Which of the Following Is the Correct Definition for a Partnership

question 43

Multiple Choice

Which of the following is the correct definition for a partnership?

• A) An association of two or more persons with one or more general partners and one or more limited partners
• B) A legal entity ordinarily consisting of an association of numerous individuals
• C) An association of two or more persons to carry on as co-tenants in business
• D) An association of two or more persons to carry on as co-owners a business for profit

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Definitions:

Lot Sizing

The process of determining the optimal number of units to be produced, ordered, or delivered in one batch.

MRP

Material Requirements Planning, a system for efficiently managing the manufacturing process, including inventory levels, production planning, and scheduling.

Bill of Material

A comprehensive list of raw materials, sub-assemblies, intermediate assemblies, sub-components, parts, and the quantities of each needed to manufacture a product.

Explosion

A rapid increase in volume and release of energy in an extreme manner, often with the generation of high temperatures and the release of gases.