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QUESTION 1 A partnership is a A) firm listed on a stock exchange, in which no owner owns a controlling majority of equity B) business with two or more owners that is not organized as a corporation corporation in which the owners have limited liability for the organization's liabilities D) private firm in which all owners have equal ownership and limited liability in the event of a bankruptcy QUESTION 2 Which of the following is a characteristic of a partnership? O A) Partnerships pay corporate income taxes. OB) Partnerships are listed on a stock exchange. OC) Partnerships are organized as corporations. D) Partners have co-ownership of the partnership's assets. QUESTION 3 Which of the following is TRUE of a written partnership agreement? A) It is an agreement in which the partners hold a direct agreement with the registration body, and the registration body acts as an interlocutor between the partners B) It is an informal agreement between the partners and is not legally binding. o it is a legally-binding agreement between the owners which explains the procedures for liquidating the partnership D) It is a legally-binding agreement between the proprietors and the stock exchange where it is listed regarding the profit sharing between the owner's QUESTION 4 Which of the following is specified in the articles of partnership? A) procedures for withdrawal of assets by the partners O B) procedures for distribution of dividends C) methods for valuation of the assets D) selection of an appropriate depreciation method

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