Jim, Rob and Emily Are Partners in a Consulting Business

question 9

Multiple Choice

Jim, Rob and Emily are partners in a consulting business. Jim's initial contribution was $30,000, Rob's was $20,000 and Emily's was $10,000. The partnership also borrows $60,000 from Vancouver Credit Union. The partners agree that profits and losses will be shared in proportion to their capital contributions. The business fails. Jim pays the entire $60,000 debt to the Vancouver Credit Union. How much can he collect from Rob?

• A) $60,000
• B) $30,000
• C) $20,000
• D) $10,000
• E) Nothing

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Definitions:

Discontinuous Societies

Societies in which transitions to maturity are abrupt, resulting in considerable anxiety and distress.

Anxiety And Distress

Emotional states characterized by feelings of worry, unease, and acute physical and psychological discomfort.

Margaret Mead

An influential American cultural anthropologist known for her studies and publications on the socialization patterns of South Pacific cultures and gender roles.

Adolescent Development

The psychological, physical, and social changes experienced by individuals typically aged between 13 and 19 years, marking the transition from childhood to adulthood.