What is a franchise?
Practice Questions
Q1
What is a franchise?
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A type of partnership
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A business model where one party licenses the use of its brand
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A government-owned business
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A sole proprietorship with multiple locations
Questions & Step-by-Step Solutions
What is a franchise?
- Step 1: Understand that a franchise is a way to run a business.
- Step 2: Know that one party (the franchisor) owns a brand and a business model.
- Step 3: Learn that the franchisor allows another party (the franchisee) to use their brand and business model.
- Step 4: Realize that the franchisee pays money to the franchisor for this permission.
- Step 5: Remember that the franchisee operates their business using the franchisor's name and guidelines.
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