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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define mutual agency in partnerships.
💡 Hint: Think about how partners interact in decision-making.
Question 2
Easy
What is goodwill?
💡 Hint: Consider how a company's reputation affects its profits.
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 mutual agency in partnerships?
- One partner acts alone
- Each partner acts for all
- Partners do not interact
💡 Hint: Think about partnerships and how decisions are made.
Question 2
True or False: Goodwill is a tangible asset.
- True
- False
💡 Hint: Consider how businesses are valued beyond physical assets.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A partnership has a total profit of $200,000, and partners A, B, and C share profits in a ratio of 2:2:1. If partner D joins with an investment introducing a premium of $40,000, what will be the new profit-sharing ratio?
💡 Hint: Consider how the premium affects existing shares.
Question 2
If a partnership dissolves with total assets worth $500,000 and liabilities of $300,000, how are the remaining assets distributed among partners with an initial capital of $50,000 each?
💡 Hint: Account for how debts adjust the total distrubutable assets.
Challenge and get performance evaluation