BUSN11 Chapter 6 Test Questions and Answers All Correct
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Course
BUSN11
Institution
BUSN11
BUSN11 Chapter 6 Test Questions and Answers All Correct
Franchising in Today's Economy - Answer-- Expansion into foreign markets is greater because competition is less intense and less saturated
- Business methods must be adjusted because of differences in culture and other factors
- Women own ...
BUSN11 Chapter 6 Test Questions
and Answers All Correct
Franchising in Today's Economy - Answer-- Expansion into foreign markets is greater
because competition is less intense and less saturated
- Business methods must be adjusted because of differences in culture and other
factors
- Women own about 45 percent of all franchises
-Minority participation in franchises has been relatively low
Advantages of Franchising - Answer-less risk, training and support, brand recognition,
easier access to funding
Disadvantages of Franchising - Answer-costs, lack of control, negative halo effect,
growth challenges, restrictions on sale, poor execution
Franchise Agreement - Answer-the contractual arrangement between a franchisor and
franchisee that spells out the duties and responsibilities of both parties
Franchise Disclosure Document (FDD) - Answer--Description of all aspects of a
franchise that the franchisor must provide to the franchisee
-Should be provided at least 14 calendar days before the franchise agreement is signed
Terms and Conditions - Answer-Rights to use a franchisor's trademarks, patents, and
signage, and any restrictions on those rights
Fees and Other Payments - Answer-Fees that a franchisee must pay for the right to use
a franchisor's products and methods
Training and Support - Answer-Training that should be provided by the franchisor to the
franchisee
Specific Operational Requirements - Answer-Methods and standards that a franchisee
is required to follow
Sole Proprietorship - Answer-single owner who manages the company
Partnership - Answer-voluntary agreement between two or more co-owners of a
business for profit
General Partnership - Answer-all partners take an active role in managing the business
and have unlimited liability for claims against the firm
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