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small business management

Questions and Answers of Small Business Management

Ideally, all your strategies and goals ensure that you accomplish your _____________ _____________.
Regulation of business activity generally applies to these groups: consumers, _____________, environment, and employees.
Explain the purpose and importance of the business plan.
Describe the components of a business plan.
Recognize the importance of reviewing your business plan.
When you reach the point in your career where you are ready to start your own business (or your next one), will you write a business plan before beginning? Why or why not? If you would choose to
Do a keyword Internet search for “business plans.”When you find a sample business plan that interests you, complete a thorough analysis of it. How do the section headings compare with the
Early one morning your telephone rings. It is your small business/entrepreneurship professor, who tells you he just received notification that he has won the first Nobel Prize in Entrepreneurship.
How would creating a business plan help McDonald decide whether to buy the business or run away?Micky McDonald figured that the little snowboardclothing company he had been running for the previous
Snowboarding is obviously a very dynamic, changeable business. Why write a plan for this type of business?Micky McDonald figured that the little snowboardclothing company he had been running for the
What would you emphasize in writing a business plan for Westbeach?Micky McDonald figured that the little snowboardclothing company he had been running for the previous five years was history. His
Talk to the owner of a small business. Did she write a business plan? A strategic plan? If he received any assistance, where did it come from?
When considering starting up a business, a business plan cana. prove feasibilityb. attract moneyc. provide directiond. all the above
The cover letter shoulda. praise the management teamb. inform the reader why you are sending the planc. include at least two pages on competitorsd. include segmentation variables
Benefits to the community cited in this chapter includea. attracting celebritiesb. economic developmentc. community developmentd. human development
Analysis that illustrates the point at which your business neither makes nor loses money is calleda. loss leader analysisb. make-or-buy analysisc. breakeven analysisd. profit-and-loss analysis
Business-plan appendices could include all of the following excepta. résumésb. advertising samplesc. college transcriptsd. purchase orders from customers
Writing a business plan is a long series of __________steps.
The section of the business plan in which you describe how to eventually separate the owner from the business is called the __________.__________.
As described in the @ e-biz feature, Moot Corp. is a famous __________ competition.
A common business plan mistake is making unsubstantiated __________.
In the Manager’s Notebook feature, you saw that“A” plans are those in which the owner has significant personal __________.
Explain what a franchise is and how it operates.
Articulate the difference between product-distribution franchises and businessformat franchises.
Compare the advantages and disadvantages of franchising.
Explain how to evaluate a potential franchise.
Explore franchising in the international marketplace.
Contact a local franchise owner and set up an appointment to visit her business. Ask if you can see a copy of the franchise agreement, or at least discuss the terms and conditions of the agreement
Choose one of the two franchises presented and draft a business-plan outline.You’re convinced that purchasing a franchise is your method of choice for becoming a small business owner. Before you
Divide the class into teams to discuss the merits and potential drawbacks of each of these franchises.You’re convinced that purchasing a franchise is your method of choice for becoming a small
Was shuttering the failed franchises the right move for Shuman? What are his other options?Marc Shuman couldn’t bear to open another e-mail.Hunkered down in his office in Syosset, New York, the
What is the difference between a franchise, a franchisee, and a franchisor? Appendix
How would you explain the difference between franchises and other forms of business ownership? Appendix
Why would you prefer to buy a franchise than to start a new business or buy an existing business? Appendix
Why is franchising important in today’s economy? Appendix
What is the difference between product-distribution franchises and business-format franchises?Give an example of each that has not been cited in the text. Appendix
What are the biggest advantage and the biggest disadvantage of franchising? Justify your answer. Appendix
What do you expect to get in return for paying a franchise fee? Appendix
What is a royalty fee? Appendix
Is the disclosure statement the only source of information you need to check out a potential franchise? Why or why not? Appendix
After reading about the topics included in a franchise agreement, who do you think controls most of the power in a franchise: the franchisee or the franchisor? Explain. Appendix
What are potential sources of conflict between franchisees and franchisors? Appendix
You are worried that someone else will buy a specific franchise in your area before you do. Would it be appropriate to sign the franchise agreement before talking to your lawyer or accountant if you
If you are the franchisee of a bookstore and are offered twice the business’s book value to sell it to a third party, should you or the franchisor collect the additional money? Take a position and
What do you think will be the growth areas (in products, services, and geographic areas) for franchises in the near future? Appendix
T F Franchises account for 95 percent of all small business revenue.
T F Franchise revenues exceed $1.5 trillion per year.
T F Franchising has existed in the United States since the early 1800s.
T F An advantage to the franchisee is the ability to sell a proven product.
T F A disadvantage to the franchisee is the cost of the franchise.
T F An advantage to the franchisor is the huge amount of capital required for expansion.
T F A disadvantage to the franchisor is the high individual motivation of its franchisees.
T F Disclosure statements require franchisors to provide audited financial statements of the franchisor.
T F Royalties are paid as a percentage of franchisee profits.
T F It is extremely difficult for U.S. franchisors to expand into Mexico.
_____ the process of thoroughly investigating the accuracy of information before signing an agreement
_____ the small business owner who purchases the franchise so as to sell the product of the franchisor
_____ a one-time payment made to become a franchisee
_____ ongoing payments made to franchisors—usually a percentage of gross sales
_____ a type of franchise that represents a turnkey approach
_____ the information document that the FTC requires franchisors to provide to potential franchiseesa. franchisorb. franchise feec. due diligenced. product franchisee. royalty feef. business-format
Compare the advantages and disadvantages of buying an existing business.
Propose ways of locating a suitable business for sale.
Explain how to measure the condition of a business and determine why it might be offered for sale.
Differentiate between tangible and intangible assets, and assess the value of each.
Calculate the price to pay for a business.
Understand factors that are important when finalizing the purchase of a business.
Describe what makes a family business different from other types of business.
You are analyzing the financial records of a business you have been thinking about buying. You discover that although the firm has excellent current and quick-asset ratios by industry
Look in your local Yellow Pages for the name of a business broker in your community. Call the broker and ask about the process of buying an existing business.What terms and conditions are common?
What should the mother do to help her family(and her business) operate more normally?A family in the Pacific Northwest owns a retail clothing store. Two brothers work in the business, and their
Would bringing in a nonfamily manager with direct-line control over each brother help or cause more problems? How can they ever decide who will eventually take over control of the business?A family
Can Steven and Brian sell the sportswear business without selling out?Stephen Sullivan just couldn’t stomach the idea. He and his partner and friend, Brian Cousins, had spent seven years building
What are some arguments for buying an established business rather than starting one yourself? LO-1
When buying an established business, what questions should you ask about it? From whom might you seek information about the business? LO-1
Which is more important in appraising a business: profitability or return on investment?Discuss. LO-1
Should one ever consider purchasing a presently unsuccessful business (that is, a business with relatively low or no profits)? Explain. LO-1
What factors warrant special attention in appraising a firm’s (a) inventory, (b) equipment, and (c) accounts receivable? LO-1
What should a prospective buyer know about the seller’s inventory sources and other resource contacts?How is this information obtained? LO-1
Does competition help or hurt the valuation of a business? Explain. LO-1
Discuss the ways in which the tangible assets of a business may be valued. What is the most realistic approach to determining a business’s true value? Why? LO-1
What is goodwill, and how may its value be determined? LO-1
How can a buyer determine the rate of return to use in evaluating the worth of a business? LO-1
What is meant by “thinning the assets”? Cite examples. LO-1
Discuss the advantages of working through a business broker. What precautions should one take when dealing with a business broker? LO-1
The value of tangible assets plus the value of intangible assets plus profit potential results in a starting point fora. due diligenceb. purchase pricec. goodwilld. dead stock
The critical process of investigation that begins at the moment of interest in a business is calleda. due diligenceb. goodwillc. forensic investigationd. due scrutiny
The tactic of making a business more affordable by doing things like separating the real estate from a business is calleda. churning the butterb. dividing the loavesc. thinning the assetsd. cooking
Which of the following is not an overlapping perspective of running a family business?a. familyb. managementc. ownershipd. in-laws
Family businesses are important to the U.S.economy, generating what percentage of the U.S.GDP?a. 10 percentb. 25 percentc. 50 percentd. 90 percent
Money that is paid for a business but placed into an account unavailable to the seller for a specific period of time to make sure taxes and liabilities have been paid is called _______.
In general, business buyers should be at least very _______, if not to the point of being cynical.
Compensation to a business seller for helping a buyer prevent beginner’s mistakes is called _______.
Business valuation is a subjective process at best.No matter what method is used, it still merely sets points from which _______ can begin.
One of the most difficult issues in family business is _______ planning.
Describe the characteristics of small business.
Recognize the role of small business in the U.S. economy.
Understand the importance of diversity in the marketplace and the workplace.
Identify some of the opportunities available to small businesses.
Suggest ways to court success in a small business venture.

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