Sole proprietor for debts-obligations of sole proprietorship

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Reference no: EM132267815

1. With regard to partnerships, which of the following is NOT true?

a. Unless agreed otherwise, a general partner has the right to a proportionate share in profits and losses.

b. Unless agreed otherwise, a general partner has the right to an equal share in profits and losses.

c. The loss percentage for partners follows profit unless the partners have agreed otherwise.

d. Earnings from capital are considered to be "profit."

2. With regard to the liability of the sole proprietor for debts and obligations of the sole proprietorship, which of the answer choices is true?

a. The sole proprietor is legally liable for the debts and obligations of the sole proprietorship, whether or not the proprietorship uses a d/b/a.

b. The sole proprietor is legally liable for the debts and obligations of the sole proprietorship, only to the extent of the net assets of the proprietor at the time the obligation is incurred.

c. The sole proprietor is legally liable for the debts and obligations of the sole proprietorship, only if the proprietor signed a legally enforceable guaranty.

d. The sole proprietor is legally liable for the debts and obligations of the sole proprietorship, unless the proprietorship uses a d/b/a.

3. Which of the following is true of a limited partnership?

a. A limited partnership can have only one general partner but multiple limited partners.

b. Corporations are allowed to become partners in a limited partnership.

c. Other limited partnerships cannot become limited partners in an existing limited partnership.

d. A limited partner is personally liable for the debts of the partnership.

4. Across the different types of controls in terms of level of proactivity and outcome versus behavioral, controls can take on which form(s)?

A) financial

B) financial and non-financial

C) strategic

D) non-financial

5. These three project process groups are performed continuously throughout the project's duration:

Planning Processes

Monitoring and Controlling Processes

Closing Processes

Initiation

Executing Processes

6. Decentralized procurement is best when the items being purchased are standard across facilities.

True False

Reference no: EM132267815

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