PARTNERSHIP AND CORPORATION - GENERAL CONCEPT AND FORMATION

PARTNERSHIP AND CORPORATION - GENERAL CONCEPT AND FORMATION

University

10 Qs

quiz-placeholder

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PARTNERSHIP AND CORPORATION - GENERAL CONCEPT AND FORMATION

PARTNERSHIP AND CORPORATION - GENERAL CONCEPT AND FORMATION

Assessment

Quiz

Business

University

Hard

Created by

Carlo MBA

Used 46+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

A characteristic describing a partnership as a juridical personality which can acquire, sell or dispose properties and incur obligation is called

taxable entity

legal entity

mutual entity

voluntary entity

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

a business such as partnership has to file its partnership agreement and register its firm's name with these government agencies except one

Securities and Exchange Commission

Department of Trade and Industries

National Bureau of Investigation

Bureau of Internal revenue

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

An industrial partner cannot be a general partner

True

False

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

A capitalist partner cannot be a limited partner

False

True

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

The partner's personal account which was collected by partnership and credited to its account receivable is a violation of the

Partner's Equity Concept

Business Entity Concept

Realization Principle

Accrued principle

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

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

True

False

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

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

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