Question 1

Which of the following is not necessarily a benefit of becoming a franchisee?

Accepted Answer

A)  National Advertising. 
B)  Training and Support. 
C)  Standardized Products and Services. 
D)  Buying Power. 
E)  None of the above. 
A)  National Advertising. 
B)  Training and Support. 
C)  Standardized Products and Services. 
D)  Buying Power. 
E)  None of the above.

Question 2

Explain "consideration" as a basic element of a contract.

Accepted Answer

Consideration refers to something of val

Question 3

The most simple form of business ownership is...

Accepted Answer

A)  limited partnerships. 
B)  limited liability partnerships. 
C)  sole proprietorship. 
D)  S corporation. 
E)  joint venture. 
A)  limited partnerships. 
B)  limited liability partnerships. 
C)  sole proprietorship. 
D)  S corporation. 
E)  joint venture.

Question 4

Limited Partnerships...

Accepted Answer

A)  Have high risks for the limited partners because they can lose double what they invested. 
B)  Have high risks for the general partners because the limited partners can divest at any time. 
C)  Allow limited partners to participate in the most important managerial decisions. 
D)  Allow the general partners to manage and the limited partners to invest. 
E)  None of the above is true about limited partnerships. 
A)  Have high risks for the limited partners because they can lose double what they invested. 
B)  Have high risks for the general partners because the limited partners can divest at any time. 
C)  Allow limited partners to participate in the most important managerial decisions. 
D)  Allow the general partners to manage and the limited partners to invest. 
E)  None of the above is true about limited partnerships.

Question 5

The Toyota Company provides a trademarked name,the manufactured cars,and supplies some advertising for a Toyota dealership but it does not provide the building and lot nor methods of actually operating the dealership. This refers to a type of franchising called business format franchising.

Accepted Answer

A) True 
 B)False

Question 6

A contract must include "consideration" in order to be legal.

Accepted Answer

A) True 
 B)False

Question 7

A purpose of co-branding's is to have a greater volume of sales in the same location.

Accepted Answer

A) True 
 B)False

Question 8

Assume that you work for a company that manufactures shoes. When hired,your signed a noncompete agreement that relates to when,and if,you leave the company. This agreement means that

Accepted Answer

A)  you may not discuss trade secrets of the company with anyone outside of the company. 
B)  you will not be fired from the company. 
C)  if you leave the company, you may not go to work for a company that produces shoes. 
D)  if you leave the company, you may not go to work for a company that operates in the same geographical area. 
E)  you are working for a sole proprietorship. 
A)  you may not discuss trade secrets of the company with anyone outside of the company. 
B)  you will not be fired from the company. 
C)  if you leave the company, you may not go to work for a company that produces shoes. 
D)  if you leave the company, you may not go to work for a company that operates in the same geographical area. 
E)  you are working for a sole proprietorship.

Question 9

A person is entering into a contract on the Internet. Checking the "I accept" box that is presented makes the contract binding,even if the person has not officially signed a signature.

Accepted Answer

A) True 
 B)False

Question 10

Franchises are not regulated by the government.

Accepted Answer

A) True 
 B)False

Question 11

A customer asks an entrepreneur to sponsor an upcoming community event and the entrepreneur agrees to do it with no fee,but changes his mind right before the deadline. By which basic element of a contract agreement is the entrepreneur not obligated to uphold his part of the deal?

Accepted Answer

A)  Capacity 
B)  Agreement 
C)  Exchange 
D)  Legality 
E)  Consideration 
A)  Capacity 
B)  Agreement 
C)  Exchange 
D)  Legality 
E)  Consideration

Question 12

Which managers do the managing in a limited partnership?

Accepted Answer

A)  general managers. 
B)  master managers. 
C)  limited managers. 
D)  joint venture managers. 
E)  unlimited general partners. 
A)  general managers. 
B)  master managers. 
C)  limited managers. 
D)  joint venture managers. 
E)  unlimited general partners.

Question 13

Which of the following does not require a written contract?

Accepted Answer

A)  Paying someone else's debt. 
B)  Real Estate Transactions. 
C)  Contracts that involve the sale of goods with a $500 value or more. 
D)  Contracts that require longer than one year to perform. 
E)  All of the above require a written contract. 
A)  Paying someone else's debt. 
B)  Real Estate Transactions. 
C)  Contracts that involve the sale of goods with a $500 value or more. 
D)  Contracts that require longer than one year to perform. 
E)  All of the above require a written contract.

Question 14

A company buys the product of another company and takes it apart to see how it was designed and assembled. This is known as

Accepted Answer

A)  illegal purchasing syndrome. 
B)  trademark infringement. 
C)  plant patents. 
D)  reverse engineering. 
E)  inventory checking. 
A)  illegal purchasing syndrome. 
B)  trademark infringement. 
C)  plant patents. 
D)  reverse engineering. 
E)  inventory checking.

Question 15

Related to the limited liability of a corporation,which of the following has been happening in recent years?

Accepted Answer

A)  Courts have strongly enforced the limited liability of all corporations. 
B)  When a small corporation does not have sufficient money to pay a legal claim against it, the small corporation must become an S corporation. 
C)  If a small corporation does not have sufficient money to pay a legal judgment against it, courts have been holding the owners responsible to pay the judgment, especially when the judgment involves environmental or pension-related matters. 
D)  Courts have been deciding that a corporation from one state does not have limited liability when operating in another state. 
E)  Courts have been holding that joint ventures do not have limited liability. 
A)  Courts have strongly enforced the limited liability of all corporations. 
B)  When a small corporation does not have sufficient money to pay a legal claim against it, the small corporation must become an S corporation. 
C)  If a small corporation does not have sufficient money to pay a legal judgment against it, courts have been holding the owners responsible to pay the judgment, especially when the judgment involves environmental or pension-related matters. 
D)  Courts have been deciding that a corporation from one state does not have limited liability when operating in another state. 
E)  Courts have been holding that joint ventures do not have limited liability.

Which of the following is not necessarily a benefit of becoming a franchisee?

Explain "consideration" as a basic element of a contract.

The most simple form of business ownership is...

Limited Partnerships...

The Toyota Company provides a trademarked name,the manufactured cars,and supplies some advertising for a Toyota dealership but it does not provide the building and lot nor methods of actually operating the dealership. This refers to a type of franchising called business format franchising.

A contract must include "consideration" in order to be legal.

A purpose of co-branding's is to have a greater volume of sales in the same location.

Assume that you work for a company that manufactures shoes. When hired,your signed a noncompete agreement that relates to when,and if,you leave the company. This agreement means that

A person is entering into a contract on the Internet. Checking the "I accept" box that is presented makes the contract binding,even if the person has not officially signed a signature.

Franchises are not regulated by the government.

A customer asks an entrepreneur to sponsor an upcoming community event and the entrepreneur agrees to do it with no fee,but changes his mind right before the deadline. By which basic element of a contract agreement is the entrepreneur not obligated to uphold his part of the deal?

Which managers do the managing in a limited partnership?

Which of the following does not require a written contract?

A company buys the product of another company and takes it apart to see how it was designed and assembled. This is known as

Related to the limited liability of a corporation,which of the following has been happening in recent years?

Entrepreneurship:: A Field, an Activity - and a Way of Life

Entrepreneurial Opportunities: Their Origins, Forms, and Suitability For New Ventures

Cognitive Foundations of Entrepreneurship: Creativity and Opportunity Recognition

What Entrepreneurs Need to Know Before They Start: Acquiring and Interpreting Information About Markets Competitors and Government

Assembling the Team: Acquiring and Utilizing Essential Human Capital

Financial Resources For New Ventures: How To Get Them, How To Manage Them

Writing An Effective Business Plan: Building A Road Map to Success

Marketing in a New Venture

Strategy: Planning For Competitive Advantage

Preparing For And Attaining Growth: Strategies For Building Lasting Success

Managing New Ventures For Growth

Exit Strategies For Entrepreneurs: The Concluding Act

Filters

Exam 8: Legal Issues Relating To New Ventures: Protecting Your Reputation, Your Assets, And Your Ideas

Which of the following is not necessarily a benefit of becoming a franchisee?

Explain "consideration" as a basic element of a contract.

The most simple form of business ownership is...

Limited Partnerships...

The Toyota Company provides a trademarked name,the manufactured cars,and supplies some advertising for a Toyota dealership but it does not provide the building and lot nor methods of actually operating the dealership. This refers to a type of franchising called business format franchising.

A contract must include "consideration" in order to be legal.

A purpose of co-branding's is to have a greater volume of sales in the same location.

Assume that you work for a company that manufactures shoes. When hired,your signed a noncompete agreement that relates to when,and if,you leave the company. This agreement means that

A person is entering into a contract on the Internet. Checking the "I accept" box that is presented makes the contract binding,even if the person has not officially signed a signature.

Franchises are not regulated by the government.

A customer asks an entrepreneur to sponsor an upcoming community event and the entrepreneur agrees to do it with no fee,but changes his mind right before the deadline. By which basic element of a contract agreement is the entrepreneur not obligated to uphold his part of the deal?

Which managers do the managing in a limited partnership?

Which of the following does not require a written contract?

A company buys the product of another company and takes it apart to see how it was designed and assembled. This is known as

Related to the limited liability of a corporation,which of the following has been happening in recent years?

Entrepreneurship:: A Field, an Activity - and a Way of Life

Entrepreneurial Opportunities: Their Origins, Forms, and Suitability For New Ventures

Cognitive Foundations of Entrepreneurship: Creativity and Opportunity Recognition

What Entrepreneurs Need to Know Before They Start: Acquiring and Interpreting Information About Markets Competitors and Government

Assembling the Team: Acquiring and Utilizing Essential Human Capital

Financial Resources For New Ventures: How To Get Them, How To Manage Them

Writing An Effective Business Plan: Building A Road Map to Success

Marketing in a New Venture

Strategy: Planning For Competitive Advantage

Preparing For And Attaining Growth: Strategies For Building Lasting Success

Managing New Ventures For Growth

Exit Strategies For Entrepreneurs: The Concluding Act

Filters