The Four Parts of the Business Cycle Occur in the Following

question 365

Multiple Choice

The four parts of the business cycle occur in the following order:

• A) expansion, trough, recession, peak.
• B) recession, trough, expansion, peak.
• C) expansion, trough, peak, recession.
• D) recession, trough, peak, expansion.

---

Definitions:

Obligations

Duties or commitments that are legally binding, arising from contract law, statute, or other legal requirements.

Partnership Agreement

A contract between partners in a business that outlines the rights, responsibilities, and proportions of ownership among them.

Classes Of Partners

Refers to the various types of partnership roles in a business, such as general partners, limited partners, and managing partners, each bearing different degrees of liability and responsibility.

Unlimited Liability

A legal obligation where a business owner or investor is personally responsible for all the debts of the business, without any limit on the amount they can be required to pay.