1. When one party acquires a license to use another party’s business model and intellectual property in the distribution of goods and services, the arrangement is a __________.

limited liability partnership

kickback

franchise

joint venture

2. The power and authority to exclude competition or control prices is known as __________.

reserved power

enumerated power

monopoly power

implied power

3. Corporate officers are best described as:

owners of a corporation with limited liability for its debts and obligations.

directors elected by a corporation’s shareholders.

employees appointed to manage the daily operations of a corporation.

partners pursuing a joint venture transaction