22) A limited partnership is an agreement between ________

A) That competes with it.

B) That owes the partnership money.

C) That sells different goods or services.

D) That might one day be a partner.

E) That may owe money to the IRS.

24) A limited partnership is an agreement between ________

A) at least one general partner and one limited partner

B) at least one general partner and two limited partners

C) at least two general partners and one limited partner

D) at least two general partners and two limited partners

E) each state sets the amount of general and limited partners by statute

25) Which of the following helps govern and guide limited partnerships?

A) Limited Liability Partnership Act

B) Revised Uniform Limited Partnership Act

C) Special Liability Partnership Act

D) Uniform Organization of Partners Act

E) Limited Partnership Act of 2010

31) The winding-up stage in the termination of a partnership is complete when which of the following happens?

A) When account is taken of the assets of the partnership and the assets are distrubted among the partners.

B) When all the assets of the partnership are sold.

C) When all partners sign releases terminating the partnership

D) When the partnership is dissolved

E) When al claims against the partnership by third parties are either settle or resolved in court.

32) G6A is a major corporation that has had an extremely profitable year. G6A decides to keep some of its profits to reinvest into new machinery. This is known as ________.

A) Bonus earnings

B) Allowable earnings

C) Extra Income

D) Retained earnings

E) Profit maximization

41) Regarding management of a corporation, which of the following is false?

A) shareholders generally participate in corporate management

B) shareholders elect a board of directors

C) the board of directors selects officers to manage the day-to-day business of the corporation

D) if the shareholders die, corporations do not dissolve

E) in most states, corporations can exist indefinitely

42)Because corporations are legal entities separate from their shareholders, ________.

A) corporations and shareholders share liability for corporate actions

B) corporate officers are responsible for corporate actions

C) the corporation assumes liability for corporate actions

D) the corporations, shareholders, and the board of directors must share in corporate liability

E) the corporation cannot be assessed liability unless a court assess liability to it.