A Partnership Is Based on A(n)_______ Between Two or More

question 10

Multiple Choice

A partnership is based on a(n) _______ between two or more competent persons who agree to place some or all of their money or other assets, labor, and skill in a business, with the understanding that profits and losses will be proportionately shared.

• A) mandatory contract
• B) involuntary arrangement
• C) voluntary contract
• D) None of these choices is correct.

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Definitions:

Sub-prime Housing Loan

A type of loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans, often due to a poor credit history.

Prime Rate

The Prime Rate is the interest rate that commercial banks charge their most credit-worthy customers, often used as a benchmark in setting rates for various types of loans.

Unqualified Customer

A customer who does not meet the necessary criteria or requirements set by a business or a regulatory body to purchase certain products or services.

Federal Government

The national government of a federated state, which holds the authority to govern issues that affect the entire country.