
BAT4M UNIT 4 REVIEW
Quiz
•
Business
•
12th Grade
•
Practice Problem
•
Easy
Yulia Katz
Used 1+ times
FREE Resource
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27 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Two proprietorships CANNOT combine and form a partnership.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A partnership is taxed as a single legal entity.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a limited liability partnership, all the partners have limited liability for the debts of the partnership.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a partner exceeds his or her authority and the act looks appropriate for the partnership, the act is NOT binding on the other partners and the partnership.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Because of the unlimited liability of partners in a partnership, it is easier for a partnership to gain large amounts of investment capital.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 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
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a long-lived asset is contributed to a partnership by a partner, the entity will record the fair value of the asset and the accumulated depreciation which has accumulated on it.
True
False
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