[Fishing Kings] Kyle and Felix Have a Business Called Fishing

question 25

Multiple Choice

[Fishing Kings] Kyle and Felix have a business called Fishing Kings, which escorts tourists on fishing expeditions in Florida. Fishing Kings is doing poorly. Ernesto, a contractor, wants $10,000 for the work he did on Kyle's house. Colin, a tech consultant, wants $7,000 owed to him for setup and purchase of computers in Fishing Kings' office. Kyle sells one of Fishing Kings' boats in order to pay some of the debts. When Felix finds out about the sale, he is furious and yells that Kyle had no right to sell the boat without his permission. Kyle responds that he was acting as an agent of the partnership in selling the boat.
-Which creditor, if any, has priority in Fishing Kings' assets?

• A) Ernesto and Colin have equal priority in the assets of Fishing Kings.
• B) Ernesto, if he filed his claim first.
• C) Colin, because creditors of the partnership have first priority in partnership assets.
• D) Ernesto, because he is a creditor of land.
• E) Kyle and Felix.

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Definitions:

Undesirable Behaviours

Actions or reactions that are not wanted or are considered negative by society, a group, or an individual.

Strengthens

To increase in power, magnitude, or effectiveness.

Punishment

The imposition of a penalty as a consequence of an undesirable action, aimed at reducing that behavior.

Negative Reinforcement

A process in behavioral psychology where a response increases because a negative condition is removed or avoided.