What is a partnership?
Partnership

Quiz
•
Other
•
12th Grade
•
Medium

Iradatul Aqilah Mohammad Jefri
Used 30+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A business owned by more than 50 people
A business owned by one person
A business owned by two or more people (less than 20)
A business owned by exactly 2 people
2.
FILL IN THE BLANK QUESTION
1 min • 1 pt
The net profit after appropriation of Partners A, B, C and D is $20,000. They share their profits equally. How much will C receive?
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What happens if there is NO partnership agreement?
Partnership will cease to exist
Partnership Act will be implemented
Partnership becomes a Sole Trader
Nothing will happen
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Partnership Act states that if there is no Partnership Agreement, partners will share their profit or losses ____________
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Is there an interest on capital or interest on drawing in the Partnership Act?
Yep, 5% each!
5% for interest on capital, 3% for interest on drawings
3% for interest on capital,
5% for interest on drawings
No interest for both!
6.
DRAW QUESTION
3 mins • 1 pt
Mark where interest on drawings will be in the current account (Mark X on the correct side)
7.
DRAW QUESTION
3 mins • 1 pt
Mark where share of profit will be in the current account (Mark an X on the correct side)
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