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Business Ethics 2016 - QUIZ & ANSWERS (14) - Small Business, General Partnerships, and Limited Partnerships

Business Ethics 2016

BUSINESS ETHICS 2016

Case study guides and test bank and answer keys (2016)

The Legal Environment of Business and Online Commerce, 8e (Cheeseman)

 

The Legal Environment of Business and Online Commerce, 8e (Cheeseman)

Chapter 14   Small Business, General Partnerships, and Limited Partnerships

 

1) Which of the following best describes an entrepreneur?

  1. A) a person who forms and operates a business
  2. B) a person who invests in an existing business
  3. C) a person who lends capital to a new business
  4. D) a person who derives a profit from a new or an existing business

Answer:  A

Diff: 1

Skill:  Legal Concepts

LO:  14.1 Define entrepreneurship and describe the types of businesses that an entrepreneur can use to operate a business.

AACSB:  Analytical thinking

Classification:  Concept

 

2) Which of the following is a major form of conducting business?

  1. A) an institution
  2. B) a charity
  3. C) a corporation
  4. D) a trust

Answer:  C

Diff: 1

Skill:  Legal Concepts

LO:  14.1 Define entrepreneurship and describe the types of businesses that an entrepreneur can use to operate a business.

AACSB:  Analytical thinking

Classification:  Concept

 

 

3) An entrepreneur is a person who forms and operates a business.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.1 Define entrepreneurship and describe the types of businesses that an entrepreneur can use to operate a business.

AACSB:  Analytical thinking

Classification:  Concept

 

 

4) ________ are the most common form of business organization in the United States.

  1. A) General partnerships
  2. B) Sole proprietorships
  3. C) Limited liability companies
  4. D) Limited partnerships

Answer:  B

Diff: 1

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

5) Which of the following is true of a sole proprietorship?

  1. A) A business operated under sole proprietorship cannot be transferred.
  2. B) Large businesses cannot be operated under sole proprietorship.
  3. C) A business operated under sole proprietorship must be owned by one or more people of the same family.
  4. D) Creditors can recover claims against the business from the sole proprietor's personal assets.

Answer:  D

Diff: 2

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

6) Which of the following is true of a business operating under sole proprietorship?

  1. A) It is not considered a separate legal entity.
  2. B) It cannot be sold when the owner decides to do so.
  3. C) It requires governmental approval when being transferred.
  4. D) It has access to unrestricted capital by means of investments.

Answer:  A

Diff: 2

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

 

7) Which of the following is true of creating a sole proprietorship?

  1. A) No state government approval is required.
  2. B) A sole proprietorship is subject to double-taxation.
  3. C) No licenses are required to do business within a city or state.
  4. D) Special permission must be obtained to receive sole proprietorship status.

Answer:  A

Diff: 2

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

8) Jonathan Lopez wants to be his own boss and ventures into retailing fruit in the neighborhood after borrowing some money from his mother. While obtaining a license to carry out business in his city, Jonathan mentions the money he borrowed but forgets to specify what type of business undertaking his store will be. Under which of the following major forms of business is Jonathan's store listed by default?

  1. A) a general partnership
  2. B) a sole proprietorship
  3. C) a limited partnership
  4. D) a limited liability corporation

Answer:  B

Diff: 2

Skill:  Factual Application

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Application of knowledge

Classification:  Application

 

9) Orlando opened a hot dog stand in Brooklyn, doing business as Orlando's Red Hots. Unfortunately, the venture has not generated a profit. Orlando borrowed $5,000 from the bank to open his business, and the short-term loan is now due. Orlando's friend Bob has suggested partnering with him at the beginning of next year. From which of the following sources can the bank currently recover its $5,000?

  1. A) Orlando's secondary lender
  2. B) Orlando's savings account
  3. C) Orlando's family
  4. D) Bob, Orlando's prospective business partner

Answer:  B

Diff: 2

Skill:  Factual Application

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Application of knowledge

Classification:  Application

 

 

10) Why does a sole proprietorship not pay taxes at the business level?

  1. A) It does not have a separate legal existence.
  2. B) It is a small business that is exempted from taxation.
  3. C) It is a non-profit organization.
  4. D) It is generally an institution with no business dealings.

Answer:  A

Diff: 2

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

11) The earnings and losses from a sole proprietorship are reported on ________.

  1. A) the federal income tax filing document for sole proprietorships
  2. B) the sole proprietorship business license that is renewed each year
  3. C) the sole proprietor's personal income tax filing
  4. D) the state income tax filing document for sole proprietorships

Answer:  C

Diff: 1

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

12) A sole proprietorship cannot be easily transferred when the owner desires to do so.

Answer:  FALSE

Diff: 1

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

13) A sole proprietor is legally responsible for the business's contracts.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

14) In a sole proprietorship, the business is considered a separate legal entity.

Answer:  FALSE

Diff: 1

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

15) No federal or state government approval is required for creating a sole proprietorship.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

16) If no other form of business organization is chosen while obtaining a license, the business is by default a sole proprietorship.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

17) A sole proprietorship can operate under the name of the sole proprietor or a trade name.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

18) A sole proprietor has limited personal liability.

Answer:  FALSE

Diff: 1

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

19) A sole proprietorship does not pay taxes at the business level.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

 

20) The designation for a business that is operating under a trade name is ________.

Answer:  doing business as (d.b.a.)

Diff: 1

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

21) A(n) ________ is a document that is filed with the state that designates a trade name of a business.

Answer:  fictitious business name statement

Diff: 1

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

22) The sole proprietor has ________ liability.

Answer:  unlimited personal

Diff: 1

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

23) List the advantages and disadvantages of a sole proprietorship.

Answer:  There are several major advantages to operating a business as a sole proprietorship. They include the following:

  1. a) Forming a sole proprietorship is easy and does not cost a lot.
  2. b) The owner has the right to make all management decisions concerning the business, including those involving hiring and firing employees.
  3. c) The sole proprietor owns all of the business and has the right to receive all of the business's profits.
  4. d) A sole proprietorship can be easily transferred or sold if and when the owner desires to do so; no other approval is necessary.

 

There are important disadvantages to this business form, too. For example, a sole proprietor's access to the capital is limited to personal funds plus any loans he or she can obtain, and a sole proprietor is legally responsible for the business's contracts and the torts he or she or any of his or her employees commit in the course of employment.

Diff: 1

Skill:  Legal Concepts

LO:  14.2 Define sole proprietorship and describe the liability of a sole proprietor.

AACSB:  Analytical thinking

Classification:  Concept

 

24) An association of two or more persons to carry on as co-owners of a business for profit is known as a ________.

  1. A) limited partnership
  2. B) sole proprietorship
  3. C) corporation
  4. D) general partnership

Answer:  D

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

25) An organization or venture must have a ________ motive in order to qualify as a partnership.

  1. A) large-scale expansion
  2. B) noncommercial
  3. C) profit
  4. D) target market

Answer:  C

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

26) Which of the following is true of a general partnership?

  1. A) A business must generate a profit in order to qualify as a general partnership.
  2. B) The general partners need not be the co-owners of the business.
  3. C) A general partnership may be formed with little or no formality.
  4. D) Charity organizations and schools are usually formed as general partnerships.

Answer:  C

Diff: 2

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

 

27) Where a partnership agreement provides for the sharing of profits but is silent as to how losses are to be shared, ________.

  1. A) losses are shared in the same proportion as profits
  2. B) losses are shared in greater proportion than profits
  3. C) profits are shared in greater proportion than losses
  4. D) losses are absorbed by the partnership entity rather than borne by the individual partners

Answer:  A

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

28) Which of the following is true in the creation of a general partnership?

  1. A) The business name must include the names of all partners.
  2. B) The business name cannot be a fictitious name.
  3. C) The name selected by the partnership cannot indicate that it is a corporation.
  4. D) The business cannot operate under a trade name.

Answer:  C

Diff: 2

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

29) Which of the following must be in writing under the Statute of Frauds?

  1. A) a business that has more than one commercial venture
  2. B) a partnership that is authorized to deal in real estate
  3. C) a business that is authorized to lend money
  4. D) an enterprise that deals in health and medicine

Answer:  B

Diff: 2

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

 

30) According to the Statute of Frauds, a general partnership that exists for more than ________ must have a written partnership agreement.

  1. A) three months
  2. B) six months
  3. C) nine months
  4. D) one year

Answer:  D

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

31) Which of the following is true of the management of a general partnership?

  1. A) The number of votes a general partner has depends on the proportion of his or her capital investment.
  2. B) Partnership matters are decided by unanimous agreement only.
  3. C) Only a general partner who is also a member of the partnership's board of directors has the authority to participate in the management of the partnership.
  4. D) If the vote is tied, the action being voted on is considered to be defeated.

Answer:  D

Diff: 2

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

32) Which of the following is true of profits and losses in a general partnership?

  1. A) By law, it is presumed that the proportion of profits shared is equal to the general partner's initial investment.
  2. B) Unless otherwise agreed, losses are shared equally by all general partners.
  3. C) The general partner who proposed the idea of the business receives the greatest share of profits.
  4. D) The proportion of investment governs only the proportion of losses shared and not profits obtained.

Answer:  B

Diff: 2

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

 

33) Instead of suing the partnerships or other partners at law, general partners are given the right to bring a(n) ________ against other partners.

  1. A) claim for damages
  2. B) tort action
  3. C) call for action
  4. D) action for an accounting

Answer:  D

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

34) Which of the following is true of tort liability of a general partnership?

  1. A) Only the partner who committed the tort is liable.
  2. B) Under the UPA, general partners have joint, but not several, liability for torts committed in the course and scope of the partnership.
  3. C) A partner can be sued even if he or she did not participate in the commission of the tort.
  4. D) If one of the partners in the partnership is released, the other partners are discharged of liability.

Answer:  C

Diff: 2

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

35) Which of the following is true of the liability of an incoming partner?

  1. A) An incoming partner is liable for the antecedent debts of the partnership.
  2. B) An incoming partner has joint and several liability with existing partners for the antecedent debts of the partnership.
  3. C) An incoming partner is liable for the existing debts of the partnership only to the extent of his or her capital contribution.
  4. D) An incoming partner is not liable for the future debts of the partnership.

Answer:  C

Diff: 2

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

 

36) The change in the relationship of partners in a partnership caused by any partner ceasing to be associated in the carrying on of the business is known as ________.

  1. A) an action for an accounting
  2. B) indemnification
  3. C) winding up
  4. D) dissolution

Answer:  D

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

37) ________ is a situation in which a partner withdraws from a partnership without having the right to do so at that time.

  1. A) Winding up
  2. B) Indemnification
  3. C) Wrongful dissolution
  4. D) Proliferation

Answer:  C

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

38) According to priority, which of the following claims is satisfied first after dissolution?

  1. A) creditors
  2. B) creditor-partners
  3. C) capital contributions
  4. D) profits

Answer:  A

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

39) The Uniform Partnership Act (UPA) is a model act that codifies sole proprietorship law.

Answer:  FALSE

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

40) The Revised Uniform Partnership Act is a federal statute that is recognized in all states.

Answer:  FALSE

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

41) Receipt of a share of business profits is prima facie evidence of a general partnership.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

42) The name selected by a general partnership cannot indicate that it is a corporation.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

43) A general partnership agreement must always be in writing to be considered legal.

Answer:  FALSE

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

 

44) General partnerships do not pay federal income taxes.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

45) Since the income of a partnership must be reported on the individual partners' personal income tax returns, this results in double-taxation of partnership profits.

Answer:  FALSE

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

46) The right to share in the profits of the partnership is the right to share in the earnings from the investment of capital.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

47) General partners are not permitted to sue the partnership or other partners at law.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

48) General partners have unlimited personal liability for the debts and obligations of the partnership.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

49) A third party who sues to recover on a partnership contract need not name all the general partners in the lawsuit.

Answer:  FALSE

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

50) The process of liquidating a partnership's assets and distributing the proceeds to satisfy claims against the partnership is known as winding up.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

51) The dissolution of a general partnership discharges the liability of an outgoing partner for existing partnership debts and obligations.

Answer:  FALSE

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

52) An ordinary partnership is also known as a(n) ________.

Answer:  general partnership

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

 

53) The ________ Act is a model act that codifies general partnership law.

Answer:  Uniform Partnership

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

54) General partners have ________ liability for the debts and obligations of the partnership.

Answer:  unlimited personal

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

55) While claiming under ________ liability, a plaintiff must name the partnership and all of the partners as defendants in a lawsuit.

Answer:  joint

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

56) A(n) ________ is a partnership created for a fixed duration.

Answer:  partnership for a term

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

57) A(n) ________ is a partnership created with no fixed duration.

Answer:  partnership at will

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

 

58) The ________ is a rule which provides that upon the death of a general partner, the deceased partner's right in specific partnership property vests in the remaining partner or partners; it does not pass to his or her heirs or next of kin.

Answer:  right of survivorship

Diff: 1

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

59) Explain the formation of a general partnership.

Answer:  A business must meet four criteria to qualify as a general partnership under the UPA. It must be (1) an association of two or more persons, (2) carrying on a business, (3) as co-owners, (4) for profit. A general partnership is a voluntary association of two or more persons. All partners must agree to the participation of each co-partner. A business–a trade, an occupation, or a profession–must be carried on. The organization or venture must have a profit motive in order to qualify as a partnership, even though the business does not actually have to make a profit. Receipt of a share of business profits is prima facie evidence of a general partnership because nonpartners usually are not given the right to share in a business's profits.

Diff: 2

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

60) How are assets distributed after the dissolution of a general partnership?

Answer:  After partnership assets have been liquidated and reduced to cash, the proceeds are distributed to satisfy claims against the partnership. The debts are satisfied in the following order:

  1. a) Creditors (except partners who are creditors)
  2. b) Creditor-partners
  3. c) Capital contributions
  4. d) Profits

The partners can agree to change the priority of distributions among themselves. If the partnership cannot satisfy its creditors' claims, the partners are personally liable for the partnership's debts and obligations. After the proceeds are distributed, the partnership automatically terminates. Termination ends the legal existence of the partnership.

Diff: 2

Skill:  Legal Concepts

LO:  14.3 Define general partnership and describe how general partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

61) A limited partnership has two types of partners, ________.

  1. A) general partners and sole proprietors
  2. B) general partners and limited partners
  3. C) ordinary partners and liable partners
  4. D) special partners and sole proprietors

Answer:  B

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

62) Which of the following partners in a limited partnership invests capital, manages the business, and is personally liable for partnership debts?

  1. A) specific partners
  2. B) limited partners
  3. C) general partners
  4. D) sole proprietors

Answer:  C

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

63) Which of the following partners of a limited partnership invests capital but does not participate in management?

  1. A) specific partners
  2. B) limited partners
  3. C) general partners
  4. D) sole proprietors

Answer:  B

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

 

64) Which of the following is true of general and limited partners in a limited partnership?

  1. A) Limited partners are exempt from annual capital investment and need only participate in management functions.
  2. B) General partners are not personally liable for partnership debts.
  3. C) General partners are required to invest capital and refrain from managerial activities.
  4. D) Limited partners are not personally liable for partnership debts beyond their capital contributions.

Answer:  D

Diff: 2

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

65) Justin and Michael form a limited partnership and start a car dealership. Justin is the general partner and Michael is the limited partner. Seven months after the commencement of the business, Pedro makes an investment and wishes to become a general partner. A week later, Michael's mother wishes to join the partnership as a limited partner. Which of the following is true in this scenario?

  1. A) Pedro cannot be admitted as a general partner to the partnership after the business has commenced.
  2. B) Pedro cannot be admitted as a general partner to the partnership as a limited partnership can only have one general partner.
  3. C) Michael's mother cannot be admitted as a limited partner to the partnership as a limited partnership can only have one limited partner.
  4. D) Both Pedro and Michael's mother can choose to be admitted as either general or limited partners to the partnership.

Answer:  D

Diff: 2

Skill:  Factual Application

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Application of knowledge

Classification:  Application

 

 

66) Which of the following is true of a limited partnership?

  1. A) Other limited partnerships cannot become limited partners in an existing limited partnership.
  2. B) A limited partner is personally liable for the debts of the partnership.
  3. C) Corporations are allowed to become partners in a limited partnership.
  4. D) A limited partnership can have only one general partner but multiple limited partners.

Answer:  C

Diff: 2

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

67) Which of the following information should a certificate of limited partnership contain?

  1. A) the latest date of dissolution of the partnership
  2. B) a clause to not accept new general partners
  3. C) the name of the party who becomes a general partner in the event of transfer
  4. D) the scope of potential business opportunities and related investment

Answer:  A

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

68) Which of the following governs a limited partnership, its internal affairs, and the liability of its limited partners?

  1. A) the federal government
  2. B) all states in which the business operates
  3. C) the articles of limited partnership
  4. D) the law of the state in which it is organized

Answer:  D

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

 

69) ________ is said to have occurred if a certificate of limited partnership was not properly filed.

  1. A) Defective formation
  2. B) Illegitimate partnership
  3. C) Void partnership
  4. D) Voidable association

Answer:  A

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

70) Partners who erroneously but in good faith believe they have become limited partners can escape liability as general partners by ________.

  1. A) adding their surname to the name of the business establishment
  2. B) filing for a refund of his or her initial investment with interest
  3. C) bringing a lawsuit against all general and limited partners in the state court with appropriate jurisdiction over the limited partnership
  4. D) withdrawing from any future equity participation in the enterprise and causing a certificate showing this withdrawal to be filed

Answer:  D

Diff: 2

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

71) Which of the following is true of a limited partnership agreement?

  1. A) It must provide that all partnership transactions be approved by all partners.
  2. B) It does not contain information about dissolution of the partnership, since it is an agreement of formation.
  3. C) It must provide that general and limited partners have equal voting rights.
  4. D) It sets forth the terms and conditions regarding the termination of the partnership.

Answer:  D

Diff: 2

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

 

72) Who among the following gets first priority in the distribution of assets upon the dissolution of a partnership?

  1. A) investors
  2. B) limited partners
  3. C) general partners
  4. D) creditors

Answer:  D

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

73) A limited partnership cannot have general partners.

Answer:  FALSE

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

74) General partners are not personally liable for partnership debts beyond their capital contributions.

Answer:  FALSE

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

75) It is not necessary for a limited partnership to have general partners if the limited partners share management responsibility among themselves.

Answer:  FALSE

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

 

76) The creation of a limited partnership is formal and requires public disclosure.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

77) Defective formation of a limited partnership occurs when a certificate of limited partnership is not properly filed.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

78) Limited partners have unlimited personal liability for the debts and obligations of the limited partnership.

Answer:  FALSE

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

79) If a limited partner personally guarantees a loan made to the limited partnership by a creditor, he or she is not personally responsible for the loan if the partnership defaults, since limited partners are liable for the debts of the limited partnership only up to their capital contributions.

Answer:  FALSE

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

 

80) A limited partner may engage in voting on the dissolution of the limited partnership without losing his or her limited liability.

Answer:  TRUE

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

81) The ________ Act is a uniform act that regulates the formation, operation, and termination of limited partnerships.

Answer:  Revised Uniform Limited Partnership

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

82) Limited partnerships are also known as ________.

Answer:  special partnerships

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

83) A(n) ________ is a document that two or more persons must execute and sign that makes a limited partnership legal and binding.

Answer:  certificate of limited partnership

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

 

84) ________ occurs when (1) a certificate of limited partnership is not properly filed, (2) there are errors in a certificate that is filed, or (3) some other statutory requirement for the creation of a limited partnership is not met.

Answer:  Defective formation

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

85) A(n) ________ is a document that sets forth the rights and duties of general and limited partners.

Answer:  limited partnership agreement

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

86) A(n) ________ is a document that is filed with the secretary of state upon the dissolution of a limited partnership.

Answer:  certificate of cancellation

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

87) Explain the events that cause the dissolution of a limited partnership under the RULPA.

Answer:  The following events can cause the dissolution of a limited partnership:

  1. a) The end of the life of the limited partnership, as specified in the certificate of limited partnership.
  2. b) The written consent of all general and limited partners.
  3. c) The withdrawal of a general partner. Withdrawal includes the retirement, death, bankruptcy, adjudged insanity, or removal of a general partner or the assignment by a general partner of his or her partnership interest. If a corporation or partnership is a general partner, the dissolution of the corporation or partnership is considered withdrawal.
  4. d) The entry of a decree of judicial dissolution, which may be granted to a partner whenever it is not reasonably practical to carry on the business in conformity with the limited partnership.

Diff: 1

Skill:  Legal Concepts

LO:  14.4 Define limited partnership and describe how limited partnerships are formed and operated.

AACSB:  Analytical thinking

Classification:  Concept

 

88) Which of the following types of liability does a general partner of a limited partnership have for the debts and obligations of the limited partnership?

  1. A) unlimited personal liability
  2. B) limited capital liability
  3. C) liability of termination as partner
  4. D) limited personal liability

Answer:  A

Diff: 1

Skill:  Legal Concepts

LO:  14.5 Explain the tort and contract liability of general and limited partners.

AACSB:  Analytical thinking

Classification:  Concept

 

89) Which of the following types of liability does a limited partner of a limited partnership have for the debts and obligations of the limited partnerships?

  1. A) unlimited personal liability
  2. B) liability restricted to the extent of his or her capital contribution
  3. C) liability of termination as partner
  4. D) unlimited organizational capital liability

Answer:  B

Diff: 1

Skill:  Legal Concepts

LO:  14.5 Explain the tort and contract liability of general and limited partners.

AACSB:  Analytical thinking

Classification:  Concept

 

 

90) According to the Revised Uniform Limited Partnership Act (RULPA), what liability does a corporation have if it is a general partner in a limited partnership?

  1. A) unlimited personal liability
  2. B) liability restricted to the extent of its capital contribution
  3. C) liability of termination as partner
  4. D) unlimited organizational capital liability

Answer:  B

Diff: 1

Skill:  Legal Concepts

LO:  14.5 Explain the tort and contract liability of general and limited partners.

AACSB:  Analytical thinking

Classification:  Concept

 

91) Under partnership law, ________ have the right to manage the affairs of the limited partnership.

  1. A) investors
  2. B) sole proprietors
  3. C) limited partners
  4. D) general partners

Answer:  D

Diff: 1

Skill:  Legal Concepts

LO:  14.5 Explain the tort and contract liability of general and limited partners.

AACSB:  Analytical thinking

Classification:  Concept

 

92) Laura is an investor and a limited partner in a limited partnership. Two years after she becomes a limited partner, Laura believes that the general partners are not doing a very good job of managing the affairs of the limited partnership, and she accordingly participates in its management. While she was managing the business, a bank loans $1 million to the limited partnership, believing that Laura is a general partner. If the limited partnership defaults on the $1 million loan, which of the following will be true?

  1. A) Laura will not be held personally liable, as she is technically a limited partner.
  2. B) Laura will be treated as a general partner and will be held personally liable for the loan.
  3. C) Laura will be held liable for her proportionate share of the $1 million, depending on the total number of general and limited partners in the limited partnership.
  4. D) Laura's liability will be restricted to the value of her capital investment in the limited partnership.

Answer:  B

Diff: 3

Skill:  Factual Application

LO:  14.5 Explain the tort and contract liability of general and limited partners.

AACSB:  Application of knowledge

Classification:  Application

 

93) Which of the following is an accurate statement regarding dissolution of a partnership?

  1. A) A general partnership may be dissolved, while a limited partnership may not.
  2. B) Just like a general partnership, a limited partnership may be dissolved and its affairs wound up.
  3. C) Dissolution of a general partnership is governed by federal law, while dissolution of a limited partnership is governed by state law.
  4. D) Dissolution of a limited partnership is governed by federal law, while dissolution of a general partnership is governed by state law.

Answer:  B

Diff: 1

Skill:  Legal Concepts

LO:  14.5 Explain the tort and contract liability of general and limited partners.

AACSB:  Analytical thinking

Classification:  Concept

 

94) ________ establishes rules for the dissolution of a limited partnership.

  1. A) The RULPA
  2. B) The UPA
  3. C) The UCC
  4. D) Federal statutory law

Answer:  A

Diff: 2

Skill:  Legal Concepts

LO:  14.5 Explain the tort and contract liability of general and limited partners.

AACSB:  Analytical thinking

Classification:  Concept

 

95) On the dissolution and the commencement of the winding up of a limited partnership, a(n) ________ must be filed by the limited partnership with the secretary of state of the state in which the limited partnership is organized.

  1. A) termination statement
  2. B) renunciation statement
  3. C) certificate of cancellation
  4. D) annulment

Answer:  C

Diff: 1

Skill:  Legal Concepts

LO:  14.5 Explain the tort and contract liability of general and limited partners.

AACSB:  Analytical thinking

Classification:  Concept

 

 

96) According to the RULPA, which of the following categories is entitled to priority in the order of distribution of assets of a limited partnership during the winding-up phase?

  1. A) partners with respect to unpaid distributions
  2. B) partners with respect to capital contributions
  3. C) creditors of the limited partnership
  4. D) charitable organizations registered with the secretary of state in the state where the limited partnership was formed

Answer:  C

Diff: 2

Skill:  Factual Application

LO:  14.5 Explain the tort and contract liability of general and limited partners.

AACSB:  Application of knowledge

Classification:  Application

 

97) Explain the liabilities of general and limited partners in a limited partnership.

Answer:  The general partners of a limited partnership have unlimited liability for the debts and obligations of the limited partnerships. Thus, general partners have unlimited personal liability for the debts and obligations of the limited partnership. This liability extends to debts that cannot be satisfied with the existing capital of the limited partnership. Generally, limited partners have limited liability for the debts and obligations of the limited partnership. Limited partners are liable only for the debts and obligations of the limited partnership up to their capital contributions, and they are not personally liable for the debts and obligations of the limited partnership.

Diff: 1

Skill:  Legal Concepts

LO:  14.5 Explain the tort and contract liability of general and limited partners.

AACSB:  Analytical thinking

Classification:  Concept

 

------

Free Business Ethics Resources

1. See full list of videos: 

Link 1 - Youtube channel www.youtube.com/ecomftu2012

Link 2 - Youtube channel 

2. Free Business Ethics - 2016 Ebooks (free download)

Legal Environment of Business: Online Commerce, Ethics, and Global Issues, 8th Edition, 2016, Henry R. Cheeseman

REVEL for Ethics and the Conduct of Business -- Access Card, 8th Edition, 2016, John R Boatright, Jeffery D. Smith

Business Ethics: Concepts and Cases, 7th Edition, 2012, Manuel G. Velasquez, Santa Clara University

 

3. Link to power point slides (Free Download)

REVEL for Ethics and the Conduct of Business -- Access Card, 8th Edition, 2016, John R Boatright, Jeffery D. Smith

LINK DOWNLOAD FREE PPT - LINK

Legal Environment of Business: Online Commerce, Ethics, and Global Issues, 8th Edition, 2016, Henry R. Cheeseman

LINK DOWNLOAD FREE PPT - LINK

Business Ethics: Concepts and Cases, 7th Edition, 2012, Manuel G. Velasquez, Santa Clara University

4. Test Bank - Free download

Legal Environment of Business: Online Commerce, Ethics, and Global Issues, 8th Edition, 2016, Henry R. Cheeseman

Link - Test bank - free download 

REVEL for Ethics and the Conduct of Business -- Access Card, 8th Edition, 2016, John R Boatright, Jeffery D. Smith

Link - Test bank - free download

 

For Test Bankz, Quiz Answers and Case study Guides, email to: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Good Luck and Success, Enjoy Your Study !

 

----------

 

 

       

 

Business Ethics 2016, Lecture, Video, Case Study Guides and Quiz, Test Bank, Free Download
------
Revel for Ethics and the Conduct of Business, 8th Edition, 2016, John R Boatright, Jeffery D. Smith
Legal Environment of Business: Online Commerce, Ethics, and Global Issues, 8th Edition, 2016, Henry R. Cheeseman
Business Ethics: Concepts and Cases, 7th Edition, 2012, Manuel G. Velasquez, Santa Clara University

------
1. Ethics in the World of Business
2. Ethical Decision Making
3. Ethical Theories
4. Whistle-Blowing
5. Business Information and Conflict of Interest
6. Privacy
7. Discrimination and Affirmative Action
8. Employment Rights
9. Health and Safety
10. Marketing and Advertising
11. Ethics in Finance
12. Corporate Social Responsibility
13. Governance, Accountability, and Compliance
14. International Business Ethics
------
Part I: Legal and Ethical Environment

1. Legal Heritage and the Digital Age
2. Ethics and Social Responsibility of Business
3. Courts, Jurisdiction, and Administrative Law
4. Judicial, Alternative, and E-Dispute Resolution

Part II: Constitution and Public Law
5. Constitutional Law for Business and E-Commerce
6. Torts and Strict Liability
7. Criminal Law and Cyber Crimes
8. Intellectual Property and Cyber Piracy

Part III: Contracts, Commercial Law, and E-Commerce
9. Formation and Requirements of Contracts
10. Performance and Breach of Contracts
11. Digital Law and E-Commerce
12. UCC Sales Contracts, Leases, and Warranties
13. Credit, Secured Transactions, and Bankruptcy

Part IV: Business Organizations, Corporate Governance, and Investor Protection
14. Small Business, General Partnerships, and Limited Partnerships
15. Limited Liability Companies, Limited Liability Partnerships, and Special Forms of Business
16. Corporations and Corporate Governance
17. Investor Protection and E-Securities Transactions

Part V: Agency, Employment, and Labor Law
18. Agency Law
19. Equal Opportunity in Employment
20. Employment Law and Worker Protection
21. Labor Law and Immigration Law

Part VI: Government Regulation
22. Antitrust Law and Unfair Trade Practices
23. Consumer Protection
24. Environmental Protection
25. Real Property and Land Use Regulation

Part VII: Global Environment
26. International and World Trade Law

Part VIII: Accounting Profession
27. Accountants’ Duties and Liability
------
PART ONE Basic Principles

Chapter 1 Ethics and Business
Introduction
1.1 The Nature of Business Ethics
ON THE EDGE: Was National Semiconductor Morally Responsible?
1.2 Ethical Issues in Business
ON THE EDGE: A Traditional Business
1.3 Moral Responsibility and Blame
ON THE EDGE: WorldCom’s Whistleblower
ON THE EDGE: Gun Manufacturers and Responsibility
CASES FOR DISCUSSION
Slavery in the Chocolate Industry
Aaron Beam and the HealthSouth Fraud

Chapter 2 Ethical Principles in Business
Introduction
2.1 Utilitarianism: Weighing Social Costs and Benefits
2.2 Rights and Duties
ON THE EDGE: Should Companies Dump Their Wastes In Poor Countries?
ON THE EDGE: Working for Eli Lilly & Company
ON THE EDGE: Conflict Diamonds
ON THE EDGE: ExxonMobil, Amerada Hess, and Marathon Oil in Equatorial Guinea
CASES FOR DISCUSSION
Traidos Bank and Roche’s Drug Trials in China

PART TWO The Market and Business

Chapter 3 The Business System: Government, Markets, and International Trade
Introduction
3.1 Free Markets and Rights: John Locke
3.2 Free Markets and Utility: Adam Smith
3.3 Free Trade and Utility: David Ricardo
3.4 Marx and Justice: Criticizing Markets and Free Trade
ON THE EDGE: Commodification or How Free Should Free Markets Be?
ON THE EDGE: Marx’s Children
3.5 Conclusion: The Mixed Economy, the New Property, and the End of Marxism
ON THE EDGE: Napster’s Lost Revolution
ON THE EDGE: Brian’s Franchise
CASES FOR DISCUSSION
The GM Bailout Accolade versus Sega

Chapter 4 Ethics in the Marketplace
Introduction
4.1 Perfect Competition
4.2 Monopoly Competition
ON THE EDGE: Drug Company Monopolies and Profits
4.3 Oligopolistic Competition
4.4 Oligopolies and Public Policy
ON THE EDGE: Fixing the Computer Memory Market
ON THE EDGE: Oracle and Peoplesoft
CASES FOR DISCUSSION
Intel’s “Rebates” and Other Ways It “Helped” Customers
Archer Daniels Midland and the Friendly Competitors

PART THREE Business and Its External Exchanges: Ecology and Consumers

Chapter 5 Ethics and the Environment
Introduction
5.1 The Dimensions of Pollution and Resource Depletion
5.2 The Ethics of Pollution Control
5.3 The Ethics of Conserving Depletable Resources
ON THE EDGE: Ford’s Toxic Wastes
ON THE EDGE: The Auto Companies in China
ON THE EDGE: Exporting Poison
CASES FOR DISCUSSION
The Ok Tedi Copper Mine
Gas or Grouse?

Chapter 6 The Ethics of Consumer Production and Marketing
Introduction
6.1 Markets and Consumer Protection
6.2 The Contract View of Business Firm’s Duties to Consumers
6.3 The Due Care Theory
ON THE EDGE: The Tobacco Companies and Product Safety
6.4 The Social Costs View of the Manufacturer’s Duties
ON THE EDGE: Selling Personalized Genetics
6.5 Advertising Ethics
ON THE EDGE: Advertising Death to Kids?
ON THE EDGE: New Balance and the “Made in USA” Label
6.6 Consumer Privacy
CASES FOR DISCUSSION
Becton Dickinson and Needle Sticks
Reducing Debts at Credit Solutions of America

PART FOUR Business and Its Internal Constituencies

Chapter 7 The Ethics of Job Discrimination
Introduction
7.1 Job Discrimination: Its Nature
ON THE EDGE: Helping Patients at Plainfield Healthcare Center
7.2 Discrimination: Its Extent
7.3 DISCRIMINATION: UTILITY, RIGHTS, AND JUSTICE
7.4 Affirmative Action
ON THE EDGE: Driving for Old Dominion
ON THE EDGE: Peter Oiler and Winn-Dixie Stores
CASES FOR DISCUSSION
Should Kroger pay now for what a Ralphs’ Employee did in the Past
Wal-Mart’s Women

Chapter 8 Ethics and the Employee
Introduction
8.1 The Rational Organization
8.2 The Political Organization
8.3 The Caring Organization
ON THE EDGE: HP’s Secrets and Oracle’s New Hire
ON THE EDGE: Insider Trading or: What Are Friends For?
ON THE EDGE: Delivering Pizza
ON THE EDGE: Sergeant Quon’s Text Messages
ON THE EDGE: Employment at Will at Howmet Corporation?
CASES FOR DISCUSSION
Death at Massey Energy Company
Who Should Pay?
------
key words
Ethics,
Ethical Decision Making,
Ethical Theories,
Whistle-Blowing,
Conflict of Interest,
Privacy,
Discrimination, Affirmative Action,
Employment Rights,
Health and Safety,
Ethics in Finance,
Corporate Social Responsibility,
Governance, Accountability, Compliance,
International Business Ethics,

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