Duplicate of Chapter 1 & 2 Entrepreneurship/Franchising

The costs of franchises vary significantly

Franchises are governed by ________ laws and regulations.

Which of the following is not a tangible product?

Many small businesses fail within the first year.

According to the text, which of the following is not a cost of becoming an entrepreneur?

The text defines profit as ________.

There is no need for legal representation when entering into a franchise agreement.

It may be against the law to use someone else's creative ideas as a basis to start your business.

Which of the following is a "problem" that an entrepreneur can address?

A franchise is a legal relationship between an owner/franchisee seeking to use their identification in business.

Which of the following are characteristics of an entrepreneur?

Which of the following is not part of a SWOT Analysis?

A product is something that is intangible.

There are few resources for franchise research.

Franchise operating guidelines ________.

An entrepreneur usually doesn’t have to work hard to make large profits.

The start-up and ongoing assistance provided by a franchisor guarantees your success.

McDonalds is the only franchise available for ownership internationally.

Profit is a sign of success in entrepreneurship.

Which of the following is not a way to identify business opportunity as discussed in the text?

According to the text, which of the following is not a benefit of becoming an entrepreneur?

Entrepreneurship options include ________.

If you're looking to start a business that is creative/not controlled by others, then franchising is your best option.

The free-market system is also called ________.

Which of the following could not be considered opportunity costs?

Every business idea is an opportunity.

The most significant advantage for a franchisee is the increased probability of success.

A franchise is a business that markets a product/service developed by a franchisor (such as McDonalds).

Which of the following is not an ongoing cost of franchises?

Products and services in a franchise may not be altered, added, or dropped without