Partnership Quiz

Partnership Quiz

12th Grade

25 Qs

quiz-placeholder

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Partnership Quiz

Partnership Quiz

Assessment

Quiz

Business

12th Grade

Practice Problem

Hard

Created by

Yulia Katz

Used 2+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A partnership must make a profit.

True

False

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A partnership must have a legal written agreement.

True

False

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Two proprietorships CANNOT combine and form a partnership.

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When assets are rolled into a partnership, the value that they are allocated in the partnership is the same as the value in the previous entity.

True

False

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When accounts receivable are contributed to a partnership, they are valued at their expected realizable value.

True

False

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When profit is allocated in a 3:2:1 ratio, it means that one partner will get 50% of the profit.

True

False

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Salaries to partners and interest on partner's capital balances are expenses of the partnership.

True

False

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