LGS exam 3 (1)
Authored by Judd Prescott
Business
12th Grade
Used 2+ times
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100 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a written agreement setting forth the rights and obligations of a partnership called?
Articles of Partnership
Buy-Sell Agreement
Charging Order
Franchise
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an express contract where a partner agrees to buy out another in the event of a partner's death, departure, or removal from the partnership?
Buy-Sell Agreement
Articles of Partnership
Dissolution
Goodwill
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the amount payable to a partner upon their departure from the partnership?
Buyout Price
Charging Order
Franchise Fee
Goodwill
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In partnership law, what is a court order that entitles a creditor to recover their due from a partner's interest in the partnership?
Charging Order
Buy-Sell Agreement
Dissociation
Franchise
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the separation of a partner from their partnership or member from their LLC called?
Dissociation
Dissolution
Franchise
Entrepreneurship
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formal disbanding of a partnership, corporation, or other business entity known as?
Dissolution
Dissociation
Franchise
Buyout
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is an individual that manages and assumes the risks of a new business?
Entrepreneur
Franchisee
Franchisor
Partner
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