1. Which of the following is characteristic of a generalpartnership?
a. The partners have co-ownership of partnership property.
b. The partnership is subject to federal income tax.
c. The partnership has an unlimited life.
d. The partners have limited liability.
2. Which of the following is not a characteristic of a generalpartnership?
a. the partnership is created by a contract
b. mutual agency
c. partners share equally in net income or net losses unless anagreement states differently
d. dissolution occurs only when all partners agree
3. Which of the following is an advantage of a partnership whencompared to a corporation?
a. The partnership is more likely have a net income.
b. The partnership is relatively inexpensive to organize.
c. The partnership involves fewer people to operate.
d. The partnership usually hires professional managers.
4. Which of the following is a disadvantage of a partnership whencompared to a corporation?
a. The partnership is more likely to have a net loss.
b. The partnership is easier to organize.
c. The partnership is less expensive to organize.
d. The partnership has limited life.
5. An advantage of the partnership form of business organizationis
a. unlimited liability
b. mutual agency
c. ease of formation
d. limited life
6. The characteristic of a partnership that gives the authority toany partner to legally bind the partnership and all other partnersto business contracts is called
a. unlimited liability
b. ease of formation
c. mutual agency
d. dissolution
1. Which of the following is characteristic of a generalpartnership?
a. The partners have co-ownership of partnership property.
b. The partnership is subject to federal income tax.
c. The partnership has an unlimited life.
d. The partners have limited liability.
2. Which of the following is not a characteristic of a generalpartnership?
a. the partnership is created by a contract
b. mutual agency
c. partners share equally in net income or net losses unless anagreement states differently
d. dissolution occurs only when all partners agree
3. Which of the following is an advantage of a partnership whencompared to a corporation?
a. The partnership is more likely have a net income.
b. The partnership is relatively inexpensive to organize.
c. The partnership involves fewer people to operate.
d. The partnership usually hires professional managers.
4. Which of the following is a disadvantage of a partnership whencompared to a corporation?
a. The partnership is more likely to have a net loss.
b. The partnership is easier to organize.
c. The partnership is less expensive to organize.
d. The partnership has limited life.
5. An advantage of the partnership form of business organizationis
a. unlimited liability
b. mutual agency
c. ease of formation
d. limited life
6. The characteristic of a partnership that gives the authority toany partner to legally bind the partnership and all other partnersto business contracts is called
a. unlimited liability
b. ease of formation
c. mutual agency
d. dissolution
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