1) A franchisee is..... a) Someone that established a franchise b) Someone that has bought the rights to a franchise c) A business in a shopping centre 2) A franchisee is..... a) Someone that established a franchise b) Someone that has bought the rights to a franchise c) A business in a shopping centre 3) Limited liability is...... a) Where personal assets are protected from bankruptcy b) Where your company car can be sold to repay debts c) Where personal assets can be taken away if bankrupt 4) Goodwill is...... a) A good thing b) The dollar value given to the reputation and customer base c) the dollar value of all the assets of a business 5) A sole trader is someone who.... a) Owns a business with someone else b) Owns a business with their parents c) Owns a business on their own 6) A patent...... a) Protects a company logo b) Protects a jingle c) Protects an idea d) Protects everything within a business 7) A partnership has....... a) One owner b) 2-20 owners c) Two owners d) 1-50 owners 8) A service business...... a) Offers a product in return for money b) Does not provide a physical product c) Offers money in return for a product d) Offers money in return for a service 9) A micro business..... a) Has more than 5 employees b) Has less than 3 employees c) Has less than 2 employees d) Has 4 or less employees 10) E-Commerce is...... a) Buying online b) Buying or selling online c) Selling on ebay 11) The 4 P's are....... a) Product, Place, Potato, Pumpkin b) Product, Promotion, Play, Purpose c) Product, Price, Purple, Pink d) Product, Price, Place, Promotion 12) A business plan has...... a) 5 elements b) 6 elements c) 4 elements 13) SWOT means.... a) Strengths Weaknesses Opportunities Treats b) Strengths Weaknesses Opportunities Threats c) Strengths Weaknesses Oppositions Threats 14) Which is NOT an example of a price setting strategy. a) Skimming Pricing b) Phycological Pricing  c) Trend Pricing d) Premium Pricing e) Bundle Pricing 15) Which is NOT a method of promotion. a) TV advertisement b) Social media ads c) Product Placement d) A story book e) Word of Mouth

Small Business Practice Revision

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