SPS In Ois: Partnership And Corporation Quiz

35 Questions | Total Attempts: 6564

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SPS In Ois: Partnership And Corporation Quiz

This exam is for the SPS in OIS students of ACLC Taytay.


Questions and Answers
  • 1. 
    A contract where two or more persons bind themselves to contribute money, property or industry to a common fund with the intention of dividing the profits among themselves.
    • A. 

      Voluntary association

    • B. 

      Corporation

    • C. 

      Partnership

    • D. 

      Sole proprietorship

  • 2. 
    1.     One of the following is not a characteristic of contract of partnership.
    • A. 

      Real, in that the partners must deliver their contribution s in order for the partnership contract to be perfected.

    • B. 

      Principal, because it can stand by itself.

    • C. 

      Preparatory, because it is a means by which other contracts will be entered into.

    • D. 

      Onerous, because the parties contribute money, property or industry to the common fund.

  • 3. 
    One of the following is not a requisite of a contract of partnership.  Which is it?
    • A. 

      There must be a valid contract.

    • B. 

      There must be a mutual contribution of money, property or industry to a common fund.

    • C. 

      It is established for the common benefit of the partners which is to obtain profits and divide the same among themselves

    • D. 

      The articles are kept secret among the members.

  • 4. 
    The minimum capital in money or property except when immovable property or real rights thereto are contributed, that will require the contract of the partnership to be in a public instrument and be registered with the Securities and Exchange Commission (SEC).
    • A. 

      P5,000.00

    • B. 

      P10,000.00

    • C. 

      P3,000.00

    • D. 

      P30,000.00

  • 5. 
    Lea and Revy entered into a universal partnership of profits. At the time of the execution of the articles of partnership, Lea had a two-door apartment which he inherited from his father 3 years earlier. Revy, on the other hand, had a fleet of taxis which he purchased 2 years before. In the first year of the partnership, Lea earned P500,000.00 as a radio talent, while Revy  won P1,000,000,00 in the lotto. During the same period, rentals of P2000,000.00 were realized from the operation of the fleet of taxis.  Which of the following belongs to the partnership?
    • A. 

      Two-door apartment.

    • B. 

      Lotto winnings of P1,000,000.00

    • C. 

      Salary of P500,000.00

    • D. 

      Fleet of taxis

  • 6. 
    A partnership formed for the exercise of a profession which is duly registered is an example of:
    • A. 

      Universal partnership of profits

    • B. 

      Universal partnership of all present property.

    • C. 

      Particular partnership.

    • D. 

      Partnership by estoppels.

  • 7. 
    Three of the following partnership contracts are void. Which one is not?
    • A. 

      A universal partnership of all present property between husband and wife.

    • B. 

      A universal partnership of profits between a man and a woman living together as husband and wife without the benefit of marriage.

    • C. 

      A particular Partnership between husband and wife.

    • D. 

      A universal partnership of profits between a private individual and a public officer.

  • 8. 
    Jason, Ariane and Gina are partners in JAG Enterprises. Not having established yet there credit standing, the three partners requested Heidi, a well-known business woman, to help them negotiate a loan from Joy, a money leader. With the consent of Jason, Ariane and Gina, Heidi represented himself as a partner of JAG Enterprises.     What kind of partner is Heidi?
    • A. 

      Managing partner.

    • B. 

      Liquidating partner.

    • C. 

      Ostensible partner.

    • D. 

      Partner by estoppels.

  • 9. 
    The change in the relation of the partners caused by any ceasing to be associated in carrying on  the business is known as:
    • A. 

      Termination of the partnership

    • B. 

      Winding up of partnership affairs.

    • C. 

      Liquidation of the partnership business.

    • D. 

      Dissolution of the partnership.

  • 10. 
    In a limited partnership where there are 4 partners:
    • A. 

      All the partners must be limited partners.

    • B. 

      The number of limited partners must be equal to the number of general partner, that is, 2:2.

    • C. 

      The number of limited partners must be greater than the number of general partners, that is, 3:1

    • D. 

      It is enough that there is one limited partner; the rest may all be general partners.

  • 11. 
    A limited partner may contribute:
    • A. 

      Money and/or property.

    • B. 

      Money and/or services.

    • C. 

      Property and/or services.

    • D. 

      Services only.

  • 12. 
    One of the distinctions between a partnership and a corporation is that a partnership:
    • A. 

      May be formed by one person.

    • B. 

      Is created by operation of law.

    • C. 

      Acts through a board of directions.

    • D. 

      May exist for an indefinite period.

  • 13. 
    1.     The articles of incorporation differ from the by-laws in that the articles of incorporation are:
    • A. 

      The rules of action adopted by a corporation for its internal government.

    • B. 

      Adopted before or after incorporation.

    • C. 

      A condition precedent in the acquisition by a corporation of a juridical personality.

    • D. 

      Approved by the stockholders if adopted after incorporation.

  • 14. 
    Their names are mentioned in the articles of incorporation as originally forming the corporation and are signatories thereof.
    • A. 

      Corporators

    • B. 

      Stockholders.

    • C. 

      Incorporators.

    • D. 

      Members.

  • 15. 
    A corporation acquires juridical personality:
    • A. 

      Upon the filling of the articles of incorporation.

    • B. 

      Upon the filling of by-laws.

    • C. 

      Upon the issuance of the certificate of incorporation.

    • D. 

      Within 30 days from the receipt of the notice of the issuance of the certificate of incorporation.

  • 16. 
    The sharing of gross returns does not of itself establish a partnership even if the persons sharing them have a joint or common interest in the property from which the returns are derived.
    • A. 

      True

    • B. 

      False

  • 17. 
    The profits and losses of the partnership shall be divided equally among the partners if they have no profit and loss sharing agreement.
    • A. 

      True

    • B. 

      False

  • 18. 
    An industrial partner can engage in business for himself if it is of a kind different from the partnership business even without the consent of the other partners.
    • A. 

      True

    • B. 

      False

  • 19. 
    A partner may associate another person with him in his share but the person admitted shall not be admitted to the partnership without the consent of all the partners.
    • A. 

      True

    • B. 

      False

  • 20. 
    A general partnership is automatically dissolved by reason of the insanity of a partner.
    • A. 

      True

    • B. 

      False

  • 21. 
    1)     After dissolution, a partnership is still bound by the act of a partner authorized to act for the partnership with respect to the completion of transactions begun before dissolution.
    • A. 

      True

    • B. 

      False

  • 22. 
    A partner may be a limited and general partner at the same time.
    • A. 

      True

    • B. 

      False

  • 23. 
    1)     A corporation commences to exist upon the execution of the articles of incorporation by the incorporators.
    • A. 

      True

    • B. 

      False

  • 24. 
    A corporation may exist for a period not exceeding 50 years but its life may be extended several times provided each extension does not exceed 50 years in any single instance.
    • A. 

      True

    • B. 

      False

  • 25. 
    A corporation may be a stockholder of another corporation.
    • A. 

      True

    • B. 

      False

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