Question 1

1pts

If a general partnership wishes to have employees, what must it secure from the IRS?

An EIN number

An FBN number

A CBE number

An ABC number

Flag this Question

Question 2

1pts

What is the advantage of a limited partnership?

Limited liability

Limited role in management

No double taxation, like corporations have

All of the above

Flag this Question

Question 3

1pts

In California, which of the following professions can form limited liability partnerships?

Public accountants

Architects

Attorneys

All of the above

Flag this Question

Question 4

1pts

A limited liability company CANNOT be formed if:

there are more than three partners.

the company requires a professional state license.

it uses a fictitious business name.

profits are projected to be more than $3 million dollars per year.

Flag this Question

Question 5

1pts

"Operating agreements" determine:

how profits and losses are allocated among members.

who the owners are.

if an owner's interest will pass automatically or not upon his or her death.

all of the above.

Flag this Question

Question 6

1pts

A business arrangement in which one party or company gives another party or company permission to manufacture its product for a specified payment, apply a brand name or trademark, or use patented technology is known as a:

permit.

certificate.

license.

grant.

Flag this Question

Question 7

1pts

A payment made by one party, the licensee or franchisee, to another that owns a particular asset, the licensor or franchisor, for the right to ongoing use of that asset.

post payment.

reciprocal payment

bribe.

royalty.

Flag this Question

Question 8

1pts

A franchise:

must generally create its own training program.

must create its own product or service.

expands a business and distributes goods and services through a licensing relationship.

none of the above.

Flag this Question

Question 9

1pts

If a franchisor of a provides the franchisee its trade name, products, and services, and an entire system for operating the business, it is a:

business format franchise.

traditional franchise.

industrial franchise.

blended franchise.

Flag this Question

Question 10

1pts

If a franchisor focuses on the distribution of products manufactured or supplied by the franchisor to the franchisee, it is a:

business format franchise.

distribution franchise

traditional franchise.

basic franchise.

Quiz saved at 4:03pmSubmit Quiz