Question 3 (2 points) Peter has applied for a loan to purchase a franchise of a popular convenience store in an area that is experiencing rapid population growth. If the loan is approved, it will MOST likely be because the population growth justifies the market need for the store the franchise company will provide the financing the franchise company will prevent other franchisees from operating in the same area there is less risk associated with a franchise than with an independent business start-up the franchise company has influence over the bank's loan decisions Question 4 (2 points) Joseph took a dass in macroeconomics, which means that he was studying the behavior of corporate executives the overall economy individual businesses Fortune 500 companies Question 6 (2 points) Which of the following is NOT a benefit of business competition? It may lead to higher quality goods and services It may lead to a wider variety of goods and services. It may lead to lower priced goods and services, It may lead to a limited variety of goods and services. It may lead to increased customer satisfaction. Question 7 (2 points) It's important for partners to spell out the details of their partnership arrangements in writing because doing so will make it easier to convert the business to a corporation at a later date the partnership is not a legally recognized business until the arrangement is in writing putting the agreement in writing will limit the liability of each partner to a specified level the law requires these arrangements to be filed with state and federal authorities a written agreement will help reduce misunderstandings and disagreements among the partners