In Franchising, an Entity or Individual That Grants Another Party

question 51

Multiple Choice

In franchising, an entity or individual that grants another party the right to conduct business according to specified methods and terms is known as a

• A)franchisor.
• B)franchisee.
• C)franchise.
• D)licensor.

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Definitions:

Standard Mileage Rate

The Standard Mileage Rate is a set amount per mile provided by the IRS that taxpayers can use to calculate deductible vehicle expenses for business, charitable, medical, or moving purposes.

Parking Fees

Charges incurred for the use of a parking space, which may be deductible in certain tax situations if related to business activities.

Property Taxes

Taxes levied by local governments on the value of real estate owned, which fund services like schools, fire departments, and local infrastructure.

Inherited Property

Property that individuals receive as a result of the death of the previous owner, transferring ownership through a will or by law.