MCQS ON PARTNERSHIP

Prepared by: AAH_L2_M5_MILL

Answer Article no. Q no. Question

A 1807 1 Such persons must account to the
partnership for any benefit, and hole as
trustee for it any profits derived by him
without the consent of the partners.
A. EVERY PARTNER
B. EVERY THIRD PERSON
C. EVERY MANAGING PARTNER
D. EVERY BOARD OF DIRECTORS
B 1808 2 Such partners cannot engage for their own
account in any operation which is the kind
of business in which the partnership is
engaged, unless there is stipulation to the
contrary.
A. LIMITED PARTNER
B. CAPITALIST PARTNER
C. GENERAL PARTNER
D. INDUSTRIAL PARTNER
B 1809 3 Any partner shall have such right as to
partnership affairs in the case that he is
wrongfully excluded from the partnership
business or possession of its property by
his co-partners
A. INFORMAL ACCOUNT
B. FORMAL ACCOUNT
C. JUST ACTION
D. LAWFUL ACTION
D 1810 4 These are the property rights of a partner,
except:
A. RIGHT IN SPECIFIC PARTNERSHIP PROPERTY
B. INTEREST IN THE PARTNERSHIP
C. RIGHT TO PARTICIPATE IN MANAGEMENT
D. RIGHT TO CHOOSE THE AMOUNT OF HIS INCOME
C 1811 5 A partner is such with his partners of
specific partnership property.
A. SELLER
B. OWNER
C. CO-OWNER
D. BUYER
C 1812 6 A partner’s interest in the partnership is
his share of such in the partnership.
A. PROFITS
B. SURPLUS
C. PROFITS AND SURPLUS
D. LOSSES
B 1813 7 Such by a partner of his whole interest in
the partnership does not of itself dissolve
the partnership.
A. TRANSFER
B. COVEYANCE
C. DISCREPANCY
D. CONSENT
A 1814 8 Means the extinguishment of the charge or
attachment on the partner’s interest in the
profits.
A. REDEMPTION
B. RECLUSION
C. EXTINGUISHMENT
D. OBLIGATION
A 1815 9 Those who, not being members of the
partnership, include their names in the
firm name, shall be subject to such of a
partner.
A. LIABILITY
B. LOSSES
C. PROFITS
D. SURPLUS
D 1816 10 Such liability means equally or joint.
A. CONSCIOUS
B. GENERAL
C. SUBSIDIARY
D. PRO-RATA
B 1817 11 Any stipulation against the liability laid
down in the preceding article shall be
deemed as such, except as among the
partners.
A. VOIDABLE
B. VOID
C. VOIDED
D. MA’AM PAVOID
A 1818 12 It is the nature of a contract of
partnership that it is such, that is, trust
and confidence governed the partners.
A. FIDUCIARY
B. LOYAL
C. HELPFUL
D. CORTEOUS
C 1819 13 Legal evidence of a person’s ownership
rights in property; an instrument (such as
deed) that constitutes such evidence.
A. EQUITABLE INTEREST
B. DEED
C. TITLE
D. CONTRACT
D 1820 14 A statement in which someone admits that
something is true or that he or she has
done something wrong.
A. WHITE LIES
B. HONESTY
C. TELLING THE TRUTH
D. ADMISSION
A 1821 15 The exception to this article states that
in the case of such on the partnership,
committed by or with the consent of that
partner.
A. FRAUD
B. MALICIOUS DEEDS
C. UNDUE INFLUENCE
 D. UNJUST VEXATION
B 1822 16 If any wrongful act or any penalty is
incurred, the partnership is such therefor
to the same extend as the partner so acting
or omitting to act.
A. FREE FROM DEBT
B. LIABLE
C. BURDENED
D. FREE
A 1823 17 Where one partner acting within the scope
of his apparent authority receives money or
property of a third person and misapplies
it.
A. PARTNERSHIP IS BOUND TO MAKE GOOD THE
LOSS
B. THE PARTNERSHIP SHOULD KEEP IT
C. THE PARTNERSHIP SHOULD SELL IT
D. THE PARTNERSHIP IS BOUND BY AGENCY
A 1824 18 All partners are liable solidary with the
partnership for everything such to the
partnership under articles 1822 and 1823.
A. CHARGEABLE
B. NON-CHARGEABLE
C. INESCAPABLE
D. ESCAPABLE
C 1825 19 Arises if all the partners consented to the
misrepresentation of a third person who is
not a real partner. This creates a
partnership obligation.
A. LIMITED PARTNERSHIP
B. PARTNERSHIP AT WILL
C. PARTNERSHIP BY ESTOPPEL
D. UNIVERSAL PARTNERSHIP OF ALL PROFITS
A 1826 20 A person admitted as a partner into an
existing partnership is liable for all the
obligations of the partnership arising
before his admission as though he had been
a partner when such obligations were such.
A. INCURRED
B. PAYED OFF
C. OFFSETTED
D. ABSCONDED
C 1827 21 Such of the partnership shall be preferred
to those of each partner as regards the
partnership property.
A. THIRD PERSONS
B. DEBTORS
C. CREDITORS
D. PARTNERS
B 1828 22 Such of a partnership is the change in the
relation if the parties caused by any
partner ceasing to be associated in the
carrying on, as might be distinguished from
the winding up, of its business.
A. TERMINATION
B. DISSOLUTION
 C. LIQUIDATION
D. SELLING
A 1829 23 On dissolution, the partnership is not
such, but continues until the winding up of
the partnership affairs is completed.
A. TERMINATED
B. DISSOLVED
C. LIQUIDATED
D. SOLD
B 1830 24 Causes of dissolution, except:
A. BY THE DEATH OF ANY PARTNER
B. PROPER BUSINESS OF ANY PARTNER
C. INSOLVENCY OF ANY PARTNER
D. CIVIL INTERDICTION OF ANY PARTNER
D 1831 25 The court shall decree a dissolution
whenever, except:
A. PARTNER HAS BEEN DECLARED INSANE IN ANY
JUDICIAL PROCEEDING OR IS SHOWN TO BE OF
UNSOUND MIND
B. PARTNER BECOMES IN ANY OTHER WAY
INCAPABLE OF PERFORMING HIS PART OF THE
PARTNERSHIP CONTRACT
C. A PARTNER HAS BEEN GUILTY OF SUCH
CONDUCT AS TENDS TO AFFECT PREJUDICIALLY
THE CARRYING ON OF THE BUSINESS
D. A PARTNER DOES THE RIGHT CONDUCT
A 1832 26 As a rule, when a partnership is dissolved,
any of the partners cannot bind such.
A. THE PARTNERSHIP
B. THE PROFITS
C. THE LOSSES
D. THE GAINS
B 1833 27 Where the dissolution is caused by the act,
death or insolvency of a partner, each
partner is such to his co-partners for his
share in any liability created by any
partner acting for the partnership as if
the partnership had not been dissolved
unless.
A. ERASED
B. LIABLE
C. A BURDEN
D. REMOVED
D 1834 28 The partnership of A, B, and C was
dissolved. Thereafter, B sold the non-cash
assets of the partnership like remaining
goods or inventories as well as properties
and equipment. In this case, the
transaction of B is such to the
partnership.
A. UNRECORDED
B. UNILATERAL
C. UNBINDING
D. BINDING
C 1835 29 The dissolution of the partner does not of
itself do such the existing liability of
 any partner.
A. EXTINGUISH
B. REMOVE
C. DISHCARGE
D. RECHARGE
A 1836 30 Liquidation is done without the
intervention of the court.
A. EXTRAJUDICIAL
B. JUDICIAL
C. JURICIDCAL
D. EXTRAJURIDICAL
C 1837 31 If dissolution is caused by such of a
partner, bona fide under the partnership
agreement and if the partner is discharged
from all partnership liabilities by
payment, he shall receive in cash only the
net amount due him from the partnership.
A. INCARSERATED
B. EXCLUDED
C. EXPELLED
D. EXPUNGED
D 1838 32 These are the right of a partner who is
entitled to rescind, except:
A. Right to lien or right of retention
B. Right of subrogation
C. Right of indemnification
D. Right to rescind
A 1839 33 Where a partner has become insolvent or his
estate is insolvent, the claims against his
separate property shall rank in the
following order, excluding:
A. Those owing to bosses
B. Those owing to separate creditors
C. Those owing to partnership creditors
D. Those owing to partners by way of
contribution
C 1840 34 A professional partnership, where the
reputation which depends on the individual
skill of the members, such as partnerships
of attorneys, has no such to be distributed
as a firm asset on its dissolution.
A. RESPECT
B. MONEY
C. GOODWILL
D. REPUTATION
B 1841 35 When any partner retires or dies, and the
business is continued, without any
settlement between him or his estate, he
may have a representative to receive the
value of such at the date of dissolution
ascertained.
A. HIS PRINCIPLE
B. HIS INTEREST
C. HIS PRINCIPAL
D. HIS CAR
C 1842 36 Those who have an obligation to render an
 account are the following except:
A. THE WINDING UP PARTNERS
B. SURVIING PARTNERS
C. EXPELLED PARTNERS
D.THE PERSON OR PARTNERSHIP CONTINUING THE
BUSINESS
B 1843 37 Such is one formed by two or more persons
having as members one or more general
partners and one or more limited partners.
A. GENERAL PARTNERSHIP
B. LIMITED PARTNERSHIP
C. BROKEN PARTNERSHIP
D. UNVERSAL PARTNERSHIP OF ALL PROFITS
A 1844 38 The name of a limited partnership should
have such attached to its name.
A. LIMITED
B. GENERAL
C. BUSINESS
D. DEALERSHIP
D 1845 39 The contributions of a limited partner may
be the following except:
A. CASH
B. CAPITAL
C. PROPERTY
D. SERVICES
C 1846 40 Such of a limited partner shall not appear
in the partnership name.
A. FIRST NAME
B. MIDDLE NAME
C. SURNAME
D. SECOND NAME