TRY IT B4 FINAL EXAM

There are THREE (3) types of business entity. Which is the following is NOT THE CORRECT answer?

• SOLE TRADER

• COMPANY

• ASSOCIATION

• PARTNERSHIP

The identity of a company is separated from its member once it was incorporated. What is this?

• SEPARATE PERSON ENTITY

• SEPARATE PERSONALITY ENTITY

• SEPARATE LEGAL PERSONALITY

• SEPARATE LEGAL ENTITY

In the case of MACAURA v NORTHERN ASSURANCE CO, a company has the right to ______________

• Ability to sue and be sued

• Ability to change its name

• Ability to own property

• Perpetual succession

Perpetual succession means?

• The company is an artificial person

• The company do not have time limit

• The company has the ability to sue and be sued

• The company is an immortal

Which is the CORRECT title for Partnership Act?

• PARTNERSHIP ACT 1961

• PARTNERSHIP ACT 1962

• PARTNERSHIP ACT 1960

• PARTNERSHIP ACT 1950

The definition of partnership is stated in __________

• section 3 (1)

• section 2 (1)

• section 3 (2)

• section 2

There are FOUR elements of partnership. Which of the following NOT THE CORRECT element

• Persons

• profit

• contractual

• relation

Sharing a property does make a person a partner.

• TRUE

• FALSE

Share net profit is prima facie that he is a partner in the business

• TRUE

• FALSE

Partner entitle to share equally in the capital and profits of the business and losses.

• Section 26(a)

• Section 26(f)

• Section 26(b)

• Section 26(i)