Any cost saving resulting from franchisee purchasing power helps to offset other costs, such as franchise ________. A primary consideration for a potential franchisee is that the capital required to become a franchisee will likely be: about the same or potential more for starting a franchise business compared to starting an independent business in the same field. The product quality is within the perception of the customer and is greatly influenced by the franchise system's server. The category most franchise systems are in is the one that has focus on product or service qualities or characteristics with prices being a second-level or a lower order concern to the purchaser. d. High-tech ___ entrepreneurship is exploding. Depreciation. A) They may be announced or unannounced. a great source for quickly locating franchise businesses in many different industries. Chance, What is an often overlooked asset when acquiring a new business? Which of the following agencies will most likely arbitrate this dispute? The downsides for franchisees participating in franchise channels include all of the following except: Which of the following statements is true regarding, business format franchises? your lawyer. For Jerry's Automobile Parts Fabricating business to qualify as a small business, it can employ no more than ___ people. The attitude of the customer is made up of three key factors. D. Reduce uncertainty The franchisee's responsibilities include: The ___________ is a contract linking all franchisees to the franchisor. The individual who arranges for a dealer to handle a specific product or service under certain mututally agreed upon conditions is known as the _____. Capital advantages E) An act of God, In relation to franchising advantages, you purchase the use of the company's logo, trademark, and advertising, as well as the physical design, layout, and dcor that ensure ________. T/F, As of 2008, the Federal Trade Commission's Franchise Rule presribes that franchisors must disclose to prospective franchisees info such as bankruptcies, business experience of the principals, and litigation in which the firm is involved. Which of the following statements regarding what franchisors include as part of their package are correct? c. Which of the following is a true statement pertaining to single-unit franchises? To better understand the demand for a product or service. E) Very few franchisors do inspections. The business that represents 99.7 percent of all employers in the United States is a. b. The 2014 Annual Report for Murphy Oil Corporation (see www.murphyoilcorp.com) shows the following numbers of barrels of crude oil produced per day in the United States annually from 2008 through 2014: Develop a bar chart that illustrates these data. Business situations that are appropriate to consider when looking for growth through franchising include all but which one of the following? What is the effect on economic E. Quality control standards. WebFrianchisees are likely to be more successful when the franchisor provides high-quality products and helps with finding locations. franchisor. C) Operations A) Themselves E. All of the above statements are true. Negotiating a deal to acquire exactly what is required from the operation. Actions by franchisors to void the contracts of franchisees in order to sell the franchise to someone else and collect an additional fee. Bringing two or more franchise brands together within a single enterprise. The exercise of reasonable care in the evaluation of a business opportunity. E) None of the above is an exception. b. Short-term obligations created by the franchisee in buying supplies, materials or services associated with running the business are referred to as: Often considered the most critical financial component of working capital is, NOT: accounts receivable 41 It is not uncommon for a buyer to be faced with a franchise fee of 250,000 to 1,000,000. A lawyer c. c. a. services. True or false: A disadvantage of buying an existing business is that operating processes and policies have already been established. When purchasing an existing business, the prospective owner should conduct an assessment of the current group of employees. One downside for franchisors participating in franchise channels is: Franchising and franchise channels continue to grow dramatically. Independence and a desire to determine one's own destiny are some of the entrepreneurs' personal factors in small-business success, others include: Jennifer would like to open her own business. Which of the following is a disadvantage for the franchisor? d. the franchisee Which of the following are resources that an entrepreneur can typically use to find a business for sale? The reason franchises have been a popular form of business is due to ___________. C) Fixtures process for expanding a business or service through licensing arrangement. The Consumer Product Safety Act of 1972 sets safety standards for products other than food and drugs. franchiser. System to network with competing franchises. b. brand-name appeal. Which of the following is not one of those statements? Is it up to date? b. Franchisees may pay a fee that is separate from the royalty fee, often called a ________, to contribute to a shared advertising fund. B. the franchisor still maintains a great deal of control. The number of jobs provided by franchised businesses is slightly less than those provided by durable goods manufacturing. payroll your financial backer. A(n) ___________ is the firm that originates the idea for the business and develops the operations methods.
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