Jim and Rob Are Partners in a Consulting Business

question 7

Multiple Choice

Jim and Rob are partners in a consulting business. Jim's initial contribution was $30,000, Rob's was $20,000. Emily is a limited partner who contributed $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 Emily?

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

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Definitions:

Nonhypnotic Suggestion

Influence or guidance provided without the use of hypnosis, often in therapy or personal development contexts, to encourage positive change or behavior.

Pain Reduction

The alleviation or decrease in levels of discomfort or pain.

CAM

Complementary and Alternative Medicine, a group of diverse medical and health care systems, practices, and products that are not presently considered to be part of conventional medicine.

European American

A term referring to Americans who have origins from the countries of Europe.