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Partnership Concepts

Authored by Ankiat Co

Business

University

Used 2+ times

Partnership Concepts
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a characteristic of most partnership?

Limited Liability

Limited Life

Mutual Agency

Ease of formation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An advantage of the partnership as a form of business organization would be

Partners do not pay income taxes on their share in partnership profit.

A partnership is bound by the act of the partners.

A partnership is created by mere agreement of the partners

A partnership may be terminated by the death or withdrawal of a partner.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When property other than cash is invested in a partnership, at what amount should the non-cash property be credited to the contributing partner's capital account?

Fair value at the date of contribution.

Contributing partner's original cost.

Assessed valuation for property tax purposes.

Contributing partner's tax basis.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A partner whose liability for partnership debt is limited to his capital contribution to the partnership is called a

general partner

secret partner

limited partner

dormant partner

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A partner who contributes money or property to the capital of the partnership is called

industrial partner

capitalist partner

nominal partner

ostensible partner

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A partner who contributes his work or labor to the common fund of the partnership is called

industrial partner

capitalist partner

managing partner

nominal partner

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One who takes charge of the winding up of partnership affairs upon dissolution is called

ostensible partner

silent partner

liquidating partner

limited partner

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