5 Written Questions
5 Matching Questions
- general partnership
- board of directors
- horizontal merger
- S corporation
- limited liability partnership
- a A 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
- b A form of partnership in which all partners have the right to participate in management and have limited liability for company debts.
- c A combination of two firms that are in the same industry
- d The individuals who are elected by stock- holders of a corporation to represent their interests
- e A form of corporation that avoids double taxation by having its income taxed as if it were a partnership.
5 Multiple Choice Questions
- A corporate restructuring that occurs when two formerly independent business entities combine to form a new organization.
- 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
- The basic rules governing how a corporation is organized and how it conducts its business
- The contractual arrangement between a franchisor and franchisee that spells out the duties and responsibilities of both parties.
- A combination of firms at different stages in the production of a good or service
5 True/False Questions
distributorship → A voluntary agreement under which two or more people act as co-owners of a business for profit.
business format franchise → a licensing agreement wherebu a franchisor allows franchisees to use its name, trademark, products, business methods and other property in exchange for monetary payments and other consideration
statutory close corporation → A corporation with a limited number of owners that operates under simpler, less formal rules than a C corporation.
stockholder → An owner of a corporation.
articles of incorporations → The most common type of business corporation, where ownership offers limited liability to all of its owners, also called stockholders.