Reference no: EM133937698

Questions

1. X, Y and Z are partners, with X contributing P60,000; Y P40,000; and Z service. They agreed to divide the profits and losses in the following proportions: X, 35%; Y, 25%, Z, 40%. If the partnership incurred a loss of P10,000, how should that loss be shared by the partners?

A. X P6,000; Y P4,000; Z Nothing
B. X P3,500; Y P2,500; Z P4,000
C. X P5,000; Y P3,500; Z P2,000
D. X P4,500; Y P3,000; X P2,500

2. Which of the following is valid?

A. Oral contract of partnership where a partner contributes real property with a value less than P3,000
B. Oral contract of partnership where the capital is P3,000 or more
C. Written contract of universal partners of present properties between husband and wife.
D. None of them.

3. A partnership whereby the partners contribute to a common fund all the property actually belonging to them at the time of the constitution of the partnership, with the intention of dividing the same among themselves, as well as the profits which they may acquire therewith is called:

A. Universal partnership of all present property
B. Universal partnership of profits
C. Particular partnership
D. Partnership at will
E. None of the above

4. Bears the risk of things contributed to the partnership:

A. Contributing partner
B. Limited partner
C. Partner contributing usufructuary rights
D. All of the above

5. Three of the following are the effects if immovable property is contributed in a partnership but the contract did not appear in a public instrument. Which is the exemption?

A. A partnership has no judicial personality
B. The parties may compel each other to observe the required form
C. The parties may request the return of their capital contribution
D. The contract of partnership is void.

6. A partner whose connection with the partnership is open and public, such as by including his name in the firm name of the partnership is called:

A. Nominal partner
B. Ostensible partner
C. Secret partner
D. Dormant partner
E. None of the above

7. A partner who contributes money or property to the capital of the partnership is called:

A. Industrial partner
B. Capitalist partner
C. Capitalist-industrial partner
D. Nominal partner
E. None of the above

8. Refers to a partnership whereby the persons who represent themselves, or consent to another or others to represent them to anyone that they are partners:

A. General partnership
B. Limited partnership
C. Partnership by estoppel
D. None of the above

9. A and B were partners. A being the managing partner, invited C to associate with him in his share in the partnership. What are the rights of the partners?

A. A may have C an associate in his share even without B's consent
B. A may not have C as an associate because he is already B's partner
C. C may become a partner upon invitation of A, the managing partner
D. B may refuse to accept C as A's associate due to conflict of interest.

10. A partnership which comprises all the profits that the partners may acquire by their work or industry during the existence of the partnership is called:

A. Universal partnership of all present property
B. Universal partnership of profits
C. Particular partnership
D. Partnership at will
E. None of the above

11. A and B orally agreed to form a partnership two years from today, each one to contribute P1,000. If at the arrival of the period, one refuses to go ahead with the agreement, can the other enforce the agreement?

A. Yes, because the partnership contract is not governed by the Statute of Frauds
B. Yes, because the prior agreement was voluntarily
C. No, because the agreement was merely oral and even
D. Yes, since the agreement is to be enforced after on from the making thereof, the same should be in writing be enforceable.

12. Which of the following statements is incorrect?

A. An industrial partner who engaged in business for himself may be excluded from the partnership plus damages
B. An industrial partner may not engage in business for himself without the consent of his co-partner
C. A capitalist partner may engage in the same line of business in which the partnership is engaged
D. An offending capitalist partner may not be excluded from the partnership

13. A partnership is automatically dissolved, except:

A. By the death of any partner
B. By the insolvency of any partner or of the partnership
C. By the civil interdiction of any partner
D. By the insanity of any partner
E. All of the above

14. Which of the following statements is correct regarding the division of profits in a general partnership when the written partnership agreement only provides that losses be divided equally among the partners? Profits are to be divided:

A. Based on the partners ratio of contribution to the partnership
B. Based on the partners participation in day to day management
C. Equally among the partners
D. Profits will be divided according to the managing partner.

15. A is the capitalist partner and B the industrial partner. A is engaged personally in the same kind of business the partnership is engaged in

A. If there are losses, the partnership will bear the losses
B. If there are profits, the profits will be shared by A and the partnership
C. If there are profits, A will give the profits to the partnership
D. A will be excluded from the partnership and pay damages

16. Three of the following do not prove the existence of a valid partnership. Which is the exception:

A. The sharing of gross receipts
B. There is the intention of dividing the profits among themselves
C. Receipts by a person of a share of the profits for payment of a partnership debt by installments.
D. When two or more persons are co-owners and they share correspondingly in the profits made from the sale or use of their property.

17. A, B and C are partners of A Co. by contributing P10,000; P20,000 and services, respectively, to the capital. After 5 years, the assets of the partnership is only P9,000. The share of C in the remaining asset is:

A. Equal to the share of A
B. Equal to the share of B
C. 9,000
D. Nothing

18. Can only be made with the consent of all partners:

A. Waiver or compromise
B. Sell equipment
C. Borrow money
D. None of the above

19. A partner who contributes his work, labor, or industry to the common fund of the partnership is called:.

A. Industrial partner
B. Capitalist partner
C. Capitalist-industrial partner
D. Ostensible partner
E. None of the above

20. In case of an imminent loss of the business of the partnership, the following partners are required to give additional contribution, except:

A. Capitalist partner
B. General partner
C. Capitalist-industrial partner
D. Industrial partner
E. None of the above