Entrepreneurship Chapter 7

Initial franchise fees are usually refundable if the franchise owner later backs out

Which of the following is NOT an advantage to buying an existing business?

The copyright on a book remains in effect until the author dies.

If you are buying an existing bus., you should ask the owner for important info in written form

Entrepreneurs should be able to handle minor legal matters themselves.

A(n) ____ is a business that has the legal rights of a person but is independent of its owners

Fewer than 100,000 people own franchises & popularity of franchise ownership is declining

A business owned by two or more people is a(n)

A unit of ownership in a corporation is called a

Income earned by a sole proprietorship is taxed twice.

A franchisee

As many as 90% of all businesses are owned by families.

Franchisors often help buyers with marketing, merchandising, and site selection.

A corporation’s board of directors is responsible for all of the following EXCEPT

A business owned exclusively by one person is called a

__________ are distributions of corporate profits to the shareholders