WorksheetsIntro to Partnership
Total questions: 10
Worksheet time: 6mins
Which of the following partnership characteristics is a disadvantage?
a.
Unlimited liability
b.
Ease of dissolution
c.
Voluntary association
d. Participation in partnership income
A partnership agreement should include
a.
each partner's duties.
b. the purpose of the business.
c.
the method of allocating profits and losses.
d. all of these
Which of the following is not a characteristic of most partnerships?
a.
Ease of formation
b. Limited liability
c.
Mutual agency
d. Limited life
In a limited partnership,
a.
the general partners have limited liability.
b.
all partners have limited liability.
c.
all but the general partners have limited liability.
d. all but the general partners have unlimited liability.
Which of the following is a characteristic of most partnerships?
a.
Unlimited life
b. Limited liability
c. Mutual contribution
d. Division of profits only
A partner who is liable for the payment of partnership debts to the extent of his
separate property after the partnership assets are exhausted is called
a.
Limited partner.
b.
General partner.
c.
Managing partner.
d. Capitalist partner.
One who takes charge of the winding up of partnership affairs upon dissolution:
a.
Dormant partner
b.
Liquidating partner
c.
Silent partner
d. Ostensible partner
The most appropriate lead to look for relationships among partners is in the
a.
accounting records.
b. voluntary association.
c. partnership agreement.
d.
relevant professional journals.
A partner who contributes his work, labor or industry to the common fund of the
partnership is called
a. limited partner.
b. capitalist partner.
c. industrial partner.
d.
managing partner.
A partnership which comprises all the profits that the partners may acquire by their
work or industry during the existence of the partnership is called
a.
de jure partnership.
b.
universal partnership of profits.
c. particular partnership.
d. universal partnership of all present property.
