Partnership and Agency Law Review
Quiz
•
Business
•
9th Grade
•
Medium
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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