Partnership Quiz

What is a partnership?

• A business owned by one person

• A business owned by two or more people

• A business owned by the government

Which of the following is a benefit of a partnership?

• All profits go to one person

• Shared responsibility between partners

• Only one person makes decisions

In a partnership, how are the profits shared?

• Equally shared between partners

• Kept by one partner only

• Donated to a charity

Why is decision-making easier in a partnership?

• Partners have more ideas to discuss

• Only one partner makes all the decisions

• Decisions are made by the employees

What is a possible drawback of a partnership?

• Partners can disagree on decisions

• All partners always agree on everything

• One partner can quit anytime

How can partnerships raise money more easily?

• Only one person invests in the business

• Partners combine their money

• They don't need any money to start

Which of these could be a problem in a partnership?

• Partners don’t need to share responsibility

• Disagreements between partners

• Partners can choose their own hours

How does a partnership benefit from shared skills?

• Each partner brings different skills to the business

• Only one partner has all the skills

• Partners do not need any skills to start

What happens if one partner leaves the partnership?

• The business automatically closes

• The remaining partners continue the business

• The business belongs to the government

Why can trust be important in a partnership?

• Partners must trust each other to make good decisions

• Partners don’t need to trust each other

• Trust is only needed for customers