Business Management State Test Review

Front

Which of the types of business organizations is owned by shareholders/stockholders? Options: Sole proprietorship, Partnership, LLC, Corporation

Back

Corporation

Front

What is the name of an individual who owns a share of a corporation and is entitled to part of its profits?

Back

shareholder/stockholder

Front

Which business entity is best defined as the right or license granted by a company to an individual or group to market its products or services in a specific territory?

Back

Franchise

Front

What are the advantages of a franchise to the franchisor?

Back

Franchisor support, Minimal business experience necessary, Established Brand.

Front

What are the advantages of a franchise to the franchisor?

Back

rapid expansion

Front

What legally protects a company's logo and slogan?

Back

trademark

Front

What legal term grants an exclusive right for an invention, which is a product or a process that provides a new way of doing something?

Back

patent

Front

What legal protection should you file if you write a song or a book?

Back

copyright

Front

What occurs when the market supply and demand balance each other?

Back

equilibrium

Front

What occurs if the quantity supplied is greater than the quantity demanded?

Back

surplus