Entrepreneurship I: Objective 1.05 Vocabulary Quiz

A franchising arrangement where the franchisor provides the franchisee with an established business, including name and trademark, for the franchisee to run independently.

• Partnership

• General Partnership

• Business Format Franchise

• Product Trade-Name Franchise

Refers to the control over an enterprise, providing the power to dictate the operations and functions.

• Business Ownership

• Franchise

• Licensing

• Partnership

Public corporation that can sell unlimited shares to unlimited owners.

• General Partnership

• Limited Liability Company

• C Corporation

• Nonprofit Corporation

The acquiring of many smaller companies.

• Consolidation

• Merger

• Expansion

• Joint Venture

A form of business operation that declares the business as a separate, legal entity guided by a group of officers known as the board of directors.

• Corporation

• Nonprofit Corporation

• Partnership

• Sole Proprietorship

Growing operations with new capital from selling more stock, reinvesting profits, and/or obtaining bank loans.

• Consolidation

• Merger

• Expansion

• Joint Venture

A type of license that a party (franchisee) acquires to allow them to have access to a business's (franchisor) proprietary knowledge, processes, and trademarks in order to allow the party to sell a product or provide a service under the business's name.

• Partnership

• Sole Proprietorship

• Private Enterprise System

• Franchise

The payment a franchisee makes to the franchisor for the right to use the company's brand, products, and intellectual property.

• Licensing

• Investment

• Franchise Fee

• Expenses

A small business owner who operates a franchise and has purchased the right to use an existing business's trademarks, associated brands, and other proprietary knowledge to market and sell the same brand, and uphold the same standards as the first business.

• Franchisee

• Entrepreneur

• Manager

• Employee

A method of distributing recognized goods/services through a legal agreement.

• Licensing

• Franchising

• Partnership

• Business Ownership