Asked by Abagail Marie Minnick on May 14, 2024
Verified
Radonna has just secured a license to sell Sonic products in her town of Normandy, Missouri. This agreement between Radonna and Sonic is known as a(n) ________.
A) joint venture
B) franchise
C) joint partnership
D) limited liability partnership
E) entrepreneurship agreement
Franchise
A business model that allows individual owners to operate a store, restaurant, or other establishment using the branding, products, and operational support of an established company.
Sonic Products
Sonic products involve items or technologies that use sound waves to function, such as ultrasonic cleaning devices or sonic toothbrushes.
License
A license grants permission by one party to another to use property or engage in a particular activity, without transferring ownership.
- Gain insight into how consortiums, cooperatives, and syndicates are formed and their positive impacts on business.
Verified Answer
PM
Pavel MakarevichMay 20, 2024
Final Answer :
B
Explanation :
This agreement is known as a franchise, where Radonna has obtained the rights to sell Sonic products in her specific location under the Sonic brand name.
Learning Objectives
- Gain insight into how consortiums, cooperatives, and syndicates are formed and their positive impacts on business.