GENERAL KNOWLEDGE

Detailed explanation-1: -Which of the following is true about franchising? A franchise is an agreement whereby independant businessperson is given exclusive rights to sell a specified good or service.

Detailed explanation-2: -Which of the following is a disadvantage of franchising? The franchisee has no flexibility as it is required to follow the franchisor’s procedures to the letter. A corporation is a form of business ownership in which: a business is considered a legal entity that is separate from its owners.

Detailed explanation-3: -A person who buys a franchise has the same level of control as an entrepreneur who opens his or her own sole proprietorship.

Detailed explanation-4: -An entrepreneur is an individual who starts and runs a business with limited resources and planning, and is responsible for all the risks and rewards of their business venture. The business idea usually encompasses a new product or service rather than an existing business model.