Question 1

A corporation receives its authority to operate from:

Question 2

Probably the most important feature of a partnership agreement is:

Question 3

If a partnership is formed without an agreement, the partnership is automatically subject to the:

Question 4

The three key elements of any partnership are:

Question 5

The form of ownership with the greatest ability to accumulate capital is the:

Question 6

Which of the following should make a potential franchisee suspicious about a franchiser's honesty?

Question 7

To protect investors from unscrupulous franchisers, the regulatory body is the:

Question 8

When buying a franchise, the potential franchisee should first:

Question 9

The franchiser has the right to cancel a contract if a franchisee:

Question 10

There are two main risks in purchasing a franchise. First, that of the franchiser's experience and business system, and second:

Question 11

The biggest source for the best companies to buy is:

Question 12

The mechanics of most small business sales involve:

Question 13

The ________ approach to valuing a business assumes that a dollar earned in the future is worth less than that same dollar is today.

Question 14

The ________ is the area within which the two parties can reach an agreement.

Question 15

Which of the following is a way to smooth the transition of leadership/management from the seller of a business to the buyer?

Question 16

A business plan:

Question 17

The most common reason cited by banks for rejecting small business loans is:

Question 18

A ________ is what a customer gains from the product or service feature.

Question 19

The phrase, "avoid the off-the-shelf, 'cookie-cutter' approach that produces look-alike plans" means:

Question 20

Investors look for which of the following when reviewing the experience of the management team of a new venture?