Partnership Concepts
Authored by Ankiat Co
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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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