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5 Written questions

5 Matching questions

  1. franchisor
  2. limited partnership
  3. S corporation
  4. distributorship
  5. acquisition
  1. a the business entity in a franchise relationship that allows others to operate their business using resources it supplies in exchange for money and other considerations
  2. b A corporate restructuring in which one firm buys another.
  3. c type of franchising arrangement in which the franchisor makes a product and licenses the franchisee to sell it.
  4. d A partnership that includes at least one general partner who actively manages the company and accepts unlimited liability and one limited partner who gives up the right to actively manage the company in exchange for limited liability.
  5. e A form of corporation that avoids double taxation by having its income taxed as if it were a partnership.

5 Multiple choice questions

  1. The transfer of total or partial ownership of some of a firm's assets to investors or to another company
  2. A combination of two firms that are in unrelated industries.
  3. A form of business ownership that offers both limited liability to its owners and flexible tax treatment
  4. A corporate restructuring that occurs when two formerly independent business entities combine to form a new organization.
  5. The contractual arrangement between a franchisor and franchisee that spells out the duties and responsibilities of both parties.

5 True/False questions

  1. statutory close corporationA corporation with a limited number of owners that operates under simpler, less formal rules than a C corporation.


  2. nonprofit corporationA corporation that does not seek to earn a profit and differs in several fundamental respects from general corporations.


  3. general partnershipA voluntary agreement under which two or more people act as co-owners of a business and have unlimited liability for any claims against the firm


  4. business format franchiseA broad franchise agreement in which the franchisee pays for the right to use the name, trademark, and business and production methods of the franchisor.


  5. franchiseThe party in a franchise relationship that pays for the right to use resources supplied by the franchisor


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