401E BO QUIZ1 B

Question 1

Corporations and partnerships (organized for business) are also merchants from the time they are registered with the Securities and Exchange Commission.

Answer 1

TRUE (NOT SURE)

Question 2

One of the qualifications of being a merchant is to be at least 21 years old.

Answer 2

FALSE

Question 3

One of the qualifications of being a merchant is to habitually involve themselves in commerce.

Answer 3

TRUE

Question 4

As to management, the general partners are all managers in the partnership.

Answer 4

TRUE

Question 5

Registration with the Securities and Exchange Commission (SEC) is necessary where the capital of the partnership is P3, 000.00 or more.

Answer 5

TRUE

Question 6

In partnership, two or more persons bind themselves to contribute money, property, or industry to a common fund with intention of dividing the profits among themselves.

Answer 6

TRUE

Question 7

Registration with the SEC is not necessary for a partnership to acquire a juridical personality.

Answer 7

TRUE

Question 8

A joint account has a juridical personality while a partnership has a personality separate and distinct from the partners.

Answer 8

FALSE

Question 9

A joint account has no juridical personality while a partnership has a personality separate and distinct from the partners.

Answer 9

FALSE

Question 10

From Joint account in concept an arrangement whereby merchants may interest themselves in the transaction of other merchants

Answer 10

TRUE