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5 Written questions

5 Matching questions

  1. franchisee
  2. distributorship
  3. divestiture
  4. limited liability partnership
  5. franchisor
  1. a The party in a franchise relationship that pays for the right to use resources supplied by the franchisor
  2. b type of franchising arrangement in which the franchisor makes a product and licenses the franchisee to sell it.
  3. c The transfer of total or partial ownership of some of a firm's assets to investors or to another company
  4. d A form of partnership in which all partners have the right to participate in management and have limited liability for company debts.
  5. e 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

5 Multiple choice questions

  1. A form of business ownership that offers both limited liability to its owners and flexible tax treatment
  2. A detailed description of all aspects of a franchise that the franchisor must provide to the franchisee at least 14 calendar days before the franchise agreement is signed.
  3. A form of business ownership with a single owner who usually actively manages the company
  4. A form of corporation that avoids double taxation by having its income taxed as if it were a partnership.
  5. A corporate restructuring that occurs when two formerly independent business entities combine to form a new organization.

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. articles of incorporationsThe document filed with a state government to establish the existence of a new corporation.


  3. vertical mergerA combination of two firms that are in the same industry


  4. limited liabilityWhen owners are not personally liable for claims against their firm. Limited liability owners may lose their investment in the company, but their personal assets are protected.


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


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