5 Written questions
5 Matching questions
- sole proprietorship
- C corporation
- a 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
- b The most common type of business corporation, where ownership offers limited liability to all of its owners, also called stockholders.
- c A form of business ownership in which the business is considered a legal entity that is separate and distinct from its owners
- d type of franchising arrangement in which the franchisor makes a product and licenses the franchisee to sell it.
- e A form of business ownership with a single owner who usually actively manages the company
5 Multiple choice questions
- The party in a franchise relationship that pays for the right to use resources supplied by the franchisor
- A combination of two firms that are in unrelated industries.
- The transfer of total or partial ownership of some of a firm's assets to investors or to another company
- A form of corporation that avoids double taxation by having its income taxed as if it were a partnership.
- A voluntary agreement under which two or more people act as co-owners of a business for profit.
5 True/False questions
limited liability partnership → A form of partnership in which all partners have the right to participate in management and have limited liability for company debts.
general partnership → 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
corporate bylaws → The basic rules governing how a corporation is organized and how it conducts its business
franchise agreement → The contractual arrangement between a franchisor and franchisee that spells out the duties and responsibilities of both parties.
limited liability → When 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.