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BO--Module 6
bo-module 6
Question | Answer |
---|---|
Does operating a franchise cost money? | Yes |
Should you assign names to worksheets that are meaningful to you? | Yes |
What’s the type of business ownership that is a separate legal entity from its owner? | Corporation |
What’s an advantage of buying an existing business? | Policies and procedures are already established |
What's one advantage of buying an existing business? | Banks are less likely to lend to a new owner. |
What’s one advantage to a partnership agreement? | identifies salaries to be withdrawn by each partner |
What is one advantage to a franchise? | they can offer only certain products and must charge prices set by the franchiser. |
What is the purpose of determining your interest and abilities? | this determines what you want your business to be about |
Financially, is it easy for entrepreneurs to purchase a business? | No |
What are considered expenses? | food, electric, phone and entertainment |
When buying a business should you have an accountant write the sales contract? | No |
What is one advantage of owning a franchise? | some profits must be returned to the franchisor as royalty fees |
What’s the difference between an S Corporation and a regular corporation? | An S corporation is not taxed as a business |
Are banks less likely to lend to a new owner? | No |
Do franchise owners have an established product or service and are not dependent on the performance of other franchises in the chain? | No |
Does a partnership agreement identify the salaries to be withdrawn by each partner? | No |