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5 Written questions

5 Matching questions

  1. nonprofit corporation
  2. franchise disclosure document (FDD)
  3. sole proprietorship
  4. articles of incorporations
  5. corporate bylaws
  1. a A detailed description of all aspects of a franchise that the franchisor must provide to the franchisee at least 14 calendar days before the franchise agreement is signed.
  2. b The basic rules governing how a corporation is organized and how it conducts its business
  3. c The document filed with a state government to establish the existence of a new corporation.
  4. d A form of business ownership with a single owner who usually actively manages the company
  5. e A corporation that does not seek to earn a profit and differs in several fundamental respects from general corporations.

5 Multiple choice questions

  1. The contractual arrangement between a franchisor and franchisee that spells out the duties and responsibilities of both parties.
  2. A form of corporation that avoids double taxation by having its income taxed as if it were a partnership.
  3. A corporate restructuring in which one firm buys another.
  4. A broad franchise agreement in which the franchisee pays for the right to use the name, trademark, and business and production methods of the franchisor.
  5. A combination of two firms that are in unrelated industries.

5 True/False questions

  1. franchiseea 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. C corporationThe most common type of business corporation, where ownership offers limited liability to all of its owners, also called stockholders.


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


  4. stockholderAn owner of a corporation.


  5. limited 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