1- True/false:Burnside Corporation and the D. Stewart Trust can be partners in a partnership if they carry on as co-owners a business for profit.

2-True/false:Partners may elect whether or not the partnership will be taxed as a separate entity.

3-True/false: Miller and Baker formed a partnership and purchased a cycle shop. The name of the new business cannot be "Miller Cycle Shop" because the name of the partnership must include the names of both partners if it includes the name of one partner.

4-True/false:A partner can withdraw his partnership capital at any time.

5-True/false:A general partnership is formed without any formality and no documents need be filed with the state.

6-True/false:Whether an individual partner or the partnership owns certain property determines who gets it upon dissolution of the partnership and who shares in income from it.

7- Arthur, Betty, and Clara each inherit an undivided one-third interest in an apartment complex. Instead of selling it, they decide to continue to operate it for the next few years as a sideline to their other occupations just to see if they can earn some extra money. What are they

a. Partnership

b. Co-ownership.

c. Corporation.

d. Creditor of the complex.

8- Marilyn, George, and Christine pool their money to buy land to operate a vegetable farm from which they plan to sell the produce and share the profits or losses. Are they partners?

a.Yes.They are an association to carry on a for profit business which they own.

b.No, because they each control the use of the land.

c. Yes, because if there is a loss in the land's value, they will all share that loss.

d. No, they are merely joint venturers.

9- Mount Pleasant Tires does not have sufficient funds to pay dames for a tort that arose out of the operation of the business. Jess, a business owner, is personally liable if:

a. He is a sole proprietor of the business.

b. The business is a corporation and he is a shareholder.

c. He committed the tort.

d. He is a general partner of the business.

e. Two of the above (a through d)

f. Three of the above (a through d)

10- Sue, Barb, and Carlotta agree to put in $1,000 each to set up a shelter for lost animals. They each work two days a week. Donations fund the day-to-day operations. Do they have a partnership?

a. Yes, since each has control of the operation.

b. Yes, because they are all co-equals in ownership of the shelter.

c. No, because they have made no formal agreement.

d. No, because there is no business for profit.