Olin Is a Partner in Precision Plumbing

question 12

Multiple Choice

Olin is a partner in Precision Plumbing. When the partners decide to dissolve the firm, Olin collects and distributes the assets. This results in

• A)nothing with respect to the firm's existence.
• B)the continuation of the firm's business.
• C)the termination of the firm's legal existence.
• D)the temporary suspension of the firm's business.

---

Definitions:

Programmed Decision

A simple, routine matter for which a manager has an established decision rule.

Nonprogrammed Decisions

Decisions made in response to unique, novel, or ill-structured situations that require creativity and judgment, as opposed to routine or standard procedures.

Routine Decisions

Decisions that are made frequently and with a relatively simple process because they involve situations that have occurred before and have predictable outcomes.

Established Procedure

A set method or protocol that has been officially adopted for conducting activities or accomplishing tasks.