Entrepreneurship (Mg3410113Sp) Essay

1470 Words6 Pages
Question 1
3 out of 3 points If you are a franchisor and you charge a royalty of 5% on revenue and you have franchisees that have revenues of $1 million, $2 million, $1.5 million, and $2.5 million, how much would you earn in royalties?
Answer
Selected Answer:
$350,000
Correct Answer:
$350,000
Question 2
3 out of 3 points If you buy a McDonald's franchise and agree to pay a royalty fee of 12.5% annually, how much money will you owe McDonald's at the end of a year in which you sell $98,000 of product?
Answer
Selected Answer:
$12,250
Correct Answer:
$12,250
Question 3
3 out of 3 points One way to grow your business is to use diversification, which is the addition of offerings beyond your core product or
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Answer
Selected Answer: all of the above
Correct Answer: all of the above
Question 18
3 out of 3 points This is an exit strategy when an entrepreneur sells his or her company to its managers.
Answer
Selected Answer: a management buy-out
Correct Answer: a management buy-out
Question 19
3 out of 3 points As your business grows, have its financial records (its "books") checked annually by a reputable ________.
Answer
Selected Answer: accountant Correct Answer: accountant Question 20
3 out of 3 points The act of Congress that requires employers to pay men and women the same amount for the same work is called ________.
Answer
Selected Answer:
The Equal Pay Act
Correct Answer:
The Equal Pay Act
Question 21
3 out of 3 points Research indicates that ________ is the most important characteristic required for successful leadership.
Answer
Selected Answer: self-esteem Correct Answer: self-esteem Question 22
3 out of 3 points No matter the size of a business, the leader sets the ________ for how the organization operates. If the leader is chaotic, chances are the business will be too. If the leader is well organized and efficient, the business may well be too.
Answer
Selected Answer: tone/style Correct Answer: tone/style Question 23
3 out of 3 points What is the
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