Exam 34: Small Business, entrepreneurship, and General Partnerships

The Uniform Partnership Act (UPA)provides that all general partners are entitled to remuneration for their performance in the partnership's business.

(True/False)

4.9/5

(82)

Question 41

A breach of the duty of care by a partner does not constitute negligence.

(True/False)

4.9/5

(88)

Question 42

The Revised Uniform Partnership Act is a federal statute that holds in all states.

(True/False)

4.8/5

(81)

Question 43

The dissolution of a general partnership discharges the liability of an outgoing partner for existing partnership debts and obligations.

(True/False)

4.8/5

(63)

Question 44

A general partnership cannot operate under the name of any one of the partners; the name has to represent all the partners if a fictitious name is not being adopted.

(True/False)

5.0/5

(76)

Question 45

The designation of d.b.a.(doing business as)refers to the description for a business that is operating under a trade name.

(True/False)

4.8/5

(82)

Question 46

Explain how a sole proprietorship is taxed.

(Essay)

5.0/5

(88)

Question 47

Receipt of a share of business profits is prima facie evidence of a general partnership.

(True/False)

4.8/5

(82)

Question 48

An association of two or more persons to carry on as co-owners of a business for profit is known as a(n)________.

(Multiple Choice)

4.7/5

(79)

Question 49

No federal or state government approval is required for creating a sole proprietorship.

(True/False)

4.7/5

(82)

Question 50

A(n)________ is a partnership created with no fixed duration.

(Multiple Choice)

4.9/5

(84)

Question 51

The ________ requires general partners to adhere to the provisions of the partnership agreement and the decisions of the partnership.

(Multiple Choice)

4.7/5

(92)

Question 52

Orlando opened a hot dog stand in Brooklyn which unfortunately did not earn him a profit.He had borrowed $5,000 from the bank to set it up,which had to be repaid to the bank in two days.However,Orlando's friend Bob agreed to partner with him starting the subsequent month.From which of the following sources can the bank recover its $5,000 with interest?

(Multiple Choice)

4.9/5

(78)

Question 53

The process of liquidating a partnership's assets and distributing the proceeds to satisfy claims against the partnership is known as winding up.

(True/False)

4.8/5

(81)

Question 54

Why does a sole proprietorship not pay taxes at the business level?

(Multiple Choice)

4.9/5

(72)

Question 55

A sole proprietorship does not pay taxes at the business level.

(True/False)

4.9/5

(83)

Question 56

Which of the following is true of tort liability of a general partnership?

(Multiple Choice)

4.7/5

(67)

Question 57

The right to share in the profits of the partnership is the right to share in the earnings from the investment of capital.

(True/False)

4.9/5

(78)

Question 58

The income or loss from a sole proprietorship is reported on ________ which must be attached to the owner's Form 1040.

(Multiple Choice)

4.7/5

(83)

Question 59

A third party who sues to recover on a partnership contract need not name all the general partners in the lawsuit.

(True/False)

5.0/5

(79)

Question 60

Showing 41 - 60 of 79

Exam 34: Small Business, entrepreneurship, and General Partnerships

The Uniform Partnership Act (UPA)provides that all general partners are entitled to remuneration for their performance in the partnership's business.

A breach of the duty of care by a partner does not constitute negligence.

The Revised Uniform Partnership Act is a federal statute that holds in all states.

The dissolution of a general partnership discharges the liability of an outgoing partner for existing partnership debts and obligations.

A general partnership cannot operate under the name of any one of the partners; the name has to represent all the partners if a fictitious name is not being adopted.

The designation of d.b.a.(doing business as)refers to the description for a business that is operating under a trade name.

Explain how a sole proprietorship is taxed.

Receipt of a share of business profits is prima facie evidence of a general partnership.

An association of two or more persons to carry on as co-owners of a business for profit is known as a(n)________.

No federal or state government approval is required for creating a sole proprietorship.

A(n)________ is a partnership created with no fixed duration.

The ________ requires general partners to adhere to the provisions of the partnership agreement and the decisions of the partnership.

The process of liquidating a partnership's assets and distributing the proceeds to satisfy claims against the partnership is known as winding up.

Why does a sole proprietorship not pay taxes at the business level?

A sole proprietorship does not pay taxes at the business level.

Which of the following is true of tort liability of a general partnership?

The right to share in the profits of the partnership is the right to share in the earnings from the investment of capital.

The income or loss from a sole proprietorship is reported on ________ which must be attached to the owner's Form 1040.

A third party who sues to recover on a partnership contract need not name all the general partners in the lawsuit.

Legal Environment of Business and Online Commerce

Courts and Jurisdiction

Judicial, alternative, and Online Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Product and Strict Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crime

Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

Digital Law and E-Commerce

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Warranties

Creation of Negotiable Instruments

Holder in Due Course and Transferability

Liability, defenses, and Discharge

Banking System and Electronic Financial Transactions

Credit, mortgages, and Debtors Rights

Secured Transactions

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, agents, and Independent Contractors

Employment, worker Protection, and Immigration Law

Labor Law

Equal Opportunity in Employment

Limited Partnerships and Special Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchises and Special Forms of Businesses

Investor Protection, e-Securities, and Wall Street Reform

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection

Antitrust Law and Unfair Trade Practices

Personal Property, real Property, and Insurance

Real Property

Landlord-Tenant Law and Land Use Regulation

Insurance

Accountants Duties and Liability

Wills, trusts, and Estates

Family Law

International and World Trade Law

Filters