
Partnerships Quiz
Authored by Vignette Henry
Business
6th - 8th Grade
Used 5+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three main types of partnerships?
Sole partnership, joint partnership, and individual partnership
General partnership, limited partnership, and limited liability partnership
Full partnership, complete partnership, and total partnership
Unlimited partnership, collective partnership, and joint partnership
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a small business partnership, how are the profits and losses shared among the partners?
Based on the amount of capital invested by each partner
Decided by the partner with the most experience
Proportionate to the number of years each partner has been in the business
Equally among the partners
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a limited partnership and how does it differ from a general partnership?
Limited partnership has only one partner, while a general partnership has multiple partners.
Limited partnership has no legal requirements, while a general partnership requires formal registration.
Limited partnership has unlimited liability for all partners, while a general partnership has limited liability.
Limited partnership has both general and limited partners, with different levels of liability, while a general partnership has all partners with unlimited liability.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Name one advantage of forming a partnership in business.
Unlimited liability for debts
Shared responsibility and expertise
Decreased flexibility in decision-making
Limited access to resources
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can partnerships help in sharing the workload and responsibilities?
By creating more confusion and chaos
By reducing the efficiency and productivity
By distributing tasks and responsibilities among multiple individuals or organizations.
By increasing the workload for everyone involved
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain how a partnership between Jackson and Michael can benefit from combined skills and expertise.
By refusing to share knowledge and resources
By ignoring the strengths of each partner and working independently
By leveraging the strengths of each partner to achieve common goals, share knowledge and resources, and provide a more comprehensive and diverse range of services.
By competing with each other instead of collaborating
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a potential disadvantage of partnerships in terms of liability?
Personal liability for the debts and obligations of the business
Limited liability for the debts and obligations of the business
Unlimited liability for the debts and obligations of the business
No liability for the debts and obligations of the business
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