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Partnership quiz

Quiz by Paul Drury

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30 questions
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  • Q1
    What is the definition of partnership in law?
    Persons who work together where there is a number less than 20 partners.
    Persons carrying on a business in common with a view of profit
    Persons carrying on a profitable business.
    Persons who work together under a written agreement.
  • Q2
    Which Act regulates general partnerships in the UK?
    Partnership Act 1980
    Partnership Act 1890
    Partnerships Act 1900
    General Partnership Act 2003
  • Q3
    Does a partnership have to have a written agreement?
    Yes, but it can be short.
    They cannot have a written agreement.
  • Q4
    Under the Partnership Act how do partners share profits and losses?
    Partners are only entitled to a salary.
    It depends on capital invested by each partner.
    There is no provision made for profit share.
  • Q5
    If a partner cannot clear his debts on dissolution, the other partners must clear these debts in the following manner:
    Debts should not be cleared by other partners
    Partnership profit/loss sharing ratio
    Debts are shared equally
    In the ratio of their last agreed capital balance
  • Q6
    Which statement is most accurate?
    All partners are individually liable for the acts of fellow partners carrying out partnership business.
    All partners are individually liable for contracts made by fellow partners, but not for torts committed by fellow partners
    All partners are individually liable for all acts of fellow partners.
    All partners are individually liable for torts committed by fellow partners, but not for contracts made by fellow partners.
  • Q7
    A partner who retires is liable for the debts and obligations of the partnership incurred before he retires.
    False, so long as the other partners agree.
    True, so long as he agrees to it.
  • Q8
    Which of the following statements is NOT true under the default Partnership Act provisions?
    All partners are agents of the firm.
    A majority of partners can expel a partner.
    Partners are not entitled to a salary, only a share in profit.
    Major changes cannot be made without the agreement of all partners e.g. admission of a new partner.
  • Q9
    Do all partners have the right to manage the firm?
    Yes. The Partnership Act provides that subject to contrary agreement, express or implied, that every partner may take part in the management of the business.
    Yes, so long as the partners have contributed more than £1,000 in capital.
    No. Partners are not managers as such, they are only investors.
    No. The Partnership Act says nothing about this right.
  • Q10
    Which one of the following is NOT a duty of a partner?
    Duty not to compete.
    Duty to account for any benefit obtained on account of the firm.
    Duty to render true accounts and full information.
    Duty to act with professional care and skill.
  • Q11
    A partner who is held out as having authority to enter into a contract on behalf of a partnership is also known as a partner by XXXX? What is the missing word XXXX?
  • Q12
    Consider the following two statements: 1. Partnership property must NOT be used exclusively for partnership purposes and 2. Partnership property MUST be used exclusively for partnership purposes. Are statements 1 and 2 true or false?
    1. FALSE 2. TRUE
    1. TRUE 2. FALSE
    1. TRUE 2. TRUE
    1. FALSE 2. FALSE
  • Q13
    Consider the following two statements 1. Any increase in the value of personal property belongs to the person who owns the property and 2. Any increase in the value of partnership property belongs to the partnership. Are these statements TRUE or FALSE?
    1. TRUE 2. FALSE
    1. TRUE 2. TRUE
    1. FALSE 2. FALSE
    1. FALSE 2. TRUE
  • Q14
    Consider the following statement "Anyone who represents themselves, or knowingly permits themselves to be represented, as a partner is liable to any person who gives the partnership credit on the basis of that representation." What is this statement describing?
    Partner by assignment.
    None of these answers.
    Partner by holding out.
    Partner by novation.
  • Q15
    Consider the following section of the Partnership Act: "Unless the contrary intention appears, XXXX bought with money belonging to the firm is deemed to have been bought on account of the firm." What is the missing word XXXX?

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