
Partnerships
Quiz
•
Financial Education
•
9th Grade
•
Practice Problem
•
Easy
Khloe Webster
Used 1+ times
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11 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a partnership?
A partnership is when two or more people come together to reach a common goal
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What are the two types of partnerships
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a general partnership?
Within a general partnership, the responsibility is divided between two or more people who agreed to run the business
4.
MULTIPLE SELECT QUESTION
1 min • 2 pts
What are two advantages of a general partnership?
Profits are shared equally between partners
work load can be shared among partners
5.
MULTIPLE SELECT QUESTION
1 min • 2 pts
What are two disadvantages of a general partnership?
With profits split, individual earnings may reduce.
Partners are responsible for the business' debt.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a limited partnership?
A limited partnership is one with at least a general partner and one or more limited partners.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which on of these is true for limited partnerships?
In a limited partnership, limited partnerships share liabilities of the business, however it is limited to their capital contribution
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