Question 12 out of 2 pointsAll partnerships must have:Question 22 out of 2 pointsThe most common form of business ownership is the:Question 32 out of 2 pointsIn a joint venture individuals join together in co-ownership for:Question 42 out of 2 pointsWhich of the following is a disadvantage of the corporation form of ownership?Question 52 out of 2 pointsA partnership is:B) not subject to the double taxation of some other forms of business.Question 62 out of 2 pointsThe limited liability company is most like a(n):Question 72 out of 2 pointsAcme Corporation is chartered in Delaware but its primary area of operation is in South Carolina. In South Carolina Acme would be considered a(n) ________ corporation.Question 82 out of 2 pointsWhich type of ownership is not subject to federal taxation?Question 92 out of 2 pointsThe primary reason entrepreneurs choose to incorporate is because of:Question 100 out of 2 pointsThe most critical disadvantage of the sole proprietorship is:Question 112 out of 2 pointsThe ________ is a document that states in writing all of the terms of operating the partnership for the protection of each partner involved.Question 122 out of 2 points________ corporations have shares that are controlled by a relatively small number of people – family members relatives or friends.Question 132 out of 2 pointsA limited partnership is a modification of a(n) ________ form of ownership.Question 142 out of 2 pointsCommon ownership interest in a business sharing profits (or losses) of a business and the right to participate in managing the operations of the business are characteristics of a(n):Question 152 out of 2 pointsProbably the most important feature of a partnership agreement is:Question 162 out of 2 pointsTerritorial protection in franchising:Question 172 out of 2 pointsThe biggest challenge facing the growth of new franchises is:Question 182 out of 2 pointsThe primary advantage of buying a franchise over starting your own company is:Question 192 out of 2 pointsWhen it comes to purchasing products equipment etc. the franchiser:Question 202 out of 2 pointsWhen the franchisee has the right to establish a semi-independent organization in a particular territory to recruit sell and support other franchises it is called a ________ franchise.Question 212 out of 2 pointsThe failure rate for franchises is:Question 222 out of 2 pointsAnother term for cobranding franchising is:Question 232 out of 2 points________ franchising involves providing the franchisee with a complete business system–the established name the building layout and design accounting systems etc.Question 242 out of 2 pointsWhen buying a franchise the potential franchisee should first:Question 252 out of 2 pointsThere are two main risks in purchasing a franchise. First that of the franchiser’s experience and business system and second:Question 262 out of 2 pointsThe ________ requires all franchisers to disclose detailed information on their operations at the first personal meeting or at least fourteen days before a franchise contract is signed or any money is paid.Question 272 out of 2 pointsWhen it comes to financial assistance for franchisees the franchiser often:Question 282 out of 2 pointsThe primary market for U.S. franchisers is:Question 292 out of 2 pointsFranchise advertising programs:Question 302 out of 2 pointsIn franchising the reputation of the franchiser is dependent on: