14 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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NR275.BUS.241.35.SP11 - ([Spring 2011] BUS 241-35: Business Law I) Assignments ... Module 6 Practice Test Review Test Submission: Module 6 Practice Test Review Test Submission: Module 6 Practice Test User Kristen M Ritch Submitted 3/5/11 6:30 PM Name Module 6 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 7 seconds out of 2 hours and Instructions Question 1 Dunn and Etta are limited partners in Fancee Fashion Stores, a limited partnership. In terms of the firm's books, Dunn and Etta are entitled to Selected Answer: [None Given] Correct Answer: total access. 0 out of 2 points Question 2 The owners of an incorporated cooperative are personally liable for its obligations. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 3 Sabin and Tyler agree while talking on the phone to form a partnership. Their partnership agreement is legally binding Selected Answer: [None Given] Correct Answer: without more. 0 out of 2 points Question 4 Leigh wants to go into the business of construction contracting. Among the reasons that would probably convince Leigh to set up his business as a sole proprietorship would be Selected Answer: [None Given] Correct Answer: its greater organizational flexibility. 0 out of 2 points Question 5 In some states, business trusts pay corporate taxes. Selected Answer: [None Given] 0 out of 2 points NR275.BUS.241.35.SP ([Spring 2011] BUS 241-35: Business Law I) Announcements Assignments Course Documents Discussion Board My Grades Communication Tools Resources
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Correct Answer: True Question 6 Guy and Hanna do business as G-H Associates. If G-H is a partnership, it is governed by the Uniform Partnership Act Selected Answer: [None Given] Correct Answer: in the absence of an express agreement. 0 out of 2 points Question 7 One of the disadvantages of a sole proprietorship is that the owner is liable for the losses of the business. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 8 Carl sells Direct Marketing Enterprises, a sole proprietorship, to Erv. This is a transfer of Selected Answer: [None Given] Correct Answer: the ownership of the business. 0 out of 2 points Question 9 General principles of agency law are the basis for a partner's duties and liabilities. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 10 A partner owes a partnership and its partners a duty to engage in gross negligence and reckless conduct. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 11 Owen, Paula, Quinn, and Rita combine to finance the building of Super Stores, a shopping mall. Their selected form of business organization is an investment group, or Selected Answer: [None Given] Correct Answer: a syndicate. 0 out of 2 points
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14 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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