
Special Transactions Quiz
Authored by Ida Ramos
Business
University
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25 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following best describes a partnership?
A business owned and operated by a single individual.
A business structure involving two or more individuals sharing profits, losses, and responsibilities.
A corporation with shareholders and a board of directors.
A non-profit organization managed by volunteers.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the legal basis for requiring a partnership with a capital of P3,000 or more to be recorded in the SEC?
Securities and Exchange Commission Act.
Civil Code, Articles 1771-1772.
Partnership Act of 2020.
Business Registration Act.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one disadvantage of a partnership compared to a corporation?
Greater source of capital
Better management
Unlimited liability
Fewer constraints on actions
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might a partnership be less effective than a corporation in raising large amounts of capital?
Partnerships have limited capital
Partnerships have better management
Partnerships have fewer constraints on actions
Partnerships are subject to less government regulations
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does "Receivable from a Partner" represent in a partnership's ledger accounts?
Loan obtained by the partnership from a partner
Loan extended by the partnership to a partner
Permanent withdrawals of capital
Share in profits
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to Article 1797 of the Civil Code, if the share of each partner in the profits has been agreed upon, how should the share of each in the losses be distributed?
In proportion to their capital contribution
In the same proportion as the profits
Equally among all partners
Based on the industrial partner's contribution
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If an industrial partner contributes capital in addition to their services, what share do they receive in the profits under Article 1797 of the Civil Code?
A share in proportion to their capital contribution
No share in the profits
A share equal to the other partners' profits
A share based on the losses incurred
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