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5 Written questions

5 Matching questions

  1. merger
  2. corporation
  3. general partnership
  4. limited liability partnership
  5. franchisor
  1. a A corporate restructuring that occurs when two formerly independent business entities combine to form a new organization.
  2. b 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
  3. c A form of partnership in which all partners have the right to participate in management and have limited liability for company debts.
  4. d the business entity in a franchise relationship that allows others to operate their business using resources it supplies in exchange for money and other considerations
  5. e A form of business ownership in which the business is considered a legal entity that is separate and distinct from its owners

5 Multiple choice questions

  1. 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. 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.
  3. 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.
  4. The basic rules governing how a corporation is organized and how it conducts its business
  5. The most common type of business corporation, where ownership offers limited liability to all of its owners, also called stockholders.

5 True/False questions

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


  2. conglomerate mergerA combination of two firms that are in the same industry


  3. articles of incorporationsThe document filed with a state government to establish the existence of a new corporation.


  4. statutory close corporationA form of corporation that avoids double taxation by having its income taxed as if it were a partnership.


  5. limited liability companyWhen 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.