Jimmy Wishes to Form a Partnership with His Friend Timmy

question 65

Multiple Choice

Jimmy wishes to form a partnership with his friend Timmy.They intend to run a used computer shop together.Which of the following elements must be present in order to establish the partnership?

• A)They must both be good at repairing computers.
• B)They must both intend to make a profit.
• C)They must share the profits equally between them.
• D)They must register the partnership with ASIC.

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Definitions:

Economic Relations

Refers to the interactions and transactions among individuals, businesses, and governments concerning the production, distribution, and consumption of goods and services.

Capitalist System

An economic system where trade, industry, and the means of production are largely or entirely privately owned and operated for profit.

Social Relations

The interactions and connections among individuals within a society, shaping each other's behaviors, attitudes, and social structures.

Material Success

The accumulation of tangible wealth and possessions that are often seen as indicators of one's status or success in society.