have state and federal governments regulated franchises?a. The Federal Trade Commission requires by rule that franchisors disclose certain information to prospective franchisees.b. All states have enacted uniform franchising laws designed to protect franchisees.c. Many states prevent deceptive advertising of franchise opportunities through their deceptive trade practices or consumer protection legislation.d. Both (a) and (c) are correct. 2. A "close corporation":a. Is a limited partnership.b. Is a publicly held corporation selling shares to investors.c. Is a corporation in which family members hold stock.d. None of the above is correct.3. Bob, Joe, and John want to start a sporting goods store. Bob has worked in the sporting goods industry. The plan is for Bob to manage the store. Joe and John will invest money in the business, but neither of them will be involved in managing the store. Which of the following statements is most true?a. This business is a general partnership.b. John and Joe are limited partners.c. This business is a sole proprietorship.d. This business is a franchise.4. Which of the following statements regarding business structure is not true?a. A general partner has unlimited liability.b. Corporations pay income tax.c. LLCs pay income tax.d. A sole proprietor pays income tax on income generated by her business.5. Which of the following types of businesses would generally not be required to file articles of organization with the secretary of state?a. Sole proprietorshipb. Corporationc. Limited liability companyd. Limited partnership6. Which of the following statements is not true concerning S Corporations?a. S Corporations can have no more than 75 shareholders.b. Shareholders in an S Corporation must be individuals or estates.c. S Corporations pay income tax.d. Shareholders in an S Corporation must consent in writing to having the corporation taxes as a partnership.7. Which of the following is not an advantage to ownership in a publicly traded corporation?a. Continuityb. Limited liabilityc. Double taxationd. Liquidity of investment8. Jane?s lifelong dream has been to start her own business. She has decided to open a women?s clothing store. She comes to you for advice as to what type of ownership structure to choose for her business. Jane stresses to you that she does not want to be personally liable for her store?s losses and liabilities and she does not want double taxation. Which one of the following types of business structures would you recommend to Jane?a. Sole proprietorshipb. Limited liability companyc. General partnershipd. Corporation9. Earl Overbearing is in charge of nearly all of the management duties for a real estate sales business. Which of the following is an accurate statement about the relationship between Overbearing and the business?a. If the business is operated as a limited partnership, Overbearing cannot be a limited partner.b. If the business is operated as a close corporation, Overbearing must be a shareholder.c. If the business is operated as a corporation (close or otherwise), Overbearing will be personally liable for the debts of the corporation.d. None of the above.10. Tom is a franchisee for a Highway 99 service station. Which of the following is a potential disadvantage to Tom as a franchisee?a. Highway 99 may provide financing for Tom?s business.b. Highway 99 will help Tom advertise his business.c. Highway 99 has the right to terminate Tom?s franchise each year.d. Highway 99 may help train Tom?s employees.
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