MGTU 310 Week 6 Quiz | Assignment Help | Brandman University
- brandman-university / MGTU 310
- 23 Apr 2021
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MGTU 310 Week 6 Quiz | Assignment Help | Brandman University
Review Test Submission: MGTU 310 Week 6 Quiz
• Question 1
A _____ partnership is one engaged in buying and selling merchandise.
trading
limited
no trading
nominal
• Question 2
Zen Corp, an Australian company, and Pluto Inc, an American company, entered into a one-time contract to build an elevated expressway in Florida. The contract was for a period of five years and both companies were equally liable under their agreement. This type of business enterprise is known as a _____.
joint-stock company
limited liability company
partnership
joint venture
• Question 3
Mark and James established a partnership to deal in textiles. Both of them contributed equal capital to the partnership. Which of the following is true?
Mark and James have the right to participate in the management of the partnership
Mark can be held liable for James committing robbery.
Neither Mark nor James has the authority to bind the partnership without the signature of the other.
Neither Mark nor James has the authority to endorse checks without the signature of the other.
• Question 4
Brian, Kirk, and Jim established a partnership with equal capital contributions. However, Kirk provided an additional contribution in the form of a loan to the company. Which of the following is true?
Brian can withdraw capital advances from the partnership.
Any of the partners can withdraw their capital contribution or advances at any time.
Kirk can withdraw his capital advance after its due date.
Jim can withdraw capital advances from the partnership.
• Question 5
When a partnership is dissolved, its assets are first paid to:
Partners as a return of their capital contribution.
Creditors to pay partnership debts.
Partners who have advanced money to the firm.
Representatives of deceased partners.
• Question 6
A person who takes the initial steps to form a corporation is known as a(n) _____.
subscriber
developer
initiator
promoter
• Question 7
Which of the following best describes bylaws?
They are rules enacted by directors to govern a corporation's conduct.
They are rules of conduct adopted by the shareholders.
They may contain any provision, even against public policy if agreed upon by all hareholders.
They are rules enacted by officers to govern their conduct.
• Question 8
Which of the following best describes a share?
It is the unit value of a company's total stock.
It the unit value of a company's liabilities.
It is the total value of a company's assets.
It is total value of a company's liabilities.
• Question 9
Which of the following is true of a corporation?
It is an artificial being, existing only in contemplation of law.
Shareholders of a corporation represent the corporation as agents.
Stockholders perform all the administrative functions of the corporation.
Stockholders directly control the day to day activities of a Corporation.
• Question 10
The dissolution of a corporation:
Can never be voluntary on the part of stockholders.
May be sought by the state for failure to pay specified taxes for a given number of years
Allows it to make contracts to carry on business for six months.
May require the stockholders to pay debts the corporation's assets cannot cover.
USA 
India