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