6.32 Partnership Deed and Business Structures Quiz

6.32 Partnership Deed and Business Structures Quiz

12th Grade

10 Qs

quiz-placeholder

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6.32 Partnership Deed and Business Structures Quiz

6.32 Partnership Deed and Business Structures Quiz

Assessment

Quiz

Financial Education

12th Grade

Easy

Created by

Deeky Mvula

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a partnership deed?

To maintain the financial records of the partnership

To define the management structure of the partnership

To specify the official name under which the partnership will operate

To outline the rights, responsibilities, and expectations of each partner

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which clause in a partnership deed addresses the procedures for partners to leave the partnership?

Dispute Resolution

Accounts and Signatories

Retirement

Nature of Business

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the key advantage of having a partnership deed?

Reduced Conflict

Increased Competition

Lack of Transparency

Limited Communication

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main difference between a partnership and a company in terms of creation?

Partnership requires incorporation under company law

Partnership is primarily for profit-making

Company is created through an agreement between individuals

Company may have broader objectives

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which structure allows for shares to be freely transferable?

Partnership

Company

Sole Proprietorship

Limited Liability Partnership

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a partnership, who are mutual agents with joint and several liability?

Shareholders

Partners

Employees

Directors

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to a partnership in case of death or bankruptcy?

May dissolve the partnership

Continues despite changes

Becomes a company

No impact on the partnership

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