Shortcut Of Partnership Quiz

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| By Gregorynaomi

Gregorynaomi

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Quizzes Created: 1462 | Total Attempts: 831,690

Questions: 10 | Attempts: 196 | Updated: Mar 21, 2023

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Partnership is term used in describing the situation whereby two or more people coming together in achieving a common goal in places like work, business, firms and so on. The shortcuts in partnership is required for the sake of time management in attempting competitive exams which is required of candidates.

Questions and Answers

1.

What is the name given to a partner who manages a business?
- A.
  
  Shopping partner
- B.
  
  Driving partner
- C.
  
  Working partner
- D.
  
  Sleeping partner
Correct Answer
C. Working partner

Explanation
A working partner is a name given to a partner who actively manages and participates in the day-to-day operations of a business. Unlike a sleeping partner who only invests capital but does not engage in the management of the business, a working partner takes on responsibilities and contributes to the overall functioning of the company. This includes making decisions, overseeing operations, and sharing in the profits and losses of the business.

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2.

What is the name of the partner who invested the money on business?
- A.
  
  Money partner
- B.
  
  Shopping partner
- C.
  
  Sleeping partner
- D.
  
  Working partner
Correct Answer
C. Sleeping partner

Explanation
A sleeping partner is a term used in business to refer to someone who invests money into a business but does not actively participate in its day-to-day operations or management. They are essentially silent investors who provide financial support but do not have a say in the decision-making process or contribute to the business's activities.

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3.

Which of these is not a factor of production?
- A.
  
  Vehicle
- B.
  
  Capital
- C.
  
  Entrepreneur
- D.
  
  Labor
Correct Answer
A. Vehicle

Explanation
A vehicle is not considered a factor of production because it is a tool or asset used in the production process, rather than a resource or input that is transformed into a final product. Factors of production typically refer to the resources and inputs that are combined to produce goods and services, such as capital (machinery, equipment, buildings), labor (human effort and skills), and entrepreneurship (the ability to organize and manage resources). Vehicles, while important for transportation and logistics, are not directly involved in the production process itself.

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4.

What is the money used in starting a business called?
- A.
  
  Bill
- B.
  
  Rate
- C.
  
  Capital
- D.
  
  Reward
Correct Answer
C. Capital

Explanation
The money used in starting a business is called capital. Capital refers to the funds or financial resources that are invested in a business to purchase assets, cover operational expenses, and facilitate growth. It can come from various sources such as personal savings, loans, investments, or partnerships. Capital is essential for businesses to acquire necessary resources and establish a foundation for their operations.

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5.

What is the situation whereby a person is operating a business?
- A.
  
  Public Limited Company
- B.
  
  Limited Company
- C.
  
  Partnership
- D.
  
  Sole-propietorship
Correct Answer
D. Sole-propietorship

Explanation
A sole proprietorship is a situation where a person operates a business. In this type of business, the individual owns and manages the company alone, assuming all the responsibilities and liabilities. They have complete control over decision-making and enjoy all the profits generated by the business. This form of business is the simplest and most common, especially for small-scale enterprises. It is characterized by minimal legal requirements and easy setup, making it an attractive option for individuals looking to start their own business without the need for partners or shareholders.

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6.

What is the reward for land?
- A.
  
  Interest
- B.
  
  Rent
- C.
  
  Loss
- D.
  
  Salary
Correct Answer
B. Rent

Explanation
The reward for land is rent. Rent is the payment made by a tenant to the landlord for the use of the land. It is a common form of income for landowners, especially in the context of real estate or agricultural land. Unlike interest, which is a return on investment, rent specifically refers to the payment for the use or occupation of land. Loss and salary are not directly related to land as a reward.

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7.

Which of these is not a number of workers required for a business partnership?
- A.
  
  1
- B.
  
  2
- C.
  
  3
- D.
  
  4
Correct Answer
A. 1
8.

Which of these types of companies can practice partnership?
- A.
  
  Transportation
- B.
  
  Security
- C.
  
  Agricultural Company
- D.
  
  Fashion Designing
Correct Answer
D. Fashion Designing

Explanation
Fashion Designing companies can practice partnership because partnership is a type of business structure where two or more individuals or entities come together to form a business and share the profits, losses, and responsibilities. In the case of fashion designing, it is common for designers to collaborate and form partnerships to combine their skills, resources, and networks to create and promote their fashion lines. This allows them to pool their talents and share the risks and rewards of the business.

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9.

What is the principal of all factors of production?
- A.
  
  Land
- B.
  
  Labor
- C.
  
  Capital
- D.
  
  Entrepreneur
Correct Answer
D. Entrepreneur

Explanation
The principal of all factors of production is the entrepreneur. An entrepreneur is responsible for organizing and coordinating the other factors of production - land, labor, and capital - to create goods and services. They take risks, make decisions, and innovate in order to start and manage businesses. Entrepreneurs play a crucial role in the economy by identifying opportunities, mobilizing resources, and driving economic growth.

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10.

Which of these is not an example of primary production?
- A.
  
  Business
- B.
  
  Advertisement
- C.
  
  Trading
- D.
  
  Mining
Correct Answer
D. Mining

Explanation
Primary production refers to the process of creating new resources or materials from natural sources. Business, advertisement, and trading are all examples of activities that involve the creation and exchange of goods and services, but they do not involve the extraction or production of new resources. On the other hand, mining is the process of extracting minerals or other valuable materials from the earth, making it the only option in the given list that is an example of primary production.

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