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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define a partnership.
💡 Hint: Think about the collaboration between multiple owners.
Question 2
Easy
What is goodwill?
💡 Hint: Consider how reputation impacts business.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is meant by 'mutual agency' in a partnership?
- Each partner can act independently
- It's a type of profit-sharing
- Partners are not liable for debts
💡 Hint: Think about the nature of partner interactions.
Question 2
True or False: A partnership has a separate legal entity.
- True
- False
💡 Hint: Consider how partnerships relate to their owners.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A and B form a partnership. They agree to share profits in a 3:2 ratio. If the firm earns a profit of $60,000, how much will each partner receive?
💡 Hint: Calculate the share based on the ratio.
Question 2
If the goodwill of a firm is measured at $50,000 using the Average Profit Method over 5 years of purchase, what is the average profit?
💡 Hint: Understand the formula for goodwill valuation.
Challenge and get performance evaluation