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5 Written questions

5 Matching questions

  1. statutory close corporation
  2. S corporation
  3. limited liability
  4. vertical merger
  5. conglomerate merger
  1. a A corporation with a limited number of owners that operates under simpler, less formal rules than a C corporation.
  2. b A combination of firms at different stages in the production of a good or service
  3. c A combination of two firms that are in unrelated industries.
  4. d A form of corporation that avoids double taxation by having its income taxed as if it were a partnership.
  5. e 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.

5 Multiple choice questions

  1. A form of partnership in which all partners have the right to participate in management and have limited liability for company debts.
  2. The contractual arrangement between a franchisor and franchisee that spells out the duties and responsibilities of both parties.
  3. The party in a franchise relationship that pays for the right to use resources supplied by the franchisor
  4. A form of business ownership with a single owner who usually actively manages the company
  5. A combination of two firms that are in the same industry

5 True/False questions

  1. stockholderAn owner of a corporation.


  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. corporationA form of business ownership in which the business is considered a legal entity that is separate and distinct from its owners


  4. mergerA corporate restructuring that occurs when two formerly independent business entities combine to form a new organization.


  5. franchisorthe business entity in a franchise relationship that allows others to operate their business using resources it supplies in exchange for money and other considerations