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Lenb Business Orgs- Test Questions & Answers
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Lenb Business Orgs- Test Questions & Answers
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Lenb Business Orgs- Test Questions &Answers
An individual who operates a trust for beneficiaries in a business trust is known as a
______. Correct Ans-trustee
A ______ is a person who can expect to benefit from a business trust. Correct Ans-
beneficiary
Participants in a joint venture usually share profits and losses of the joint venture
______. Correct Ans-equally
An investment group that comes together for the explicit purpose of financing a specific large
project is called a ______. Correct Ans-syndicate
A ______ is a relationship between two or more persons or corporations created for a specific
business undertaking. Correct Ans-joint venture
A franchisor is the owner of a ______ or ______ in a franchise. Correct Ans-trade name;
trademark
A ______ is a person who sells goods or services under a trade name or trademark based on a
franchise agreement. Correct Ans-franchisee
A ______ is a business arrangement between an owner of a trade name or trademark and a
person who sells goods or services under the trade name or trademark. Correct Ans-
franchise
, Which of the following is a difference between partnerships and joint ventures in the eyes of
the law? Correct Ans-If one of the members of a joint venture dies, the joint venture is not
automatically terminated.
A ______ is the owner of a trade name or trademark in a franchise. Correct Ans-franchisor
A franchisee is a person who sells goods or services under a ______ or ______ based on a
franchise agreement. Correct Ans-trade name; trademark
When a person goes into McDonald's to eat lunch, the person is likely eating at a
______. Correct Ans-franchise
Identify a difference between partnerships and joint ventures in the eyes of the law. Correct
Ans-The members of a joint venture have less authority than general partners.
Which of the following is a recognized disadvantage to the franchisee of starting a
franchise? Correct Ans-Must meet the franchisor's standards or risk losing the franchise
Identify a recognized advantage to the franchisor of starting a franchise. Correct Ans-
Increased income from the franchise
Identify a recognized disadvantage to the franchisee of starting a franchise. Correct Ans-Has
little to no creative control over the business
Which of the following is a recognized disadvantage to the franchisor of starting a
franchise? Correct Ans-Has little control over the franchise
Which of the following is not a recognized advantage to the franchisee of starting a
franchise? Correct Ans-Required compliance with the franchisor's exacting standards
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