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Unit 6 Review
Test Description: Unit 6 Review 1-10
Instructions: Answer all questions to get your test result.
1) The most numerous legal form of business organizations are
A
corporations
B
non-trading partnerships
C
sole proprietorships
D
trading partnerships
2) In a limited partnership
A
none of these
B
limited partners can contribute capital and share profits and losses with general partners
C
one partner must be a general partner with unlimited liability
D
both of these
3) The normal sequence of steps in ending a partnership is
A
termination, dissolution, distribution
B
dissolution, winding-up period, termination
C
bankruptcy, liquidation, distribution
D
none of these
4) Rights within a partnership requires
A
all of these
B
that no action can be taken on a question in which an even number of partners are equally split
C
a unanimous agreement of all partners concerning any change in the written partnership
D
one vote for each partner regardless of the amount of capital contributed
5) Unanimous agreement under the Uniform Partnership Act is required for decisions to
A
hire or fire a permanent, full-time employee
B
buy inventory or equipment for the firm on credit
C
assign partnership property to creditors
D
all of these
6) A partner who invests more capital, brings in more business, or works longer and harder than his or her associates is entitled to
A
extra pay
B
no extra compensation unless all partners agree
C
a larger share of the profits
D
a larger percentage of the business
7) Which type of business organization offers perpetual life as well as limited liability?
A
unlimited partnership
B
corporation
C
sole proprietorship
D
general partnership
8) Tess, Constance, and Jessica want to establish a partnership for their law firm expressed purpose to provide legal advice. Each partner has agreed to assume full personal responsibility for all debts. This is known as a
A
trading partnership
B
limited partnership
C
special partnership
D
general partnership
9) Which of the following statements regarding a corporation is untrue?
A
They can attract large sums of capital due to increased investor liability
B
its existence is distinct and separate from the person's who organize, own, and operate it
C
it attracts superior workers because it offers more generous salaries
D
none of these
10) A corporation doing business in one state but chartered in another state is called
A
a foreign corporation
B
none of these
C
a domestic corporation
D
an alien corporation
*select an answer for all questions
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