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TEST BANKPARNERSHIP CORPORATION
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TEST BANKPARNERSHIP CORPORATION
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lOMoARcPSD|18207238TEST BANK
PARNERSHIP & CORPORATION
FR: DIAZ
PARTNERSHIP
1.All present properties are contributed
A. Universal partnership[
B. General partnership
C. Limited partnership
D. None of the above
2. Composed of capitalist and industrial partners
A. Universal partnership
B. General partnership
C. Limited partnership
D. None of the above
3. Partners shall enjoy practically all the profits:
A. Universal partnership[
B. General partnership
C. Limited partnership
D. None of the above
4. They have no voice in the management of partnership affairs:
A. Managing partners
B. Silent partners
C. Both A and B
D. None of the above
5. They have priority if the partnership is insolvent:
A. Separate creditors
B. Partnership creditors
C. Both A and B
D. None of the above
6. May contribute money, property or industry to the common fund:
A. Both general and limited partners
B. Limited partner
C. General partners
, lOMoARcPSD|18207238
7. One who takes charge of the winding up to partnership affairs upon dissolution:
A. Silent partner
B. General partner
C. Ostensible partner
D. Liquidating partner
8. A, B and C are partners. A contributed his services only; B, P20,000; and C,
P10,000.The partnership was liquidated. After payment of the partnership’s
obligation, only P9,000 worth of assets remained. The share of A will equal
to:
A. P3,000
B. Equal of share of B
C. Equal of share of C
9. A and B entered into a universal partnership of all present property. The
common property of the partnership shall be:
A. All the properties which belonged to each of the partners at the time of
the constitution of thepartnership.
B. All the properties which belonged to each of the partners after the
constitution of the partnership.
C. All the properties which belonged to each of the partners at the
time of the constitution of the partnership as well as the profits
which they may acquire therewith.
D. All the properties which belonged to each of the partners at the time of
the constitution of thepartnership as well as the profits which they may
acquire thereafter.
10. A capitalist partner engaged for his own account in an operation which is of
the kind of business in which the partnership is engaged. Said partner can
be
A. Compelled to sell his interest in the partnership to the other capitalist
partners.
B. Compelled to dissolve or discontinue the operation of his business
C. Compelled to bring to the common funds of the partnership any
profits accruing to himfrom his transactions.
D. Denied his share in the profits of the partnership.
11. If a partner in a partnership is insolvent, the first order of preference in the
, lOMoARcPSD|18207238
A. Partnership creditors
B. Partners contribution to the partnership
C. Separate creditors of the debtor
D. Pro-rata between the separate creditors of the debtor and the partnership
creditor
12. A, B and C are partners in a partnership. C contributed his industry. After
payments of the partnership’s obligations, only P6,000 cash remains. No
other assets. In the absence of terms to the contrary, the share of C in the
remaining assets is:
A. Equal to share of A
B. Equal to the share of B
C. P2,000
D. Nothing
13. X, Y and Z are equal partners of Xyz Partnership. A owes the XYZ
Partnership for p9,000. Z, a partner collected from A, P3,000 before X
and Y received anything. Z issued a receipt on the P3,000 as his share
of what A owes. When X and Y collected from A, A was insolvent.
A. Partner Z shall share partners X and Y with the P3,000
B. Z cannot be required to share X and Y with the
P3,000 C. X and Y should first exhaust all
remedies to collect from A.
D. X and Y can automatically deduct from the capital contributions of Z in the
partnership their respective share in the P3,000
14. A and B are partners in a real estate partnership . The partnership owns a
piece of land which C desired to buy. C contacted A and inform him of his
desire to buy the land and A did not tell to B about it. A bought B out of the
partnership and afterwards sold the land to C with a big profit.
A. The partnership is dissolved when A became the sole owner
B. The sale of the land to C is void because it was without the knowledge of
B.
C. A is not liable to B for the latter’s share in the profits
D. A is liable to B for the latter’s share in the profits
, lOMoARcPSD|18207238
15. A, B and C are partners in ABC Partnership. D represented himself as a
partner in ABC
Partnership to E, who, on the belief of such representation, extended
P50,000 credit to ABC Partnership. Assuming only B and C consented to
such representation, who will be held liable to E?
A. E extended the credit to ABC Partnership, so a partnership liability
exists, thus, all the partners, A, B and C are liable
B. B, C and D are partners by estoppels and thus, are liable
prorate to EC. Partners A, B and C who benefited from the credit
extended by E are liable.
D. D who made the representation is liable to E
16. A and B are partners in a real estate business. A and B were approached by
X who offered to buy a parcel of land owned by the partnership.
Thereafter, b sold to A, B’s share in the partnership. Then, A sold the
land to X at a big profit.
A. A is liable to B for B’s share in the profits
B. The partnership is dissolved when A became the
sole owner C. A is not liable to B for the latter’s
share in the profits
D. The sale of the land to X is void.
17. One of the following incidents may be a cause for involuntary dissolution of a
partnership.
Which is?
A. Termination of the term of the partnership
B. Insolvency of any partner
C. Express will of any partner
D. Expulsion of any partner
18. A and B are equal partners in AB Partnership. Y presented himself as a
partner in AB Partnership to Z, who relying on such representation,
extended P50,000 credit to AB Partnership. Of the two (2) partners only B
knew and consented to the representation of Y.
Who should be held liable to Z?
A. Only Y, who presented himself as partner is liable.
B. Since the credit was extended to AB Partnership, a partnership liability
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