IC101 MIDTERM REVIEW

Which of the following refers to two or more persons who bind themselves to contribute to a common fund, with the intention of dividing the profits among themselves?

Which of the following describes the written contract by the partners which requires registration with the Securities and Exchange Commission?

A partner may invest in the partnership in any of the following, EXCEPT?

Which of the following kind of partnership in which its main activity is to manufacture or purchase and sale of goods?

Which of the following serves as the partnership's "shock absorber" for unfulfilled obligations?

The estimated price of an asset that a seller is willing to sell and the buyer is also willing to buy in an open market is called _____________.

Which of the following describes a partner who is not known as a partner but actively participates in running the partnership affair?

What type of assets may a partner not contribute to a partnership?

Nico and Jas entered into a universal partnership of profits. At the time of the execution of the articles of partnership, Lea had a two-door apartment which he inherited from his father 3 years earlier. Revy, on the other hand, had a fleet of taxis that he purchased 2 years before. In the first year of the partnership, Lea earned P500,000.00 as a radio talent, while Revy won P1,000,000,00 in the lotto. During the same period, rentals of P2000,000.00 were realized from the operation of the fleet of taxis.  Which of the following belongs to the partnership?

Personal withdrawal by a partner in anticipation of profits is not viewed as permanent in character. This requires a _______________.