Entrepreneurship (Mg3410113Sp)

1459 words 6 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
…show more content…
Correct Answer:
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.
Question 24
3 out of 3 points Which of the following is not a role of management according to the acronym POLDSCCRIM?
Answer
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.
Answer
Selected Answer: socially responsible
Correct Answer: socially responsible
Question 26
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."
Answer
Selected Answer: False
Correct Answer: False
Question 27
3 out of 3 points If a business owner wants his or her pay to be a variable operating cost, a ________ is most appropriate.
Answer
Selected Answer: commission Correct Answer: commission Question 28
3 out of 3 points Why are entrepreneurs not always the best managers for their businesses?
Answer
Selected Answer:
Entrepreneurs tend to be creative types who get bored with the day-to-day details of

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