New Businesses
name an example of a type of business
retail business, service business, internet business
What is franchising?
A way to sell a product or service under an existing business's name
a written legal agreement between people or companies
contract
A sole trader is the ______ owner of a business
exclusive
How many Harry Potter films are there?
8
What is an entrepreneur?
a person who sets up a business
Who should check the Franchise Disclosure Document?
a lawyer
two or more people that share responsibilities and resources to run a business together
partnership
Sometimes It can take awhile to build a good ______ with your customers
reputation
Before finding fame, Kim Kardashian was the assistant to which celebrity?
Paris Hilton
What does a SWOT analysis do?
examines the strengths, weaknesses, and opportunities, and threats to a business
What does an investor do?
puts money into a business for a financial return
gross profit
the total amount of money received from sales minus the cost of the goods
At the end of the financial year, every business must send their ______ to the tax office
tax returns
How many languages can C-3PO speak in Star Wars?
6 million
"Public company" is an example of what?
Company status
Name one thing you must do before buying a franchise
1. get trademarks and patents
2. calculate the total costs
3. make advertising and marketing plan
4. get lawyer to check FDD
5. write a business plan
what is the difference between a convenience store and a pop up shop?
a pop up shop is temporary and a convenience store sells packaged foods
Good financial planning can help reduce the _____ of a business failing
risk
What is the first movie that takes place in the Marvel Cinematic Universe?
Iron Man (2008)
Before opening a business, what document must you apply for so you can alter the shop's premises?
a building permit
What are the disadvantages of owning a franchise?
You must pay an upfront fee as well as royalties and advertising fees
there may be restrictions or obligations to follow
start up capital
the money raised by a new company in order to meet its initial costs
The franchise offers help with advertising and ________ strategy
marketing
What is the name of Taylor Swift's first hit single?
Tim McGraw