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Partnership Characteristics and Operations Quiz

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Partnership Characteristics and Operations Quiz

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Questions and Answers

Which of the following is a characteristic of a partnership?

Liability only for one partner

Limited liability for the partners

Unlimited liability for the partners (correct)

No liability for the partners

What is the default decision-making process in a partnership?

Decision by the senior partner

Majority vote of the partners

Unanimous agreement of the partners (correct)

Decision by the youngest partner

How are profits and losses generally shared in a partnership?

Based on seniority of the partners

Based on the number of hours worked by each partner

Proportionate to each partner's capital contribution (correct)

Equally among all partners

Partnership Characteristics and Operations Quiz

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Podcast

Questions and Answers

Which of the following is a characteristic of a partnership?

What is the default decision-making process in a partnership?

How are profits and losses generally shared in a partnership?

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