BUS303 FINAL EXAM 2025 NEWEST QUESTIONS AND
DETAILED CORRECT ANSWER | A+ GRADE STUDY
RESOURCE
The sole proprietor has ________ liability.
limited organizational
zero personal
unlimited personal
complete organizational - ans -unlimited personal
The earnings and losses from a sole proprietorship are reported on ________.
the proprietor's personal income tax filing
the state income tax filing document
the federal income tax filing document
the business license that is renewed each year - ans -the proprietor's personal
income tax filing
Which of the following is true of the management of a general partnership?
Partnership matters are decided by unanimous agreement only.
If the vote is tied, the action being voted on is considered to be defeated.
The number of votes a general partner has depends on the proportion of his or
her capital investment.
Only general partners in the board of directors have the authority to participate in
the management. - ans -
Which of the following is a right to which every general partner is entitled under
the Uniform Partnership Act?
right to legal action
right to free and open speech
right to remuneration
right to return of capital - ans -right to return of capital
, Competing with the partnership without the permission of other partners violates
a general partner's ________.
duty of care
duty to inform
duty of loyalty
duty of obedience - ans -duty of loyalty
In most states, the formation, operation, and termination of limited partnerships
are regulated by the Revised Uniform Limited Partnership Act.
True
False - ans -True
Limited partners do not participate in the management of the partnership.
True
False - ans -True
Corporations are permitted to become general partners to a limited partnership.
True
False - ans -true
Which of the following types of liability do limited partners of a limited
partnership have for the debts and obligations of the limited partnerships?
unlimited organizational capital liability
unlimited personal liability
liability of termination as partner
liability restricted to debts up to their capital contributions
- ans -liability restricted to debts up to their capital contributions
Which of the following is mandatory for the addition of a new limited partner to
an existing limited partnership?
DETAILED CORRECT ANSWER | A+ GRADE STUDY
RESOURCE
The sole proprietor has ________ liability.
limited organizational
zero personal
unlimited personal
complete organizational - ans -unlimited personal
The earnings and losses from a sole proprietorship are reported on ________.
the proprietor's personal income tax filing
the state income tax filing document
the federal income tax filing document
the business license that is renewed each year - ans -the proprietor's personal
income tax filing
Which of the following is true of the management of a general partnership?
Partnership matters are decided by unanimous agreement only.
If the vote is tied, the action being voted on is considered to be defeated.
The number of votes a general partner has depends on the proportion of his or
her capital investment.
Only general partners in the board of directors have the authority to participate in
the management. - ans -
Which of the following is a right to which every general partner is entitled under
the Uniform Partnership Act?
right to legal action
right to free and open speech
right to remuneration
right to return of capital - ans -right to return of capital
, Competing with the partnership without the permission of other partners violates
a general partner's ________.
duty of care
duty to inform
duty of loyalty
duty of obedience - ans -duty of loyalty
In most states, the formation, operation, and termination of limited partnerships
are regulated by the Revised Uniform Limited Partnership Act.
True
False - ans -True
Limited partners do not participate in the management of the partnership.
True
False - ans -True
Corporations are permitted to become general partners to a limited partnership.
True
False - ans -true
Which of the following types of liability do limited partners of a limited
partnership have for the debts and obligations of the limited partnerships?
unlimited organizational capital liability
unlimited personal liability
liability of termination as partner
liability restricted to debts up to their capital contributions
- ans -liability restricted to debts up to their capital contributions
Which of the following is mandatory for the addition of a new limited partner to
an existing limited partnership?
