Question
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
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
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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
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Question 3
1pts
In California, which of the following professions can form limited liability partnerships?
Public accountants
Architects
Attorneys
All of the above
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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