Introduction to Partnership

Q.

Can a partner be exempted from sharing the losses of the firm?

Q. When two people together start a business, it is called a .

1. company
2. cooperative society
3. partnership
4. sole proprietorship

Q.

There must be at least how many persons to form a partnership?

1. Seven

2. Three

3. Two

4. Four

Q.

Can partnerships have employees?

Q.

Guarantee given to partner ‘L’ by the other partners ‘M’ & ‘N’ means :

1. All of the above

2. In case of loss ‘L’ will not bear that loss.

3. In case of insufficient profits ‘L’ will get minimum guaranteed amount.

4. In case of loss or insufficient profits ‘L’ will get the minimum guaranteed amount.

Q.

After admission what two rights does the partner gets?

Q.

When two people together start a business, it is called as __________.

1. Multinational Company

2. Cooperative Society

3. Partnership

4. Sole Proprietorship

Q. Can a partner be exempted from sharing losses in a firm? If yes, under what circumstances?

Q.

Who Gets the Profits in a Partnership?

Q.

What are the seven characteristics of a partnership?

Q.

What is a sole proprietorship example?

Q.

Two people can together start a partnership firm

1. True

2. False

Q. There should be at least persons coming together to form the partnership.

1. seven
2. two
3. three
4. four

Q. The relationship between persons who have agreed to share the profit of a business carried on by all or any of them acting for all is know as.

1. Partnership
2. Joint Venture
3. Association of Persons
4. Body of Individuals

Q.

What should partners agree to share among themselves?

1. Love

2. Profits or losses

3. Time

4. Care

Q.

Are partnerships a good idea?

Q.

Is partnership a good idea?

Q. A partnership is created for which of these purposes?

1. Business
2. Religious
3. Social
4. Charitable

Q. Partners forming business should agree to share .

1. love or affection
2. care
3. profit or loss
4. time

Q. How you will classify partner who invest money into the business of the firm, actively participate in the functioning and management of the business and share its profits or losses?

1. Active partner
2. Sleeping or dormant partner
3. Nominal partner
4. Partner in profits only

Q. Give the word / term or phrase which can substitute each of the following statement.

An association of two or more persons to carry on business.

Q.

What is the best type of partnership?

Q. For a valid partnership, there must be _______.

1. sharing of profits
2. sharing of losses
3. sharing of profit & losses
4. none of these

Q. Persons who have entered into partnership with one another are collectively a called as ___________.

1. Firm
2. Firm name
3. Partnership
4. Partner

Q. X is a partner in XYZ Associates. He agrees to share his profile with P, an outsider. This agreement is called ________.

1. Extended partnership
2. Sub-partnership
3. Unlimited partnership
4. Joint venture

Q. A partner is _______ so far his relationship with other partners is concerned.

1. Principle
2. Officer in -default
3. Manager
4. Agent

Q. Objective type questions :-
Answer in one sentence only.

What is Partnership?