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6 questions
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2. Multiple-choice
45 seconds
1 pt
A is the capitalist partner and B is the industrial partner. A is engaged personally in the same kind of business the partnership is engaged in. (45 secs)
If there are losses, the partnership will bear the losses.
If there are profits, the profits will be shared by A and the partnership.
If there are profits, A will give the profits to the partnership.
A will be excluded from the partnership and pays damages.
3. Multiple-choice
45 seconds
1 pt
A is the managing partner of ABC partnership. X owes A personally and ABC Partnership P20,000 each. A collected and receive from X P10,000 and he issued a receipt wherein it is stated that the amount is applied against his personal credit. (45 secs)
The amount received will be applied in favor the partnership credit.
The amount will be applied in proportion to both credits.
The amount received will be applied in the credit of A.
All the partners will decide as to whose favor it will apply.
4. Multiple-choice
45 seconds
1 pt
Which of the following statements is incorrect? (45 secs)
A capitalist partner may engage in the same line of business in which the partnership is engaged.
An industrial partner may not engage in business for himself without the consent of his co-partner.
An industrial partner who engaged in business for himself by be excluded from the partnership.
An offending capitalist partner may not be excluded from the partnership.
5. Multiple-choice
45 seconds
1 pt
TRUE or FALSE
Statement 1: A corporation may exist for a period not exceeding 50 years but its life may be extended several times provided each extension does not exceed 50 years in any single instance.
Statement 2: A corporation commences to exist upon the issuance of certificate of incorporation. (45 secs)
Both statements are true.
Statement 1 is true while statement 2 is false.
Statement 1 is false while statement 2 is true.
Both statements are false.
6. Multiple-choice
45 seconds
1 pt
TRUE or FALSE
Statement 1: A director is required to be an owner of at least one share of stock of a corporation. However, he continues to be a director although he has disposed all his shares provided the term for which he was elected has not yet expired.
Statement 2: A foreign corporation may do business in the Philippines by obtaining a license but without the need of incorporating under Philippine laws. (45 secs)
Both statements are true.
Statement 1 is true while statement 2 is false.
Statement 1 is false while statement 2 is true.
Both statements are false.
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