A Partnership

question 101

Multiple Choice

A partnership

• A) is an association of one or more individuals.
• B) pays income tax on partnership profit.
• C) has a limited life.
• D) is not an accounting entity for financial reporting purposes.

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Definitions:

Units of Output

The measure of total production or services produced by a company or sector.

Workers

Individuals engaged in any form of employment or labor, including both physical and intellectual efforts, contributing to the production process.

Marginal Product

The additional output generated by employing one more unit of a particular input, keeping other inputs constant.

Number of Workers

The total count of individuals employed within a firm, an industry, or the economy to perform various tasks and services.