1. Identify an accurate statement about a sole proprietorship.
2. Sara and Cilia run a café together. They share ownership of and liability for the café and have come to an agreement about how the profits from the cafe should be divided between them. If the café runs into debt, both Sara and Celia are responsible for the debt. What form of business is best demonstrated in this scenario?
3. What criterion under the Uniform Partnership Act (UPA) must be met by a business, for it to qualify as a general partnership?
4. What is true about a limited partnership? All the partners are personally liable for partnership debts
5. Who among the following is most likely to be a limited partner in a limited partnership?
6. Who has unlimited liability for the debts and obligations of limited partnerships?
7. What is a characteristic of a corporation?
8. Identify the type of corporations in which there are thousands of shareholders and the shares are traded on national stock exchanges.
9. Alpha Corp. has very few shareholders and all of the shareholders belong to a single family. The shareholders are involved in the operations of the business and frequently make management decisions. What type of corporation does Alpha Corp. best represent?
10. Identify the true statement about limited liability companies. They are created by federal and not state laws.\
11. What is true about the formation of limited liability companies?
12. Delta Group is a business firm created by a team of doctors. The business was formed as per the state's laws and is not taxed as a separate entity. The owners of the business are not personally liable for the losses, debts, and obligations of the firm. Identify the business form that is best illustrated in the scenario
13. Nutristar is a soft drink manufacturing company that wishes to expand its business. The company has licensed another firm to manufacture its soft drinks and provided the firm with the necessary confidential information about manufacturing. The licensed company manufactures the soft drinks and distributes them. What type of franchise is best illustrated in this scenario?
14. Identify the business arrangement that involves two business firm spooling resources to work on a single, mostly temporary, business project.
15. Gamma Inc. has permitted another firm to operate under its name and use its trademarks and service marks. This firm can now use the intellectual property of Gamma Inc. to produce and distribute products. What business concept is best illustrated in this scenario?
16. Identify the true statement about negotiation as an alternative form of dispute resolution.
17. Identify the form of alternative dispute resolution in which the two involved parties go to a neutral third party, who makes the final decision.
18. Synergy Inc. is involved in a dispute with Alpha Corp. Both companies have agreed to conduct a private proceeding involving representatives from each side. They have also appointed lawyers to present their arguments to these representatives. What type of alternative dispute resolution is most likely being used in this scenario?