The Federal Bureau agency monitors false or misleading advertising and price setting 

90% of all business including small and medium-sized companies are owned by families

Entrepreneurs should be able to handle minor legal matters themselves

The copyright on a book remains in effect until the author dies

A legally binding agreement between two or more persons or parties is called a license

Initial franchise fees are usually refundable if the franchise owner goes into another business

If buying an existing business you should ask for important info in written form from the owner