FNSACC601 Quiz 3 review 96.15 out of 100.00
(Prepare and administer tax documentation for legal
entities) Monarch Institute
HOLIDAY NOTICE: LIMITED SUPPORT (20 DEC – 4
JAN)
Please be advised that from Saturday 20th December to Sunday 4th January, Trainer
and Student Services availability will be limited.
Please allow extra time for responses. Thank you and enjoy the break!
Started on Saturday, 3 January 2026, 11:49 AM
State Finished
Completed on Saturday, 3 January 2026, 12:11 PM
Time taken 22 mins 8 secs
Marks 25.00/26.00
Grade 96.15 out of 100.00
Feedback Sensational! - You have shown an indepth understanding of this
material, and have achieved an excellent result. Well done.
Question 1
Which of the following is not an example of a partnership for tax
Correct
purposes?
Mark 1.00 out of
1.00 Select one:
a. A trust and a company operating a wholesale manufacturing
business
b. Two brothers jointly operating a retail business
c. A husband and wife receiving rent from a jointly owned
property
d. An individual and a company operating a caravan park
e. None of the answers are correct
, Question 2
Which of the following is true of a partnership?
Correct
Select one:
Mark 1.00 out of
1.00 a. All partnerships must have a partnership agreement
b. All partnerships must lodge an income tax return
c. None of the answers are correct
d. A partnership is not directly liable for income tax
e. Assessable income less deductions equals taxable income
Question 3
Which of the following is not true of the partners in a partnership?
Correct
Select one:
Mark 1.00 out of
1.00 a. Partners must include their share of partnership net income
as assessable income
b. Partners are to include their share of partnership net loss as a
deduction
c. Partners are entitled to claim a tax offset equal to their share
of franking credits from a partnership
d. None of the answers are correct
e. Partners may defer their share of partnership net loss to claim
as a deduction in a future tax year
Question 4
Which of the following amounts is assessable income for a
Correct
partnership?
Mark 1.00 out of
1.00 Select one:
a. Franking credits from a fully franked dividend
b. None of the answers are correct
c. Interest charged to a partner's current account on their
drawings
d. Interest received from a partner on their drawings
e. A capital gain on the disposal of partnership property
(Prepare and administer tax documentation for legal
entities) Monarch Institute
HOLIDAY NOTICE: LIMITED SUPPORT (20 DEC – 4
JAN)
Please be advised that from Saturday 20th December to Sunday 4th January, Trainer
and Student Services availability will be limited.
Please allow extra time for responses. Thank you and enjoy the break!
Started on Saturday, 3 January 2026, 11:49 AM
State Finished
Completed on Saturday, 3 January 2026, 12:11 PM
Time taken 22 mins 8 secs
Marks 25.00/26.00
Grade 96.15 out of 100.00
Feedback Sensational! - You have shown an indepth understanding of this
material, and have achieved an excellent result. Well done.
Question 1
Which of the following is not an example of a partnership for tax
Correct
purposes?
Mark 1.00 out of
1.00 Select one:
a. A trust and a company operating a wholesale manufacturing
business
b. Two brothers jointly operating a retail business
c. A husband and wife receiving rent from a jointly owned
property
d. An individual and a company operating a caravan park
e. None of the answers are correct
, Question 2
Which of the following is true of a partnership?
Correct
Select one:
Mark 1.00 out of
1.00 a. All partnerships must have a partnership agreement
b. All partnerships must lodge an income tax return
c. None of the answers are correct
d. A partnership is not directly liable for income tax
e. Assessable income less deductions equals taxable income
Question 3
Which of the following is not true of the partners in a partnership?
Correct
Select one:
Mark 1.00 out of
1.00 a. Partners must include their share of partnership net income
as assessable income
b. Partners are to include their share of partnership net loss as a
deduction
c. Partners are entitled to claim a tax offset equal to their share
of franking credits from a partnership
d. None of the answers are correct
e. Partners may defer their share of partnership net loss to claim
as a deduction in a future tax year
Question 4
Which of the following amounts is assessable income for a
Correct
partnership?
Mark 1.00 out of
1.00 Select one:
a. Franking credits from a fully franked dividend
b. None of the answers are correct
c. Interest charged to a partner's current account on their
drawings
d. Interest received from a partner on their drawings
e. A capital gain on the disposal of partnership property
