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Guide for CPA-Business: AICPA CPA Business Environment and Concepts

Quiz CPA-Business: AICPA CPA Business Environment and Concepts

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/ 10

Quiz

1/10
Fanny and John each own and manage their own companies. Fanny's business is manufacturing
freight boxes of all types, and John's business is selling freight boxes to different industries. They
decide to combine their expertise and knowledge to produce and sell freight boxes specifically
designed for the new airline company that just formed in their city. Which of the following best
describes the business formed by the parties?
Select the answer
1 correct answer
A.
A general partnership.
B.
A limited liability partnership.
C.
A sole proprietorship.
D.
A joint venture.

Quiz

2/10
A sole proprietorship would be an ideal form of business to select if:
Select the answer
1 correct answer
A.
The individual desired no liability beyond his capital investment.
B.
The individual wanted to be able sell the business at will.
C.
The individual wanted the business to be a separate entity from the sole proprietor.
D.
The individual wanted the business to continue indefinitely.

Quiz

3/10
Formation of which of the following types of business does not require the filing of documents with


the state?

Certification Exam CPA-Business: AICPA CPA Business Environment and Concepts AICPA AICPA-CPA-Business 1-3551036425
Select the answer
1 correct answer
A.
Option A
B.
Option B
C.
Option C
D.
Option D

Quiz

4/10
Which of the following forms of business can be formed with only one individual owning the


business?

Certification Exam CPA-Business: AICPA CPA Business Environment and Concepts AICPA AICPA-CPA-Business 2-2473643044
Select the answer
1 correct answer
A.
Option A
B.
Option B
C.
Option C
D.
Option D

Quiz

5/10
Noll Corp. and Orr Corp. are contemplating entering into an unincorporated joint venture. Such a
joint venture:
Select the answer
1 correct answer
A.
Will be treated as a partnership in most important legal respects.
B.
Must be dissolved upon the completion of a single undertaking.
C.
Will be treated as an association for federal income tax purposes and taxed at the prevailing corporate rates.
D.
Must file a certificate of limited partnership with the appropriate state agency.

Quiz

6/10
What term is used to describe a partnership without a specified duration?
Select the answer
1 correct answer
A.
A perpetual partnership.
B.
A partnership by estoppel.
C.
An indefinite partnership.
D.
A partnership at will.

Quiz

7/10
A general partnership must:
Select the answer
1 correct answer
A.
Pay federal income tax.
B.
Have two or more partners.
C.
Have written articles of partnership.
D.
Provide for apportionment of liability for partnership debts.

Quiz

8/10
When a partner in a general partnership lacks actual or apparent authority to contract on behalf of
the partnership, and the party contracted with is aware of this fact, the partnership will be bound by


the contract if the other partners:

Certification Exam CPA-Business: AICPA CPA Business Environment and Concepts AICPA AICPA-CPA-Business 3-1815914600
Select the answer
1 correct answer
A.
Option A
B.
Option B
C.
Option C
D.
Option D

Quiz

9/10
On February 1, Addison, Bradley, and Carter, physicians, formed ABC Medical Partnership. Dr. Bradley
was placed in charge of the partnership's financial books and records. On April 1, Dr. Addison joined
the City Hospital Medical Partnership, retaining the partnership interest in ABC. On May 1, ABC
received a writ of attachment from the court attaching Dr. Carter's interest in ABC. The writ resulted
from Dr. Carter's failure to pay a credit card bill. On June 1, Dr. Addison was adjudicated bankrupt. On
July 1, Dr. Bradley was sued by the other partners of ABC for an accounting of ABC's revenues and
expenses.
Under the Revised Uniform Partnership Act, which of the preceding events resulted in the
dissociation of a partner?
Select the answer
1 correct answer
A.
Dr. Addison joining the City Hospital Medical Partnership.
B.
Dr. Carter's interest in the partnership being attached by the court.
C.
Dr. Addison being adjudicated bankrupt.
D.
Dr. Bradley being sued for an accounting by the other partners of ABC.

Quiz

10/10
When parties intend to create a partnership that will be recognized under the Revised Uniform


Partnership Act, they must agree to:

Certification Exam CPA-Business: AICPA CPA Business Environment and Concepts AICPA AICPA-CPA-Business 4-3690794799
Select the answer
1 correct answer
A.
Option A
B.
Option B
C.
Option C
D.
Option D
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  • Quiz name:CPA-Business: AICPA CPA Business Environment and Concepts
  • Total number of questions:530
  • Number of questions for the test:50
  • Pass score:80%

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