For Three Years,John,Michael,and Mary Have Carried on a Business That

question 7

Multiple Choice

For three years,John,Michael,and Mary have carried on a business that is charitable in nature.Each of them contributed capital to the business and has his or her duties set out in an agreement.The form of business that they have created is

• A)a sole proprietorship.
• B)a joint venture.
• C)a general partnership.
• D)a limited liability partnership.
• E)none of the above

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Definitions:

Procurement

The method of locating, negotiating terms, and obtaining products, services, or projects from an outside source, typically through a tendering or competitive bidding procedure.

Supply Chain Strategy

The overall approach and planning of activities and resources to efficiently manage the flow of goods, information, and finances from supplier to customer.

Procurement

The process of finding, acquiring, buying goods, services, or works from an external source, often via a tendering or competitive bidding process.

Operations

The day-to-day activities required for the ongoing production of goods or services.