2 - 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 6:19 PM Name Module 6 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 8 seconds out of 2 hours and Instructions Question 1 A partner may use partnership property for any purpose without accounting to the partnership. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 2 A cooperative may take the form of a corporation. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 3 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 4 Dreem Land Corporation and EZ Investments Company transfer their property to Financial Managers, Inc., which manages the property and distributes the profits to Dreem and EZ. This form of a business organization is Selected Answer: [None Given] Correct Answer: a business trust. 0 out of 2 points Question 5 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 6 Rona and Stiv do business as Treasure Island Traders. In acting on the firm's behalf in a deal with Unlimited Potential, Inc., Rona makes an honest error in overestimating the profit. To her firm, 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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Rona is Selected Answer: [None Given] Correct Answer: not liable. Question 7 Jim organized, and owns and operates, Jim's Landscaping Service in the simplest form of business organization. This is Selected Answer: [None Given] Correct Answer: a sole proprietorship. 0 out of 2 points Question 8 In a limited liability company, members do not have to participate in its management. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 9 Loni, Michel, and Nita are investors in Oceanic Exploration, a business trust. A business trust is managed by its Selected Answer: [None Given] Correct Answer: trustees. 0 out of 2 points Question 10 A syndicate may exist in the form of a partnership but not a corporation. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 11 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
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This note was uploaded on 03/16/2011 for the course BUS 241 taught by Professor Green during the Spring '11 term at New River Community College.

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

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