Partnership And Corporation Quiz

15 Questions | By Mlcelis | Updated: Mar 22, 2022 | Attempts: 10069

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We have made this "Partnership And Corporation Quiz" for you. This exam is for the SPS in OIS students of ACLC Taytay. If you are putting effort into learning more about partnership and corporation or just simply want to test your knowledge, then this is the perfect quiz for you. Try to answer all the questions correctly and get a score above 70 percent! Best of luck to you with the quiz.

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.

One of the following is not a requirement 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.
3.

The minimum capital in money or property except when immovable property or real rights thereto are contributed will require the partnership's contract 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
4.

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
5.

A partnership formed for the exercise of a profession that is duly registered is an example of:
- A.
  
  The universal partnership of profits
- B.
  
  The universal partnership of all present property.
- C.
  
  Particular partnership.
- D.
  
  Partnership by estoppels.
6.

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.
7.

Jason, Ariane, and Gina are partners in JAG Enterprises. Not having established their credit standing yet, the three partners requested Heidi, a well-known businesswoman, 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.
8.

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.
9.

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 the general partners, that is, 3:1
- D.
  
  It is enough that there is one limited partner; the rest may all be general partners.
10.

A limited partner may contribute:
- A.
  
  Money and/or property.
- B.
  
  Money and/or services.
- C.
  
  Property and/or services.
- D.
  
  Services only
11.

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.
12.

The sharing of gross returns does not in 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
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.