The Terms 2/10, N/30 Mean That a 2% Discount Is

question 89

True/False

The terms 2/10, n/30 mean that a 2% discount is allowed on payments made over 10 days but within the credit period.

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Definitions:

General Partnership

A business structure where two or more partners share unlimited liability for the debts and obligations of the business.

Sole Proprietorship

A business structure owned by a single individual, where the owner and the business are legally considered the same entity, simplifying operations but also involving personal liability.

Limited Partnership

A partnership structure where some partners are liable only to the extent of their investment while at least one partner has unlimited liability.

Uniform Partnership Act

A set of laws adopted by many states to regulate the operations of partnerships and the relationships between partners.