Intro to Partnership

Intro to Partnership

University

10 Qs

quiz-placeholder

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Intro to Partnership

Intro to Partnership

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Dianne Tang-See

Used 1K+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

An industrial partner cannot be a general partner.

True

False

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The characteristic of unlimited liability is a disadvantage on the point of view of the creditor.

True

False

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

It is easier to change ownership in a corporation than in a partnership.

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is not a characteristic of all partnerships?

taxable entity

co-ownership of property

mutual agency

voluntary association

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The partners have the following rights, except one:

share in profits

receive net assets at liquidation point

co-manage the business

transfer ownership at will

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A partnership has an indefinite life like a corporation.

True

False

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Access to more capital is an advantage of a partnership over a sole proprietorship.

True

False.

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