Jim, Rob and Emily Are Partners in a Consulting Business

question 15

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. What is Jim's liability to Vancouver Credit Union?

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

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Definitions:

Location

The specific place or position where something exists or is situated.

Hackman and Oldham's

A theory of job enrichment that suggests five job characteristics that, when present, increase job satisfaction and performance.

Job Design

An approach that specifies the tasks that constitute a job for an individual or a group.

Job Significance

The extent to which a job has a substantial impact on the lives or work of other people either within or outside the organization.