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Exam 19: The Entrepreneurs Options

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Question 21

Multiple Choice

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Greenway Corporation and Happy Trails, Inc., combine their efforts to build a network of biking and hiking trails along an unused railroad spur. Their form of business organization is

A) a business trust.
B) a joint stock company.
C) a joint venture.
D) a syndicate.

E) None of the above
F) A) and B)

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Question 22

True/False

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A sole proprietor pays personal and business income taxes on the business's profits.

A) True
B) False

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Question 23

Multiple Choice

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Without creating a separate business organization, Reynold starts up, and assumes the financial risk of, Sole Savers, a new, pre-owned auto sales enterprise. Reynold is

Faye is interested in buying a franchise from Gas n' Snax Stores Inc. This transaction, like other franchise deals, is regulated to protect

A limited liability company can be held liable for any loss or injury caused by the wrongful acts or omissions of its members in the course of business.

Outreach Security & Rescue, LLC, is a limited liability company. Under most LLC statutes, unless the members have agreed otherwise, participants in the firm's management will be considered to include

In a limited partnership, no partner has full responsibility for the partnership and for all its debts.

In choosing a form of business organization for a new enterprise, one factor to be considered is the ability to raise capital.

A sole proprietorship offers less flexibility than does a partnership or a corporation.

The duration of a franchise is a matter determined by federal or state statutes.

Wren owns and operates Yoga Center without creating a separate business organization. She receives all the profits from the fees for the classes and the sales of the center's merchandise. Yoga Center is most likely

Lebron, Michael, Nolan, and O'Neill combine to buy a professional basketball franchise. Their selected form of business organization is an investment group, which is also known as

Restful Inn Motel Corporation wants to terminate its franchise arrangement with Steve's Cabins. Their contract does not specify a set time for termination. Because no set time is specified, the following is implied

A suit against a business or its employees may never lead to unlimited personal liability for the owner of a sole proprietorship.

Teresa buys a franchise from Urgent Medical Clinics, LLC. If their agreement is like most franchise agreements, it will specify that Urgent Medical can terminate the franchise

A sole proprietor does not own the entire business.

In most states, a limited liability company must have at least two members.

In a limited partnership, limited partners have essentially the same rights as general partners to participate in management.

No state requires franchisors to provide presale disclosures to prospective franchisees.

Most franchise contracts provide that notice of termination must be given.