1. Statement I: One who lends money/credit to the owner of a business establishment in consideration of which he will share in the profits in repayment of such credit, is presumed to be a partner. Statement II: If an employee received a share in the profits of the partnership in consideration of rendition of services, does not make the employee a partner.

Both statements are True

Statement I is True; Statement II is False

Statement I is False; Statement II is True

Both statements are False

2. A, B, and C are partners contributing the following amount: A=P50,000 B=25,000 and C=25,000. The partners did not agree on the profit and loss sharing. If there is a loss of P90,000, how much is their respective shares?

A= 45,000, B=22,500 C=22,500

A= 50,000, B=20,000 C=20,000

A= 30,000, B=30,000 C=30,000

There will be no distribution of loss because it is not stipulated in the agreement.

3. Statement I: The mere sharing of gross returns establish the fact that it is a partnership, no exceptions. Statement II: Any stipulation in the partnership agreement on which exclude one or more partners from the share in the profit or loss is valid.

Both statements are False

Both statements are True

Statement I is False; Statement II is True

Statement I is True; Statement II is False

4. Statement I:The death of any of the partners would not warrant the dismissal of the case against the partnership because the personality is different from the partners. Statement II: Partners to each other are not partners as to the third person.

Statement I is True; Statement II is False

Both statements are True

Statement I is False; Statement II is True

Both statements are False

5. Statement I: In case of imminent loss of business, the partners are called upon to give additional contribution. Statement II: A partner may be exempted in additional contribution to the partnership if it is stipulated in the agreement.

Both statements are False

Statement I is False; Statement II is True

Both statements are True

Statement I is True; Statement II is False

6. Statement I : After the goods have contributed to the partnership, the individual partner still bears the risk of loss or benefit of changes in value even if ownership was transferred to the partnership. Statement II : The partnership at will, can lawfully be terminated at any time by the express will of all the partners or any of them.

Both statements are False

Statement I is True; Statement II is False

Statement I is False; Statement II is True

Both statements are True

7. A, B and C are partners contributing the following amount: A=P60,000 B=30,000 and C=10,000. They agreed to divide the profits equally but no agreement as to the losses. If there is a loss of P90,000, how much is their respective shares?

A= 50,000, B=20,000 C=20,000

A=30,000, B=30,000 C=30,000

A= 45,000, B=30,000 C=15,000

A= 54,000, B=27,000 C=9,000

8. Statement I: Partnership must have a mutual contribution of money, property or industry to a common fund. Statement II: There must be two or more persons who have the legal capacity to contract.

Both statements are True

Both statements are False

Statement I is True; Statement II is False

Statement I is False; Statement II is True

9. Statement I: A widow or a representative of a deceased partner may receive profits or annuity from a partnership but it does not mean that he/she is a partner. Statement II: If a person shares in the profits of a partnership it does not make him a partner if such share is given as an interest in a loan extended to the partnership.

Both statements are True

Statement I is False; Statement II is True

Both statements are False

Statement I is True; Statement II is False

10. Statement I: Spouses can enter into a universal partnership but not in particular partnership. Statement II: Spouses can enter into a particular partnership but not in universal partnership.

Both statements are True

Statement I is True; Statement II is False

Statement I is False; Statement II is True

Both statements are False

11. A, B and C are partners with the following contribution.A=60,000 B=20,000 C =20,000 and services. If there is no stipulation as to the profit sharing, and the partnership profit is P90,000. How much is their participation? (It was determined that P30,000 is just and equitable for the services of C)

A=45,000 B=22,500 C =22,500

A=36,000 B=42,000 C =12,000

A=54,000 B=18,000 C =18,000

A=36,000 B=12,000 C =42,000

12. The organization or formation of the partnership is followed by other contracts to carry out its purpose. Which characteristic of the Contract of partnership is this?

Preparatory

Onerous

Principal

Bilateral

13. Statement I: General Rule, if a managing partner received money from a third person who owes the partnership and the managing partner, the amount received must be applied first to the obligation to the managing partner. Statement II:General Rule, if a managing partner received money from a third person who owes the partnership and the managing partner, the money received must be applied first to the obligation to the partnership, when receipt is in the name of partnership.

Statement I is True; Statement II is False

Statement I is False; Statement II is True

Both statements are True

Both statements are False

14. Statement I: A universal partnership of all present property is one in which the partner contributes all the property which actually belongs to them to a common fund including profit acquired from such property. Statement II: If stipulated in a universal partnership of present property, the fruits of properties acquired by inheritance, legacy or donation can also be included.

Both statements are False

Statement I is True; Statement II is False

Both statements are True

Statement I is False; Statement II is True

15. Statement I: Universal Partnership of all present property contributed by the partners to a common fund as well as profits acquired therein Statement II: Universal partnership of profits refers to all that the partners may acquire by their industry or work during the existence of the partnership.

Both statements are False

Statement I is False; Statement II is True

Statement I is True; Statement II is False

Both statements are True

16. A, B and C formed a universal partnership of all present property with the following contribution: A= car, B=Land, C=Building. Who is the owner of the things contributed?

Partners, ownership is not transferred.

Government, because the partnership is unlawful.

Partnership, ownership has been transferred upon contribution.

Third person, because partnership is void.

17. A, B and C are partners with the following contribution.A=60,000 B=20,000 C =20,000 and services. They agreed that profit shall be divided accordingly: A=50%, B=25% C=25%. If profit is P90,000, how much is the share of each partner?

A=54,000 B=18,000 C =18,000

A=45,000 B=22,500 C =22,500

A=30,000 B=30,000 C =30,000

A=22,500 B=22,500 C =45,000

18. A partner whose connection with the partnership is concealed and who does not take any act or part in it.

Dormant Partner

Silent Partner

Private Partner

Ostensible Partner

19. Statement I: Under the rule of universal partnership of profits, profits that are acquired through chance such as lottery without employment is not included in the contribution to capital. Statement II: If without specification on its nature, Universal partnership is always deemed a Universal partnership of all present property because it imposes less obligations on the partners.

Both statements are False

Statement I is False; Statement II is True

Statement I is True; Statement II is False

Both statements are True

20. Statement I: Partnership has a fixed term when the term of existence is unlimited even after accomplishment of purpose or specific undertaking.Statement II: Partnership is at will when there is a specific period or term of existence and expiration thereof dissolved the partnership.

Statement I is True; Statement II is False

Both statements are True

Statement I is False; Statement II is True

Both statements are False