Question

1) Manufacturing, warehousing, and ________ have similar considerations for the type and size of facility.

Select one:

a. services firms

b. retailing firms

c. not-for-profit organizations

d. distribution firms

2) As you hire employees, you will need to become aware of laws and taxes, including ________.

Select one:

a. anti-discrimination laws

b. payroll taxes

c. Fair Labor Standards Act and The Equal Pay Act of 1963

d. All of these.

3) As your business grows, have its financial records (its "books") checked annually by a reputable ________.

Select one:

a. accountant

b. software program

c. lawyer

d. CPO

4) One of the most important things you can do when you start a business is to learn how to manage your ________ so that you can get more done with efficiency.

Select one:

a. sales

b. time

c. costs

d. None of these.

5) Ways to value a business include comparison to other firms, benchmarking, or looking at a multiple of net earnings. Any of the methods is an attempt to arrive at a ________.

Select one:

a. profit maximizing price

b. future value

c. net present value

d. fair market value

6) In valuing a business, the methods that buyers and sellers can use include ________.

Select one:

a. book value

b. market-based value

c. Any of these.

d. future earnings

7) Which of the following is not a benefit of franchising to the franchisor?

Select one:

a. royalties

b. the minimal number of regulations regarding franchising

c. higher marketing and promotional costs

d. growth with minimal capital investment

Answer 1

As per rules I will answer the first 4 subparts of this question

1. Distribution

This is because manufacturing, warehousing and distribution firms all involve movement of goods and hence they require similar facilities. This is not so for services, retailing and not for profit organisations.

2. All of these

Anti discrimination laws are required so that no employees are discriminated against. Employers are also responsible for deduction and deposit of payroll taxes. They are also expected to pay minimum and fair wages to their workers.

3. Accountant.

The books of accounts are required to be checked annually by a certified accountant. A software program can verify the records but not authenticate them. A lawyer is not authorised to check the books of accounts and neither is a CPO.

4. Time

Managing time well will increase the efficiency and bring in more profits into the business. Management of sales and costs will affect the profitability but not increase efficiency.