3 Questions
Which of the following is a characteristic of a partnership?
Unlimited liability for the partners
What is the default decision-making process in a partnership?
Unanimous agreement of the partners
How are profits and losses generally shared in a partnership?
Proportionate to each partner's capital contribution
Test your knowledge of partnership fundamentals with questions about partnership characteristics, decision-making processes, and profit sharing methods.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free