What is a franchise?, A government-owned business, A business arrangement where a franchisor grants a franchisee the right to operate using its brand and business model, A partnership between two competitors, A type of online business only, Which of the following is the role of the franchisor?, Operate the franchise outlet daily, Provide the brand, business system, and ongoing support to franchisees, Purchase products from the franchisee, Manage the franchisee's personal finances, Who is the franchisee?, The owner of the franchise brand, The customer of the franchise business, The individual or company that purchases the right to operate a franchise, The supplier of raw materials, Which of the following is an advantage of buying a franchise?, No need to follow any business guidelines, Guaranteed profits regardless of performance, Access to an established brand and proven business model, Complete freedom to change the business concept, Which payment is commonly made by a franchisee to the franchisor?, Income tax only, Franchise fee and ongoing royalty fees, Employee wages only, Utility bills only, What is the main purpose of a franchise agreement?, To provide a personal loan, To outline the rights and responsibilities of both franchisor and franchisee, To advertise the business, To recruit employees, Which of the following is NOT typically a responsibility of the franchisee?, Following the franchisor's operating standards, Paying agreed fees and royalties, Developing and protecting the franchise brand at the national level, Managing the daily operations of the business, Why do many entrepreneurs choose to invest in a franchise?, Because it usually involves less risk than starting a completely new business, Because franchises never fail, Because no investment is required, Because government approval is unnecessary, Which of the following is an example of a franchise business?, A locally owned independent grocery store with no brand affiliation, A sole proprietor selling homemade crafts online, A fast-food outlet operating under an internationally recognized brand, A government ministry, What is one possible disadvantage of owning a franchise?, Unlimited freedom to make business decisions, No ongoing fees after opening the business, Limited flexibility because franchisees must follow the franchisor's rules and standards, No training or support is provided by the franchisor

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