BUS 100 Week 2 Quiz 2 Question 1 A _____ is a voluntary agreement between two or more people to jointly own a business. sole proprietorship partnership corporation limited liability partnership Question 2 The _____is a relatively new and increasingly popular form of business ownership that is like a corporation in some ways and like a partnership in others. joint venture limited liability company cooperative sole proprietorship Question 3 What are the three types of partnerships? sole, general, and specific general, unlimited, and general liability specific, general, and generic general, limited, and limited liability Question 4 A(n) _____ occurs when one firm buys another firm. conglomeration joint venture merger acquisition Question 5 The most effective way to form a general partnership is with a simple handshake. with a verbal agreement. to develop a written partnership agreement. by sending a text message. Question 6 The _____ is the business entity in a franchise relationship that allows others to operate a business using resources it supplies in exchange for money and other considerations. general corporation partner franchisor franchisee Question 7 A _____ is a legal entity created by permission of a state or federal government. limited partnership sole proprietorship general partnership corporation Question 8 From the standpoint of an owner, a major advantage of the sole proprietorship is the: ability to pool financial resources. ability to capitalize on complementary skills. retention of control. permanence of the business. Question 9 The party in a franchise relationship that pays for the right to use resources supplied by another business entity is known as the general corporation. limited partner. franchisor. franchisee. Question 10 A key advantage of a corporation is that the owners maintain limited liability. it is easy to form this type of business. the owners maintain unlimited liability. the business is considered an extension of the owner.
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