Which of the Following Statements with Respect to Partnership Is

question 6

Multiple Choice

Which of the following statements with respect to partnership is TRUE?

• A)Partnership involves two or more persons carrying on business with a view towards profits.
• B)Partnership involves limited liability
• C)Partnerships are only created when two or more persons specifically agree to be in partnership
• D)Partnerships are only created when they have been properly registered with the government
• E)Partnerships are like any form of contract: they can only be created when there is consensus between the parties in the form of offer and acceptance to that effect.

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Definitions:

Free Trade

Trade without government intervention or restrictions.

Social Stratification

The arrangement of individuals or groups into a hierarchy based on wealth, power, prestige, or other resources.

Power Distance

A cultural dimension that describes how members of a society perceive and accept the distribution of power among individuals and institutions.

Full-time Work

Employment in which an individual works a minimum number of hours defined by their employer as full-time.