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5 Written Questions

5 Matching Questions

  1. general partnership
  2. board of directors
  3. horizontal merger
  4. S corporation
  5. limited liability partnership
  1. 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
  2. b A form of partnership in which all partners have the right to participate in management and have limited liability for company debts.
  3. c A combination of two firms that are in the same industry
  4. d The individuals who are elected by stock- holders of a corporation to represent their interests
  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. A corporate restructuring that occurs when two formerly independent business entities combine to form a new organization.
  2. 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
  3. The basic rules governing how a corporation is organized and how it conducts its business
  4. The contractual arrangement between a franchisor and franchisee that spells out the duties and responsibilities of both parties.
  5. A combination of firms at different stages in the production of a good or service

5 True/False Questions

  1. distributorshipA voluntary agreement under which two or more people act as co-owners of a business for profit.


  2. business format franchisea 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


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


  4. stockholderAn owner of a corporation.


  5. articles of incorporationsThe most common type of business corporation, where ownership offers limited liability to all of its owners, also called stockholders.


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