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 in the ratio 1:4. If the total profit is $5000, how much does A receive?
A.
$1000
B.
$500
C.
$2000
D.
$1500
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 in the ratio 3:2. If A's investment is $9000, what is B's investment?
A.
$6000
B.
$4500
C.
$3000
D.
$7500
Show solution
Solution
If A's investment is $9000 and the ratio is 3:2, then B's investment = (2/3) * 9000 = $6000.
Correct Answer:
A
— $6000
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Q. A and B invest in a business in the ratio 3:4. If B's investment is $2800, what is A's investment?
A.
$2100
B.
$2400
C.
$3000
D.
$3200
Show solution
Solution
Let A's investment be 3x and B's be 4x. 4x = 2800, so x = 700. A's investment = 3x = 3 * 700 = $2100.
Correct Answer:
B
— $2400
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Q. A and B invest in a business in the ratio 3:5. If the total profit is $40,000, how much does A receive?
A.
$15,000
B.
$18,000
C.
$20,000
D.
$25,000
Show solution
Solution
Total parts = 3 + 5 = 8. A's share = 3/8 * 40000 = $15,000.
Correct Answer:
B
— $18,000
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Q. A and B invest in a business in the ratio 4:5. If A's profit is $8,000, what is B's profit?
A.
$6,000
B.
$10,000
C.
$9,000
D.
$12,000
Show solution
Solution
Profit ratio = 4:5. If A's profit is $8,000, then B's profit = (5/4) * 8000 = $10,000.
Correct Answer:
B
— $10,000
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Q. A and B invest in a business in the ratio 4:5. If the total profit is $45,000, how much does A receive?
A.
$20,000
B.
$18,000
C.
$15,000
D.
$25,000
Show solution
Solution
Total parts = 4 + 5 = 9. A's share = 4/9 * 45000 = $20,000.
Correct Answer:
B
— $18,000
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Q. A and B invest in a business in the ratio 4:6. If A's profit is $2,400, what is the total profit?
A.
$4,800
B.
$6,000
C.
$8,000
D.
$9,600
Show solution
Solution
Profit ratio = 4:6 = 2:3. If A's share is $2400, total profit = (2400 * 5) / 2 = $6,000.
Correct Answer:
A
— $4,800
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Q. A and B invest in a business in the ratio 5:3. If the total profit is $1600, how much does B receive?
A.
$600
B.
$800
C.
$700
D.
$500
Show solution
Solution
Total parts = 5 + 3 = 8. B's share = (3/8) * 1600 = $600.
Correct Answer:
A
— $600
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Q. A and B invest in a business in the ratio 5:7. If B's investment is $14,000, what is A's investment?
A.
$10,000
B.
$12,000
C.
$15,000
D.
$16,000
Show solution
Solution
If B's investment is 7 parts = $14,000, then 1 part = $14,000/7 = $2,000. A's investment = 5 parts = 5 * $2,000 = $10,000.
Correct Answer:
B
— $12,000
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Q. A and B invest in a business in the ratio 5:7. If the total profit is $24,000, how much profit does B receive?
A.
$10,000
B.
$12,000
C.
$14,000
D.
$16,000
Show solution
Solution
Total parts = 5 + 7 = 12. B's share = (7/12) * 24000 = $14,000.
Correct Answer:
B
— $12,000
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Q. A and B invest in a business in the ratio 5:7. If the total profit is $24,000, how much does A receive?
A.
$10,000
B.
$12,000
C.
$14,000
D.
$16,000
Show solution
Solution
Total parts = 5 + 7 = 12. A's share = 5/12 * 24000 = $10,000.
Correct Answer:
B
— $12,000
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Q. A and B invest in a business in the ratio of 1:3. If the total profit is $8000, how much does B receive?
A.
$2000
B.
$4000
C.
$6000
D.
$8000
Show solution
Solution
Total parts = 1 + 3 = 4. B's share = (3/4) * 8000 = $6000.
Correct Answer:
B
— $4000
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Q. A and B invest in a business in the ratio of 1:4. If the total profit is $5000, how much does A receive?
A.
$1000
B.
$500
C.
$2000
D.
$1500
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 in the ratio of 2:3. If the total profit is $7000, how much does B receive?
A.
$2800
B.
$4200
C.
$3500
D.
$3000
Show solution
Solution
Total parts = 2 + 3 = 5. B's share = (3/5) * 7000 = $4200.
Correct Answer:
B
— $4200
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Q. A and B invest in a business in the ratio of 3:2. If A's investment is $9000, what is B's investment?
A.
$6000
B.
$4500
C.
$3000
D.
$7500
Show solution
Solution
If A's investment is $9000 and the ratio is 3:2, then B's investment = (2/3) * 9000 = $6000.
Correct Answer:
A
— $6000
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Q. A and B invest in a business in the ratio of 5:3. If the total profit is $1600, how much does B receive?
A.
$600
B.
$800
C.
$400
D.
$500
Show solution
Solution
Total parts = 5 + 3 = 8. B's share = (3/8) * 1600 = $600.
Correct Answer:
B
— $800
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Q. A and B invest in a business with A investing $12,000 and B investing $18,000. If the total profit is $30,000, how much does A receive?
A.
$12,000
B.
$10,000
C.
$8,000
D.
$15,000
Show solution
Solution
Total investment = 12000 + 18000 = 30000. A's share = (12000/30000) * 30000 = $12,000.
Correct Answer:
B
— $10,000
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Q. A and B invest in a business with A investing $12000 and B investing $18000. If they make a profit of $6000, how much does A get?
A.
$2400
B.
$3600
C.
$3000
D.
$2000
Show solution
Solution
Total investment = 12000 + 18000 = 30000. A's share = (12000/30000) * 6000 = $2400.
Correct Answer:
B
— $3600
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Q. A and B invest in a business with A investing $2000 and B investing $3000. If they make a profit of $1000, how much profit does A get?
A.
$400
B.
$600
C.
$500
D.
$300
Show solution
Solution
Total investment = 2000 + 3000 = $5000. A's share = (2000/5000) * 1000 = $400.
Correct Answer:
B
— $600
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Q. A and B invest in a business with A investing $2000 and B investing $3000. If they make a profit of $1000, how much does A get?
A.
$400
B.
$600
C.
$500
D.
$300
Show solution
Solution
Total investment = 2000 + 3000 = 5000. A's share = (2000/5000) * 1000 = $400.
Correct Answer:
B
— $600
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Q. A and B invest in a business with A investing $2000 and B investing $8000. If they incur a loss of $1000, how much loss does A bear?
A.
$200
B.
$250
C.
$300
D.
$400
Show solution
Solution
Total investment = 2000 + 8000 = $10000. A's share of loss = (2000/10000) * 1000 = $200.
Correct Answer:
B
— $250
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Q. A and B invest in a business with A investing $25,000 and B investing $35,000. If the total profit is $50,000, how much does A receive?
A.
$20,000
B.
$15,000
C.
$18,000
D.
$25,000
Show solution
Solution
Total investment = 25000 + 35000 = 60000. A's share = (25000/60000) * 50000 = $20,000.
Correct Answer:
A
— $20,000
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Q. A and B invest in a business with A investing $30,000 and B investing $45,000. If they make a profit of $15,000, how much does A get?
A.
$5,000
B.
$6,000
C.
$7,000
D.
$8,000
Show solution
Solution
The ratio of their investments is 30,000:45,000 = 2:3. A's share of profit = 2/5 * 15000 = $6,000.
Correct Answer:
B
— $6,000
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Q. A and B invest in a business with A investing $3000 and B investing $5000. If they incur a loss of $400, how much does A lose?
A.
$120
B.
$100
C.
$80
D.
$160
Show solution
Solution
Total investment = 3000 + 5000 = $8000. A's share of loss = (3000/8000) * 400 = $150.
Correct Answer:
B
— $100
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Q. A and B invest in a business with A investing $3000 and B investing $5000. If they make a profit of $4000, how much does A receive?
A.
$1200
B.
$1500
C.
$1600
D.
$2000
Show solution
Solution
Total investment = 3000 + 5000 = $8000. A's share = (3000/8000) * 4000 = $1500.
Correct Answer:
B
— $1500
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Q. A and B invest in a business with A investing $3000 and B investing $5000. If they incur a loss of $400, how much loss does A bear?
A.
$200
B.
$150
C.
$100
D.
$250
Show solution
Solution
Total investment = 3000 + 5000 = $8000. A's share of loss = (3000/8000) * 400 = $150.
Correct Answer:
A
— $200
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Q. A and B invest in a business with A investing $3000 and B investing $5000. If they incur a loss of $400, how much loss does B bear?
A.
$200
B.
$250
C.
$300
D.
$150
Show solution
Solution
Total investment = 3000 + 5000 = $8000. B's share of loss = (5000/8000) * 400 = $250.
Correct Answer:
B
— $250
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Q. A and B invest in a business with A investing $3000 and B investing $7000. If the profit is divided in the ratio of their investments, what is A's share if the total profit is $5000?
A.
$1500
B.
$2000
C.
$1000
D.
$2500
Show solution
Solution
Total investment = 3000 + 7000 = $10000. A's share = (3000/10000) * 5000 = $1500.
Correct Answer:
A
— $1500
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Q. A and B invest in a business with A investing $40,000 and B investing $60,000. If they make a profit of $30,000, how much profit does B get?
A.
$12,000
B.
$15,000
C.
$18,000
D.
$20,000
Show solution
Solution
Total investment = $40,000 + $60,000 = $100,000. B's share = 60000/100000 * 30000 = $18,000.
Correct Answer:
C
— $18,000
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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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