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5 Written questions

5 Matching questions

  1. sole proprietorship
  2. corporation
  3. C corporation
  4. distributorship
  5. franchise
  1. 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
  2. b The most common type of business corporation, where ownership offers limited liability to all of its owners, also called stockholders.
  3. c A form of business ownership in which the business is considered a legal entity that is separate and distinct from its owners
  4. d type of franchising arrangement in which the franchisor makes a product and licenses the franchisee to sell it.
  5. e A form of business ownership with a single owner who usually actively manages the company

5 Multiple choice questions

  1. The party in a franchise relationship that pays for the right to use resources supplied by the franchisor
  2. A combination of two firms that are in unrelated industries.
  3. The transfer of total or partial ownership of some of a firm's assets to investors or to another company
  4. A form of corporation that avoids double taxation by having its income taxed as if it were a partnership.
  5. A voluntary agreement under which two or more people act as co-owners of a business for profit.

5 True/False questions

  1. limited liability partnershipA form of partnership in which all partners have the right to participate in management and have limited liability for company debts.


  2. 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


  3. corporate bylawsThe basic rules governing how a corporation is organized and how it conducts its business


  4. franchise agreementThe contractual arrangement between a franchisor and franchisee that spells out the duties and responsibilities of both parties.


  5. 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.


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