A Person Who Receives a Share of Profits of a Business

question 28

True/False

A person who receives a share of profits of a business is presumed to be a partner.

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Definitions:

Urban Areas

Regions characterized by higher population density and vast human features in comparison to areas surrounding them.

Either-Or Decision

Choices faced by consumers or producers that involve a trade-off between two mutually exclusive options.

Explicit Costs

Direct, out-of-pocket expenses incurred in conducting business, such as wages, rent, and materials.

Economic Profit

The profit from business activities minus both the explicit and implicit costs, including opportunity costs.