Online Quiz HTRM 3-3

A union or association of two or more persons to manage a business to earn a profit.

• Partnership

• Sole Proprietorship

• Corporation

• Franchise

A business owned and operated by one person only. It is also may use a trading name or business name other than its legal name.

• Partnership

• Sole Proprietorship

• Corporation

• Franchise

A legal entity that is separated and distinct from its owner.

• Corporation

• Partnership

• Sole Proprietorship

• Franchise

This is another form of business that exists in the tourism and hospitality sector.

• Franchising

• Sole Proprietorship

• Corporation

• Partnership

The owner of the business that provides the product or service.

• Franchisor

• Franchisee

• Franchise

The one who receives the rights to use the franchisor's business name.

• Franchise

• Franchisee

• Franchisor

A kind of partnership that is composed of one or more general partners and one or more limited partners.

• General Partnership

• Limited Partnership

• Partnership at will

A partnership whose term of existence is indefinite.

• General Professional Partnership

• Partnership at will

• Limited partnership

A kind of partnership where the general partners are liable for the contracts and obligations of the partnership pro-rata with their individual private or personal property after the exhaustion of partnership assets.

• Limited Partnership

• General Partnership

• Partnership at will

with the free market hospitality services, the demand for nontraditional lodging has become a streamlined technique for landowners to generate additional income.

• Ridesharing

• Lodging

• Guided Tours