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BAT4M UNIT 4 REVIEW

Authored by Yulia Katz

Business

12th Grade

Used 1+ times

BAT4M UNIT 4 REVIEW
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27 questions

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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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