Which of the Following Is Correct with Regard to Partnership

question 37

Multiple Choice

Which of the following is correct with regard to partnership property?

• A)Like partnership capital, it is a fixed amount set forth in the articles of partnership.
• B)Unless contrary intention appears, property acquired with partnership funds is partnership property.
• C)Under the UPA, title to real estate purchased with partnership funds cannot be taken in the partnership name.
• D)If there is no express agreement whether property owned by a partner before formation of the partnership and used in the partnership business is an asset of the partnership, the fact that taxes, liens, and expenses have been paid by the partnership is irrelevant.

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Definitions:

M2

A measure of the money supply that includes cash, checking deposits, and easily convertible near money such as savings deposits, money market securities.

Savings Account

A deposit account held at a financial institution that provides principal security and a modest interest rate.

Traveler's Checks

A preprinted, fixed-amount check designed to allow the person signing it to make an unconditional payment to someone else as a result of its being counter-signed.

M2

A gauge of the total money available that encompasses physical currency, deposits in checking accounts, and near money assets like savings accounts and money market investments, which can be quickly converted to cash.