BUS 402 BUS402 Quiz 2 Answers

BUS 402 BUS402 Quiz 2 Answers


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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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