Partnership and Agency Law Review

Partnership and Agency Law Review

9th Grade

46 Qs

quiz-placeholder

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Partnership and Agency Law Review

Partnership and Agency Law Review

Assessment

Quiz

Business

9th Grade

Medium

Created by

Kathy Welte

Used 1+ times

FREE Resource

46 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not typically included in a partnership agreement?

Profit-sharing terms

Roles and responsibilities

Salary of each partner

Capital contributions

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What must partners agree on regarding profit-sharing in a partnership?

It must be equal unless otherwise specified in the agreement

Profits are distributed based on each partner's time commitment

Profits are distributed equally regardless of capital contribution

Only one partner can receive profits

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not an essential element of a partnership agreement?

Purpose of the business

Capital contributions of each partner

The type of products or services to be sold

Profit-sharing arrangement

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a key duty of a partner in a partnership?

Competing with the partnership

Keeping accurate financial records

Making binding decisions independently

Taking personal loans without informing others

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a partner withdraws from the partnership without proper notice or agreement, it can lead to what?

A breach of fiduciary duty

The automatic dissolution of the partnership

New capital contributions

Profit-sharing redistribution

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A trading partnership is primarily formed for the purpose of:

Providing services to clients

Engaging in buying and selling goods

Developing intellectual property

Real estate investment

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following partnerships limits the liability of certain partners to the amount of their capital contributions?

General partnership

Limited partnership

Silent partnership

Nominal partnership

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