Question: A _______________________joins two firms in the same industry.

Answer: Horizontal merger

Question: A legal form of business with two or more owners is a ____________________.

Answer: Partnership

Question: A __________________is an arrangement whereby someone with a good idea for a business sells the rights to use the business name and to sell a product or service to others in a given territory.

Answer: Franchise agreement

Question: In a(n)_____________________one company purchases the property and obligations of another company.

Answer: Acquisition

Question: Limited partners and shareholders have_________________ because they are only responsible for the losses of a business up to the amount they invest.

Answer: Limited liability

Question: This unique government creation called a(n) ______________________looks like a corporation but is taxed like sole proprietorships and partnerships.

Answer: S Corporation

Question: A ______________________is a company that develops a product concept and sells others the rights to make and sell the products.

Answer: Franchisor

Question: A business proposition that joins firms in completely unrelated industries is called a(n) _______________________________.

Answer: Conglomerate merger

Question: An agreement such as a(n) ______________________is a partnership with one or more general partners and one or more limited partners.

Answer: Limited partnership

Question: A(n)___________________________ looks much like a corporation in that it acts like a corporation and is traded on a stock exchange but is taxed like a partnership and thus avoids corporate income tax.

Answer: 10. Master limited partnership (MLP)