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Quiz: Definition of Partnership

Quiz by Sherwin Salas

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5 questions
Show answers
  • Q1
    Modified True or False: Partnership is a contract between two or more persons
    Sometimes true (Partnership cannot be formed by juridical persons)
    Sometimes true (Partnership does not need consent of every partner, only majority)
    Always true
    Never true
    30s
  • Q2
    Modified True or False: Partners can contribute money, property or industry
    Sometimes true (At least one of the partners should contribute money or property)
    Never true
    Always true
    Sometimes true (Only if all partners agree that industry is a sufficient contribution)
    30s
  • Q3
    Modified True or False: All partners are entitled to their profit share
    Sometimes true (Partners who violate provisions of the partnership contract may be denied his/her share in the profit)
    Always true
    Sometimes true (Partners who contribute only service may be denied his/her share of profits due to tardiness, absenteeism, other forms of absence from work)
    Never true
    30s
  • Q4
    Modified true or false: Capitalist partners (partners who contributed money or property) has more rights to the partnership compared to industrial partners (partners who contributed service only).
    Sometimes true (Partners may stipulate rights according to the interest of each partner)
    Always true
    Never true
    Sometimes true (Partnership can be formed with all industrial partners, so everyone would be equal)
    30s
  • Q5
    Which of the following may NOT be contributed by a partner into the partnership?
    Stock rights
    Promissory note
    Stock Option
    Answer not given
    30s

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