Partnership MCQ & Objective Questions
Understanding the concept of "Partnership" is crucial for students preparing for school exams and competitive tests. This topic frequently appears in various examinations, making it essential to practice MCQs and objective questions. Engaging with these practice questions not only enhances your grasp of the subject but also boosts your confidence in tackling important questions during exams.
What You Will Practise Here
Definition and types of partnership
Key concepts of profit-sharing ratios
Calculation of goodwill in partnerships
Understanding partnership agreements
Distribution of profits and losses
Important formulas related to partnership
Real-life applications and examples of partnerships
Exam Relevance
The topic of Partnership is a significant part of the curriculum for CBSE, State Boards, and competitive exams like NEET and JEE. Students can expect questions that test their understanding of partnership agreements, profit-sharing calculations, and the implications of different types of partnerships. Common question patterns include numerical problems, theoretical explanations, and application-based scenarios, making it vital to be well-prepared.
Common Mistakes Students Make
Confusing different types of partnerships and their characteristics
Incorrectly calculating profit-sharing ratios
Overlooking the importance of partnership agreements
Misunderstanding the concept of goodwill and its valuation
Failing to apply theoretical concepts to practical problems
FAQs
Question: What are the main types of partnerships?Answer: The main types of partnerships include general partnerships, limited partnerships, and limited liability partnerships.
Question: How is goodwill calculated in a partnership?Answer: Goodwill is calculated based on the average profit of the partnership and the number of years it has been in operation, often using the formula: Goodwill = Average Profit × Number of Years.
Now is the time to enhance your understanding of partnerships! Dive into our practice MCQs and test your knowledge to excel in your exams. Remember, consistent practice is the key to success!
Q. A and B invest in a business with A investing $4000 and B investing $6000. If they make a profit of $5000, how much does A receive?
A.
$2000
B.
$1500
C.
$2500
D.
$3000
Show solution
Solution
Total investment = 4000 + 6000 = 10000. A's share = (4000/10000) * 5000 = $2000.
Correct Answer:
A
— $2000
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Q. A and B invest in a business with A investing $4000 and B investing $6000. If they make a profit of $5000, how much does B get?
A.
$3000
B.
$2000
C.
$2500
D.
$1500
Show solution
Solution
Total investment = 4000 + 6000 = 10000. B's share = (6000/10000) * 5000 = $3000.
Correct Answer:
A
— $3000
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Q. A and B invest in a business with A investing $4000 and B investing $6000. If they make a profit of $2000, how much does B receive?
A.
$1200
B.
$800
C.
$1000
D.
$600
Show solution
Solution
Total investment = 4000 + 6000 = 10000. B's share = (6000/10000) * 2000 = $1200.
Correct Answer:
C
— $1000
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Q. A and B invest in a business with A investing $5000 and B investing $15000. If they make a profit of $6000, how much does A get?
A.
$1000
B.
$1500
C.
$2000
D.
$1200
Show solution
Solution
Total investment = 5000 + 15000 = 20000. A's share = (5000/20000) * 6000 = $1500.
Correct Answer:
C
— $2000
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Q. A and B invest in a business with A investing $7000 and B investing $3000. If they make a profit of $5000, how much does B receive?
A.
$2000
B.
$1500
C.
$2500
D.
$3000
Show solution
Solution
Total investment = 7000 + 3000 = 10000. B's share = (3000/10000) * 5000 = $1500.
Correct Answer:
C
— $2500
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Q. A and B invest in a business with A investing $7000 and B investing $3000. If they make a profit of $2000, how much does A get?
A.
$1400
B.
$1200
C.
$1600
D.
$1800
Show solution
Solution
Total investment = 7000 + 3000 = $10000. A's share = (7000/10000) * 2000 = $1400.
Correct Answer:
A
— $1400
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Q. A and B invest in a business with A investing $8000 and B investing $12000. If the total profit is $2000, what is B's share of the profit?
A.
$800
B.
$1200
C.
$1000
D.
$600
Show solution
Solution
Total investment = 8000 + 12000 = 20000. B's share = (12000/20000) * 2000 = $1200.
Correct Answer:
B
— $1200
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Q. A and B invest in a business with A investing $8000 and B investing $12000. If the total profit is $2000, what is A's share of the profit?
A.
$800
B.
$600
C.
$400
D.
$1000
Show solution
Solution
Total investment = 8000 + 12000 = $20000. A's share = (8000/20000) * 2000 = $800.
Correct Answer:
A
— $800
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Q. A and B invest in a business with A investing $8000 and B investing $12000. If they incur a loss of $2000, how much loss does B bear?
A.
$800
B.
$1200
C.
$1000
D.
$600
Show solution
Solution
Total investment = 8000 + 12000 = $20000. B's share of loss = (12000/20000) * 2000 = $1200.
Correct Answer:
B
— $1200
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Q. A and B invest in a business with a profit-sharing ratio of 1:4. If the total profit is $5000, how much does A receive?
A.
$1000
B.
$500
C.
$2000
D.
$4000
Show solution
Solution
Total parts = 1 + 4 = 5. A's share = (1/5) * 5000 = $1000.
Correct Answer:
A
— $1000
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Q. A and B invest in a business with a profit-sharing ratio of 2:3. If the total profit is $7000, how much does B receive?
A.
$2800
B.
$3000
C.
$4200
D.
$3500
Show solution
Solution
Total parts = 2 + 3 = 5. B's share = (3/5) * 7000 = $4200.
Correct Answer:
D
— $3500
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Q. A and B invest in a business with amounts of $30,000 and $45,000 respectively. If they make a profit of $15,000, how much profit does A receive?
A.
$5,000
B.
$6,000
C.
$7,000
D.
$8,000
Show solution
Solution
The ratio of their investments is 30000:45000 = 2:3. A's share of the profit = 2/5 * 15000 = $6,000.
Correct Answer:
B
— $6,000
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Q. A and B invest in a business with investments of $15,000 and $25,000 respectively. If the total profit is $20,000, how much does A receive?
A.
$6,000
B.
$8,000
C.
$10,000
D.
$12,000
Show solution
Solution
Investment ratio = 15000:25000 = 3:5. A's share of profit = (3/8) * 20000 = $7,500.
Correct Answer:
B
— $8,000
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Q. A and B invest in a business with investments of $3000 and $7000 respectively. If they incur a loss of $2000, how much loss does A bear?
A.
$600
B.
$800
C.
$1200
D.
$1000
Show solution
Solution
Total investment = 3000 + 7000 = $10000. A's share of loss = (3000/10000) * 2000 = $600.
Correct Answer:
B
— $800
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Q. A and B start a business with investments of $12,000 and $18,000 respectively. If they make a profit of $9,000, how much will A receive?
A.
$3,000
B.
$4,000
C.
$5,000
D.
$6,000
Show solution
Solution
The ratio of their investments is 12000:18000 = 2:3. A's share of the profit = 2/5 * 9000 = $3,600.
Correct Answer:
B
— $4,000
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Q. A and B start a business with investments of $12,000 and $18,000 respectively. If they make a profit of $9,000, how much profit does A get?
A.
$3,600
B.
$4,000
C.
$4,500
D.
$5,400
Show solution
Solution
Investment ratio = 12000:18000 = 2:3. A's share of profit = (2/5) * 9000 = $3,600.
Correct Answer:
D
— $5,400
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Q. A and B start a business with investments of $5000 and $7000 respectively. If they earn a profit of $2400, how much will A receive?
A.
$1000
B.
$1200
C.
$1400
D.
$800
Show solution
Solution
Total investment = 5000 + 7000 = $12000. A's share = (5000/12000) * 2400 = $1000.
Correct Answer:
B
— $1200
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Q. A and B start a business with investments of $5000 and $7000 respectively. If they earn a profit of $2400, how much profit does A receive?
A.
$1000
B.
$1200
C.
$1400
D.
$800
Show solution
Solution
Total investment = 5000 + 7000 = $12000. A's share = (5000/12000) * 2400 = $1000.
Correct Answer:
B
— $1200
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Q. A and B started a business with investments of $10,000 and $15,000 respectively. What is the ratio of their profits after one year?
A.
2:3
B.
3:2
C.
5:3
D.
3:5
Show solution
Solution
The ratio of their investments is 10000:15000 = 2:3. Therefore, the profit ratio is also 2:3.
Correct Answer:
A
— 2:3
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Q. A, B, and C invest in a business in the ratio 1:2:3. If the total profit is $60,000, how much does B receive?
A.
$10,000
B.
$20,000
C.
$30,000
D.
$40,000
Show solution
Solution
Total parts = 1 + 2 + 3 = 6. B's share = 2/6 * 60000 = $20,000.
Correct Answer:
B
— $20,000
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Q. A, B, and C invest in a business in the ratio 1:2:3. If the total profit is $6000, how much does B receive?
A.
$1,000
B.
$2,000
C.
$3,000
D.
$4,000
Show solution
Solution
Total parts = 1 + 2 + 3 = 6. B's share = 2/6 * 6000 = $2,000.
Correct Answer:
B
— $2,000
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Q. A, B, and C invest in a business in the ratio 2:3:5. If the total profit is $10,000, how much does C receive?
A.
$4,000
B.
$5,000
C.
$6,000
D.
$7,000
Show solution
Solution
Total parts = 2 + 3 + 5 = 10. C's share = (5/10) * 10000 = $5,000.
Correct Answer:
B
— $5,000
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Q. A, B, and C invest in a business in the ratio 2:3:5. If the total profit is $10000, how much does C receive?
A.
$4000
B.
$5000
C.
$6000
D.
$7000
Show solution
Solution
Total parts = 2 + 3 + 5 = 10. C's share = (5/10) * 10000 = $5000.
Correct Answer:
B
— $5000
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Q. A, B, and C invest in a business in the ratio 2:3:5. If the total profit is $40,000, how much does B receive?
A.
$10,000
B.
$12,000
C.
$15,000
D.
$18,000
Show solution
Solution
Total parts = 2 + 3 + 5 = 10. B's share = (3/10) * 40000 = $12,000.
Correct Answer:
B
— $12,000
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Q. A, B, and C invest in a business in the ratio 3:4:5. If the total profit is $24,000, how much does C receive?
A.
$8,000
B.
$10,000
C.
$12,000
D.
$14,000
Show solution
Solution
Total parts = 3 + 4 + 5 = 12. C's share = (5/12) * 24000 = $10,000.
Correct Answer:
C
— $12,000
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Q. A, B, and C invest in a business in the ratio 3:4:5. If the total profit is $2400, how much does C receive?
A.
$800
B.
$1000
C.
$1200
D.
$1400
Show solution
Solution
The total parts = 3 + 4 + 5 = 12. C's share = 5/12 * 2400 = $1000.
Correct Answer:
C
— $1200
Learn More →
Q. A, B, and C invest in a business in the ratio of 2:3:5. If the total profit is $10000, how much does C receive?
A.
$4000
B.
$5000
C.
$6000
D.
$7000
Show solution
Solution
Total parts = 2 + 3 + 5 = 10. C's share = (5/10) * 10000 = $5000.
Correct Answer:
B
— $5000
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Q. A, B, and C invest in a business with investments of $2000, $3000, and $5000 respectively. What is the average investment?
A.
$3000
B.
$4000
C.
$5000
D.
$6000
Show solution
Solution
Total investment = 2000 + 3000 + 5000 = $10000. Average investment = 10000 / 3 = $3333.33.
Correct Answer:
A
— $3000
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Q. A, B, and C invest in a business with investments of $4000, $6000, and $10000 respectively. If the total profit is $6000, how much does C receive?
A.
$2000
B.
$3000
C.
$4000
D.
$5000
Show solution
Solution
Total investment = 4000 + 6000 + 10000 = $20000. C's share = (10000/20000) * 6000 = $3000.
Correct Answer:
B
— $3000
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Q. A, B, and C invest in a business with investments of $5000, $7000, and $8000 respectively. If the total profit is $6000, how much does B receive?
A.
$2000
B.
$2400
C.
$2800
D.
$3000
Show solution
Solution
Total investment = 5000 + 7000 + 8000 = 20000. B's share = (7000/20000) * 6000 = $2100.
Correct Answer:
B
— $2400
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