BUS 402 QUIZ 2
BUS 402 Quiz 2
1.
The key to
choosing the "right" form of ownership is:
2.
Probably the
most important feature of a partnership agreement is:
3.
________ partners are not active in a business but generally are known to be
members of the partnership.
4.
The ________ is
a document that states in writing all of the terms of operating the partnership
for the protection of each partner involved.
5.
A corporation
doing business in the state in which it is incorporated is considered to be
a(n) ________ corporation.
6.
One major
advantage of the ________ is that once the owner has paid all of the company's
expenses, he/she can keep the remaining profits (less taxes, of course).
7.
A significant
disadvantage of a partnership is:
8.
If a partnership
is formed without an agreement, the partnership is automatically subject to
the:
9.
A corporation
receives its authority to operate from:
10.
Shares the
corporation itself owns are called:
11.
The three key
elements of any partnership are:
12.
The limited
liability company is most like a(n):
13.
A limited
liability company is formed under:
14.
A limited partnership
is a modification of a(n) ________ form of ownership.
15.
The corporate form
of ownership has a significant advantage in that:
16.
When it comes to
purchasing products, equipment, etc., the franchiser:
17.
In ________
franchising, a franchisee purchases only the right to become identified with
the franchiser's trade name.
18.
The payment the
franchisee makes to the franchiser based on gross sales is:
19.
A significant
advantage a franchisee has over the independent small business owner is
participation in the franchiser's ________.
20.
________
franchising exists when a franchisee is licensed to sell specific products
under the franchiser's brand name through a selective distribution system.
21.
The primary
advantage of buying a franchise over starting your own company is:
22.
________
franchising involves providing the franchisee with a complete business
system--the established name, the building layout and design, accounting
systems, etc.
23.
The primary
market for U.S. franchisers is:
24.
When buying a
franchise, the potential franchisee should first:
25. Territorial protection
in franchising:
26.
In franchising,
________ pay fees and royalties to a ________ in return for the right to sell
its products or services under the franchiser's trade name and often to use its
business format and system.
27.
The biggest
challenge facing the growth of new franchises is:
28.
The ________ requires
all franchisers to disclose detailed information on their operations at the
first personal meeting or at least fourteen days before a franchise contract is
signed or any money is paid.
29.
________
franchising involves the owner of an existing business becoming a franchisee to
gain the advantage of name recognition.
30. Franchise advertising
programs:
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