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5 Written questions

5 Matching questions

  1. franchisee
  2. general partnership
  3. statutory close corporation
  4. S corporation
  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 party in a franchise relationship that pays for the right to use resources supplied by the franchisor
  3. c A corporation with a limited number of owners that operates under simpler, less formal rules than a C corporation.
  4. d 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
  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. 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.
  2. The transfer of total or partial ownership of some of a firm's assets to investors or to another company
  3. A form of partnership in which all partners have the right to participate in management and have limited liability for company debts.
  4. 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.
  5. A combination of two firms that are in unrelated industries.

5 True/False questions

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

          

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

          

  3. horizontal mergerA combination of two firms that are in the same industry

          

  4. institutional investorAn organization that pools contributions from investors, clients, or depositors and uses these funds to buy stocks and other securities

          

  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

          

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