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?
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?
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 …show more content…
Strategic planning sets out strategies for the business to achieve long-term growth and other goals, while operational planning covers the day-to-day operations of the business.
3 out of 3 points Which of the following is not a role of management according to the acronym POLDSCCRIM?
Selected Answer: optimizing Correct Answer: optimizing Question 25
3 out of 3 points By running your business in a way that is consistent with your ethics and core values, you will be running a ________ business.
Selected Answer: socially responsible
Correct Answer: socially responsible
3 out of 3 points The mission of an organization is the shared beliefs, values, and attitudes among employees—also referred to as "how things are done around here."
Selected Answer: False
Correct Answer: False
3 out of 3 points If a business owner wants his or her pay to be a variable operating cost, a ________ is most appropriate.
Selected Answer: commission Correct Answer: commission Question 28
3 out of 3 points Why are entrepreneurs not always the best managers for their businesses?
Entrepreneurs tend to be creative types who get bored with the day-to-day details of