Question 1

Partners in a partnership owe each other:

Accepted Answer

The answer of Partners in a partnership owe each other:
...

Question 2

In Brown v.Swett and Crawford of Texas,where Brown and Galtney were hired to run an insurance office for Swett,but Brown was later fired and sued for wrongful expulsion from a partnership,the appeals court held that Brown:

Accepted Answer

The court held that Brown was not a partner but an employee, and thus he was not entitled to partnership rights or claims.

Question 3

In Brown v.Swett and Crawford of Texas,where Brown and Galtney were hired to run an insurance office for Swett,but Brown was later fired and sued for wrongful expulsion from a partnership,the appeals court held that:

Accepted Answer

The court held that Brown's partnership claims failed because he did not have a right to receive a share of the profits, which is a key element in establishing a partnership.

Question 4

A(n)_____________requires that each partner act in good faith for the benefit of the partnership.

Accepted Answer

A fiduciary relationship is defined as a relationship in which one party, known as the fiduciary, has a duty to act in good faith and in the best interests of the other party. In the context of a partnership, each partner has a fiduciary duty to act for the benefit of the partnership as a whole. Therefore, option C is the correct answer.

Question 5

The duty of partners to a partnership is:

Accepted Answer

The duty of partners to a partnership is based on a fiduciary relationship, which demands extraordinary trust and loyalty to the partnership. This includes acting in the best interests of the partnership and avoiding conflicts of interest.

Question 6

In Brown v.Swett and Crawford of Texas,where Brown and Galtney were hired to run an insurance office for Swett,but Brown was later fired and sued for wrongful expulsion from a partnership,the appeals court held that Brown:

Accepted Answer

The court held that Brown was not a partner but an employee paid on commission, and thus could be fired at any time.

Question 7

In Japan small businesses are:

Accepted Answer

None of the other choices are correct. While small businesses in Japan are an important part of the economy, they are not necessarily favored by the government or exempt from taxes. They also do not necessarily have a reputation for being desirable places to work. However, it is true that Japan has a high rate of entrepreneurship and new business formation.

Question 8

Which of the following are usually included in a written partnership agreement:

Accepted Answer

All of the other specific choices (A, B, C, and D) are usually included in a written partnership agreement, along with other provisions such as the partnership name, purpose, management, decision-making process, profit-sharing, taxation, dissolution, and dispute resolution. The agreement serves as a blueprint for the partnership and helps prevent misunderstandings and conflicts between partners.

Question 9

Unless otherwise stated by contract,the law of partnership presumes which of the following not to be true?

Accepted Answer

The law of partnership generally presumes that each partner has an equal voice in management, a majority vote controls ordinary business decisions, profits are to be shared among the partners, and each partner has an equal vote regardless of their investment size. Therefore, all of the statements A through D are considered true under the law of partnership unless a contract states otherwise.

Question 10

A change in the relationship of the partners that shows an unwillingness or an inability to continue with business may bring about _____________ of the partnership.

Accepted Answer

A change in the relationship of the partners indicating an unwillingness or inability to continue with business does not specifically lead to finalization, retaliation, revitalization, or composition of the partnership. These terms do not accurately describe the dissolution or significant alteration of a partnership under such circumstances.

Question 11

In Japan small businesses are:

Accepted Answer

In Japan, it is traditionally preferred to work for larger companies as they offer more job security and stability. Small businesses, on the other hand, may be seen as less stable and less desirable places to work.

Question 12

In Brown v.Swett and Crawford of Texas,where Brown and Galtney were hired to run an insurance office for Swett,but Brown was later fired and sued for wrongful expulsion from a partnership,the appeals court held that:

Accepted Answer

The answer of In Brown v.Swett and Crawford of Texas,where...

Question 13

In Japan small businesses are:

Accepted Answer

The answer of In Japan small businesses are:
...

Question 14

Unless otherwise stated by contract,the law of partnership presumes which of the following not to be true?

Accepted Answer

The law of partnership does not presume that only managing partners are fully responsible for debts of the partnership. In fact, all partners are jointly and severally liable for the debts of the partnership, unless otherwise stated in the partnership agreement. The other choices are generally true, unless otherwise stated in the partnership agreement.

Question 15

Gary and Sue start a consulting firm.They are co-owners of it and have joint control over its operation and the right to share in its profits.Their organization is most likely a:

Accepted Answer

Gary and Sue are co-owners with joint control over the operation of the consulting firm and the right to share in its profits. This is a common characteristic of a partnership. Proprietorship refers to a business owned and controlled by a single individual. A business trust is a legal entity that holds property or assets for the benefit of its beneficiaries. A corporation is a separate legal entity owned by shareholders who have limited liability for the organization's debts and obligations. A syndicate is a group of individuals or businesses who come together to finance a particular project or venture.

Question 16

Which of the following is a decision that would most likely require the consent of all partners:

Accepted Answer

All of the other specific choices (changing the nature of the partnership's business, admitting new partners, and selling the business) are significant decisions that could greatly impact the partnership and its partners. As such, it is essential that all partners give their consent before making these decisions.

Question 17

A change in the relationship of the partners that shows an unwillingness or an inability to continue with business may bring about _____________ of the partnership.

Accepted Answer

The word "termination" means the act of ending something, so it accurately describes the dissolution of a partnership due to an irreparable change in the relationship of the partners. The other answer choices do not accurately describe this situation.

Question 18

A complete termination comes about only after the partnership has been ________ and its affairs have been wound up.

Accepted Answer

The correct term for the process where a partnership is ended and its affairs are concluded is "dissolution," not "disillusioned" or any of the other options provided. Since none of the choices accurately describe this process, the correct answer is "none of the other choices are correct."

Question 19

Compared to the U.S. ,new businesses in Japan:

Accepted Answer

According to the Global Entrepreneurship Monitor, the rate of new business creation in Japan is lower than in the U.S. and many other developed countries. This may be due to cultural and institutional factors, such as a preference for stable corporate careers over risky start-ups and a lack of access to funding sources outside of traditional banks.

Question 20

A complete termination comes about only after the partnership has been ________ and its affairs have been wound up.

Accepted Answer

The term "dissolved" is commonly used in the context of partnerships to refer to the formal process of bringing the partnership to an end. This involves winding up the partnership's affairs, selling assets, and distributing any remaining profits or liabilities to the partners. The other options, such as "disillusioned," "standardized," "reorganized," or "finalized," do not accurately describe the process of terminating a partnership.

Quiz 13: Business Organizations

Partners in a partnership owe each other:

In Brown v.Swett and Crawford of Texas,where Brown and Galtney were hired to run an insurance office for Swett,but Brown was later fired and sued for wrongful expulsion from a partnership,the appeals court held that Brown:

In Brown v.Swett and Crawford of Texas,where Brown and Galtney were hired to run an insurance office for Swett,but Brown was later fired and sued for wrongful expulsion from a partnership,the appeals court held that:

A(n) _____________requires that each partner act in good faith for the benefit of the partnership.

The duty of partners to a partnership is:

In Brown v.Swett and Crawford of Texas,where Brown and Galtney were hired to run an insurance office for Swett,but Brown was later fired and sued for wrongful expulsion from a partnership,the appeals court held that Brown:

In Japan small businesses are:

Which of the following are usually included in a written partnership agreement:

Unless otherwise stated by contract,the law of partnership presumes which of the following not to be true?

A change in the relationship of the partners that shows an unwillingness or an inability to continue with business may bring about _____________ of the partnership.

In Japan small businesses are:

In Brown v.Swett and Crawford of Texas,where Brown and Galtney were hired to run an insurance office for Swett,but Brown was later fired and sued for wrongful expulsion from a partnership,the appeals court held that:

In Japan small businesses are:

Unless otherwise stated by contract,the law of partnership presumes which of the following not to be true?

Gary and Sue start a consulting firm.They are co-owners of it and have joint control over its operation and the right to share in its profits.Their organization is most likely a:

Which of the following is a decision that would most likely require the consent of all partners:

A change in the relationship of the partners that shows an unwillingness or an inability to continue with business may bring about _____________ of the partnership.

A complete termination comes about only after the partnership has been ________ and its affairs have been wound up.

Compared to the U.S. ,new businesses in Japan:

A complete termination comes about only after the partnership has been ________ and its affairs have been wound up.