Partnership (1-10)

1. Which of the following type of the business is governed under the partnership Act 1932?

(a) Sole-proprietorship

(b) Partnership

(c) Limited companies

(d) Unlimited companies

Correct! Wrong!

2. The relation between persons who have agreed to share the profit of the business carried on by all or any one of them acting for all is called?

(a) Partnership

(b) Joint Stock Company

(c) Limited liability company

(d) Sole proprietorship

Correct! Wrong!

3. When capital is introduced by a partner, we should be debited to?

(a) Capital account

(b) Owner’s equity account

(c) Cash account

(d) Current Account

Correct! Wrong!

4. Which of the following forms of business organization can be privately owned?

(a) Partnership

(b) Sole proprietorship

(c) Limited liability Company

(d) All can be privately owned

Correct! Wrong!

5. The document sets out the terms on which partners agreed to form a partnership is called?

(a) Partnership deed

(b) Partnership agreement

(c) Both a and b

(d) None

Correct! Wrong!

6. Which of the following statements is not true about the partnership form of business?

(a) A partnership is a business run by two or more persons

(b) A partnership business is easy to set up

(c) Each partner is liable under the law for the actions of other partners

(d) In the absence of agreement, partners will be paid salaries

Correct! Wrong!

7. Which of the following forms of business has the advantage of simplicity?

(a) Partnership

(b) Joint Stock Company

(c) Limited liability company

(d) Single Member Company

Correct! Wrong!

8. Which of the following forms of business organization can be publicly-traded?

(a) Partnership

Private limited companies

(c) Public limited companies

(d) Both a and c

Correct! Wrong!

9. The partnership form of business organization?

(a) Is a separate legal entity

(b) is a common form of organization

(c) Enjoys an unlimited life

(d) has limited liability

Correct! Wrong!

10. Which of the following forms of business would result in the termination of the business if the ownership changes?

(a) Partnership

(b) Sole proprietorship

(c) Limited liability company

(d) Both a and b

Correct! Wrong!

1. Which of the following type of the business is governed under the partnership Act 1932?

2. The relation between persons who have agreed to share the profit of the business carried on by all or any one of them acting for all is called?

3. When capital is introduced by a partner, we should be debited to?

4. Which of the following forms of business organization can be privately owned?

5. The document sets out the terms on which partners agreed to form a partnership is called?

6. Which of the following statements is not true about the partnership form of business?

7. Which of the following forms of business has the advantage of simplicity?

8. Which of the following forms of business organization can be publicly-traded?

9. The partnership form of business organization?

10. Which of the following forms of business would result in the termination of the business if the ownership changes?

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