Question 1

Discuss the following statement "Joint ventures have unlimited life."

Accepted Answer

Joint ventures are typically c

Question 2

Which of the following is a disadvantage of sole proprietor ownership?

Accepted Answer

A)  all profits to the owner 
B)  ease and low cost of formation 
C)  freedom from government regulation 
D)  unlimited liability 
A)  all profits to the owner 
B)  ease and low cost of formation 
C)  freedom from government regulation 
D)  unlimited liability

Question 3

Tiffany Worth is buying a Dairy Queen franchise.Which of the following is not normally expected of the franchisor?

Accepted Answer

A)  assistance in personal income tax preparation 
B)  set operating procedures 
C)  a proven track record 
D)  standard goods and services 
A)  assistance in personal income tax preparation 
B)  set operating procedures 
C)  a proven track record 
D)  standard goods and services

Question 4

Articles of incorporation usually specify the life of a corporation as a certain number of predetermined years.

Accepted Answer

A) True 
 B)False

Question 5

Ease of formation,flexibility,and diversity of management are advantages of which of the following forms of business ownership?

Accepted Answer

A)  a cooperative 
B)  a partnership 
C)  a conglomerate 
D)  a joint venture 
A)  a cooperative 
B)  a partnership 
C)  a conglomerate 
D)  a joint venture

Question 6

Faye Adkins had a relish that her family and friends raved about.As a result of moral and financial support from her family,Adkins began her own business and sells her relish in local supermarkets and on the Internet.Faye Adkins is an example of which of the following?

Accepted Answer

A)  a sole partnership 
B)  a sole proprietorship 
C)  an S corporation 
D)  a limited partnership 
A)  a sole partnership 
B)  a sole proprietorship 
C)  an S corporation 
D)  a limited partnership

Question 7

Which of the following is a disadvantage for the fast-food franchisee?

Accepted Answer

A)  ongoing management training programs 
B)  short-term credit for buying supplies 
C)  a peer group for support 
D)  royalty fees 
A)  ongoing management training programs 
B)  short-term credit for buying supplies 
C)  a peer group for support 
D)  royalty fees

Question 8

In 1984,Suzanne Pogell wanted to learn to sail,but she could find no one to teach her.She finally did convince someone to teach her to sail and,after mastering sailing,she started an all-woman sailing school called "Womanship" as a sole proprietorship.Which of the following represents the meaning of unlimited liability to Suzanne?

Accepted Answer

A)  She usually has to put in an unlimited number of hours. 
B)  She is fully liable for all business debts. 
C)  She must have liability insurance. 
D)  She has unlimited access to funds. 
A)  She usually has to put in an unlimited number of hours. 
B)  She is fully liable for all business debts. 
C)  She must have liability insurance. 
D)  She has unlimited access to funds.

Question 9

Who are the owners of a corporation?

Accepted Answer

The answer of Who are the owners of a corporation?...

Question 10

Which of the following is a disadvantage associated with a corporation?

Accepted Answer

A)  taxation rates compared to those of a sole proprietorship 
B)  cost of formation compared to a partnership 
C)  unlimited liability 
D)  limited life 
A)  taxation rates compared to those of a sole proprietorship 
B)  cost of formation compared to a partnership 
C)  unlimited liability 
D)  limited life

Question 11

Why do most large companies have outside directors on their boards?

Accepted Answer

A)  to meet federal government requirements 
B)  to provide independent benchmarks 
C)  to provide technology leadership 
D)  to bring a fresh view to all of the corporation's activities 
A)  to meet federal government requirements 
B)  to provide independent benchmarks 
C)  to provide technology leadership 
D)  to bring a fresh view to all of the corporation's activities

Question 12

Scott Abrams was driving to Calgary from Edmonton,when he got off Highway 2 to have some lunch.Abrams was surprised to find a fast-food outlet that contained both a Tim Horton's and a Wendy's franchise.What is this new trend in franchising called?

Accepted Answer

A)  a multiple franchise offering 
B)  a dual-franchise structure 
C)  cross-branding 
D)  a complete coverage franchise 
A)  a multiple franchise offering 
B)  a dual-franchise structure 
C)  cross-branding 
D)  a complete coverage franchise

Question 13

What is the first step in incorporating a company?

Accepted Answer

to select

Question 14

Tara Brtek owns and operates the Singing Pig Food Company.Brtek makes and markets 20 different gourmet mustards,salsas,marinades,and dip mixes using her crooning pig logo.If Tara decides to incorporate her business to make it easier to find investors,what would be her first step?

Accepted Answer

A)  Elect a board of directors. 
B)  Sell stock to her customers. 
C)  Write the articles of incorporation. 
D)  Hold an organizational meeting with shareholders. 
A)  Elect a board of directors. 
B)  Sell stock to her customers. 
C)  Write the articles of incorporation. 
D)  Hold an organizational meeting with shareholders.

Question 15

If Alonzo Bajalia were to become a limited partner in a landscaping company,which of the following would occur?

Accepted Answer

A)  He will agree not to participate in day-to-day management of the company. 
B)  He will be limited in the number of hours he can work each month. 
C)  He will limited in the amount he can invest. 
D)  He will qualify for a limited income tax rate. 
A)  He will agree not to participate in day-to-day management of the company. 
B)  He will be limited in the number of hours he can work each month. 
C)  He will limited in the amount he can invest. 
D)  He will qualify for a limited income tax rate.

Question 16

Dissolving a partnership is easier than dissolving a sole proprietorship.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following provides the legal and managerial guidelines for operating the company?

Accepted Answer

A)  the constitution 
B)  the articles of incorporation 
C)  the corporate structure 
D)  the bylaws 
A)  the constitution 
B)  the articles of incorporation 
C)  the corporate structure 
D)  the bylaws

Question 18

A corporation can best be described by which of the following statements?

Accepted Answer

A)  It cannot be sued. 
B)  It is subject to federal laws only. 
C)  It is a taxable entity. 
D)  It cannot own land but can own buildings. 
A)  It cannot be sued. 
B)  It is subject to federal laws only. 
C)  It is a taxable entity. 
D)  It cannot own land but can own buildings.

Question 19

Double taxation is a distinct advantage that corporations have over other forms of ownership.

Accepted Answer

A) True 
 B)False

Question 20

What is the first step in incorporating a company?

Accepted Answer

A)  Write the articles of incorporation. 
B)  Hold an organizational meeting. 
C)  Select the company's name. 
D)  Buy necessary licences and pay required taxes. 
A)  Write the articles of incorporation. 
B)  Hold an organizational meeting. 
C)  Select the company's name. 
D)  Buy necessary licences and pay required taxes.

Discuss the following statement "Joint ventures have unlimited life."

Which of the following is a disadvantage of sole proprietor ownership?

Tiffany Worth is buying a Dairy Queen franchise.Which of the following is not normally expected of the franchisor?

Articles of incorporation usually specify the life of a corporation as a certain number of predetermined years.

Ease of formation,flexibility,and diversity of management are advantages of which of the following forms of business ownership?

Faye Adkins had a relish that her family and friends raved about.As a result of moral and financial support from her family,Adkins began her own business and sells her relish in local supermarkets and on the Internet.Faye Adkins is an example of which of the following?

Which of the following is a disadvantage for the fast-food franchisee?

Who are the owners of a corporation?

Which of the following is a disadvantage associated with a corporation?

Why do most large companies have outside directors on their boards?

Scott Abrams was driving to Calgary from Edmonton,when he got off Highway 2 to have some lunch.Abrams was surprised to find a fast-food outlet that contained both a Tim Horton's and a Wendy's franchise.What is this new trend in franchising called?

What is the first step in incorporating a company?

Tara Brtek owns and operates the Singing Pig Food Company.Brtek makes and markets 20 different gourmet mustards,salsas,marinades,and dip mixes using her crooning pig logo.If Tara decides to incorporate her business to make it easier to find investors,what would be her first step?

If Alonzo Bajalia were to become a limited partner in a landscaping company,which of the following would occur?

Dissolving a partnership is easier than dissolving a sole proprietorship.

Which of the following provides the legal and managerial guidelines for operating the company?

A corporation can best be described by which of the following statements?

Double taxation is a distinct advantage that corporations have over other forms of ownership.

What is the first step in incorporating a company?

Politics Governments’ Roles

Economics Evolving Systems

Social Society, Corporate Responsibility, and Making Ethical Decisions

Technology Managing Information for Business Success

International The Global Marketplace

Entrepreneurship and Small Business

Analyzing the Business

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Marketing The Customer Focus

Creating Marketing Strategies

Achieving World-Class Operations Management

Accounting for Financial Success

Understanding Money and the Canadian Financial System

Finance Maximizing the Value

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Exam 8: Forms of Business Ownership

Discuss the following statement "Joint ventures have unlimited life."

Which of the following is a disadvantage of sole proprietor ownership?

Tiffany Worth is buying a Dairy Queen franchise.Which of the following is not normally expected of the franchisor?

Articles of incorporation usually specify the life of a corporation as a certain number of predetermined years.

Ease of formation,flexibility,and diversity of management are advantages of which of the following forms of business ownership?

Faye Adkins had a relish that her family and friends raved about.As a result of moral and financial support from her family,Adkins began her own business and sells her relish in local supermarkets and on the Internet.Faye Adkins is an example of which of the following?

Which of the following is a disadvantage for the fast-food franchisee?

Who are the owners of a corporation?

Which of the following is a disadvantage associated with a corporation?

Why do most large companies have outside directors on their boards?

Scott Abrams was driving to Calgary from Edmonton,when he got off Highway 2 to have some lunch.Abrams was surprised to find a fast-food outlet that contained both a Tim Horton's and a Wendy's franchise.What is this new trend in franchising called?

What is the first step in incorporating a company?

Tara Brtek owns and operates the Singing Pig Food Company.Brtek makes and markets 20 different gourmet mustards,salsas,marinades,and dip mixes using her crooning pig logo.If Tara decides to incorporate her business to make it easier to find investors,what would be her first step?

If Alonzo Bajalia were to become a limited partner in a landscaping company,which of the following would occur?

Dissolving a partnership is easier than dissolving a sole proprietorship.

Which of the following provides the legal and managerial guidelines for operating the company?

A corporation can best be described by which of the following statements?

Double taxation is a distinct advantage that corporations have over other forms of ownership.

What is the first step in incorporating a company?

Politics Governments’ Roles

Economics Evolving Systems

Social Society, Corporate Responsibility, and Making Ethical Decisions

Technology Managing Information for Business Success

International The Global Marketplace

Entrepreneurship and Small Business

Analyzing the Business

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Marketing The Customer Focus

Creating Marketing Strategies

Achieving World-Class Operations Management

Accounting for Financial Success

Understanding Money and the Canadian Financial System

Finance Maximizing the Value

Filters