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Quiz

IGCSE Business Franchises

Michelle Parker 10 perguntas

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Perguntas do quiz (10)

  1. 1What do the logos to the left all have in common?Imagem da pergunta 1
    1. AThey all make nice things
    2. BThey are all examples of companies that are franchises
  2. 2A franchise is a business that gives the right to another person or business to [blank_start]sell[blank_end] goods or services using its [blank_start]name[blank_end]. It does this by providing the person or other business with [blank_start]a licence[blank_end]. Buying into a franchise is an alternative to setting up a [blank_start]new[blank_end] business. Instead, individuals can buy into an already [blank_start]successful[blank_end] business.

    To become part of a franchise, a new business must pay a fee. In return, it gets to join the [blank_start]franchise[blank_end] and benefit from using its name, products, training, marketing and equipment. Buying into an [blank_start]already established[blank_end] brand can help to reduce the risk of the business failing for the [blank_start]franchisee[blank_end].    Imagem da pergunta 2
    1. Asell
    2. Bbuy
    3. Cname
    4. Dmoney
    5. Ea licence
    6. Fan idea
    7. Gnew
    8. Hold
    9. Isuccessful
    10. Jfailing
    11. Kfranchise
    12. Lclub
    13. Malready established
    14. Nnew
    15. Ofranchisee
    16. Pcustomer
  3. 3There are some important key terms to remember with franchises:

    [blank_start]franchise[blank_end] - the right given by one business to another to sell goods using its name

    [blank_start]franchisee[blank_end] - a business that agrees to manufacture, distribute or sell branded products under the licence of a franchisor

    [blank_start]franchisor[blank_end] - a business that gives franchisees the right to manufacture, distribute or sell its branded products in return for a fixed sum of money or royalty payment    Imagem da pergunta 3
    1. Afranchise
    2. Bfranchisee
    3. Cfranchisor
  4. 4How does it work

    A franchise is bought by the [blank_start]FRANCHISEE[blank_end]

    Franchisee is required to invest [blank_start]money[blank_end] in acquiring the franchise licence and setting up the business (often between £10,000 - £250,000) Once they have [blank_start]purchased[blank_end] the franchise the franchisee has to pay a proportion of their sales ([blank_start]royalties[blank_end]) to the Franchisor on a regular basis e.g. monthly, quarterly etc. This royalty payment MUST be paid regardless of level of sales.

    Franchisor usually provides support through training, management expertise and [blank_start]marketing[blank_end].
    Franchisor may supply some of the materials and equipment to help the [blank_start]franchisee[blank_end] set up.    Imagem da pergunta 4
    1. AFRANCHISEE
    2. BFRANCHISOR
    3. Cmoney
    4. Dequipment
    5. Epurchased
    6. Fhelped
    7. Groyalties
    8. Hshares
    9. Imarketing
    10. Jhidden costs
    11. Kfranchisee
    12. Lfranchisor
  5. 5Some advantages of setting up a franchise are?
    Select the 3 correct responses    Imagem da pergunta 5
    1. Ayou can run the business how you like
    2. Bthe franchisee gets access to free training and marketing
    3. Cthe franchisee is part of an established business
    4. Dyou can create your own branding
    5. Eit is lower risk for a new entrepreneur than setting up a new business
  6. 6Some DISADVANTAGES of setting up a franchise include?
    select 5 responses    Imagem da pergunta 6
    1. Athe franchisee cannot make individual business decisions without consulting the franchisor
    2. Bother franchises can be set up locally, which can cause competition for customers
    3. Cthe franchisee has to pay a percentage of its profits to the franchisor. This is known as royalties
    4. Dit can be expensive to set up
    5. Eproducts are tried and tested
    6. Fthe brand image can be damaged by others
    7. Gyour company may grow quickly
  7. 7Franchising is particularly suitable for service businesses?Imagem da pergunta 7
    1. AVerdadeiro
    2. BFalso
  8. 8Which two of the following are benefits for an entrepreneur taking out a home cleaning franchise?Imagem da pergunta 8
    1. ANo interest to pay on a loan
    2. BSelling an established brand
    3. CHave a better chance of survival
    4. DPay less corporation tax
    5. EAble to choose their own suppliers
  9. 9Exam Tip
    Make sure you don't get confused between the franchisor and franchisee.
    One way to remember this that is similar to' employer' and 'employee'.

    The [blank_start]franchisee/employee[blank_end] WORKS FOR THE [blank_start]franchisor/employer[blank_end]    Imagem da pergunta 9
    1. Afranchisee/employee
    2. Bfranchisor/employer
  10. 10Sally is currently well paid as a fitness instructor and has saved up enough money to start up on her own. She is considering buying a franchise. There are a number of national franchise operators that she could use. However, she is concerned about the current economic climate. She has seen reports that unemployment is rising and that consumer incomes are falling.

    What financial risks does she face in buying a franchise?
    (select 2 responses)
    Imagem da pergunta 10
    1. AFinancial risk as she would be giving up her current paid job
    2. BThere would be little risk and Sally would do well as people have money to spend on keeping fit
    3. CThere could be insecurity of sales if consumer incomes are falling
    4. DPeople need fitness trainers even when they are struggling to buy other things

Informações

Descrição
IGCSE Quiz on Business Franchises
Idioma
English
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