Lock Down Quiz

This type of business is owned by two or more people.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

This type of business is a contractual agreement with a parent company to sell its products/services in an area.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Law firms and doctor's offices are examples of.....

• Sole Proprietorships
• Partnerships
• Corporations
• Franchises

McDonald's and Burger King are examples of....

• Sole Proprietorships
• Partnerships
• Corporations
• Franchises

Advantages of this business include: easier to get money from the bank to start, share skills and share risks.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Advantages of this type of business include: easy to start, and you can rely on a good company name and expertise.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

What is a franchise?

• Where a business sells the rights to their brand
• Where you have full control
• Where you keep all the profits

Which is a franchisor?

• Starts a business
• Takes over a business
• Buys into an existing brand
• Allows others to use their brand name

What liability is a franchise?

• Limited
• Unlimited
• It depends (could be either)

Fee paid from franchisee to franchisor based on percentage of sales

• royalty fee
• franchise fee
• advertising fee
• license fee