Len,Jill,and Mark Own a Partnership Called Splats

question 60

Multiple Choice

Len,Jill,and Mark own a partnership called Splats.Len's capital contribution to the partnership was $25 000,Jill's was $12 500,and Mark's was $20 000.Jill is duly registered as a limited partner and has acted solely as a financier.There is no agreement on sharing profits or losses among the partners,and none of them has drawn any income from Splats.The partnership borrowed $40 000 from the bank,but Splats eventually became insolvent and was unable to repay the loan.The bank sued Len and recovered the full $30 000 from him.When Len's lawyer gave him advice,what amount would he likely indicate Len is entitled to legally recover from Jill?

• A) $0
• B) $10 000
• C) $12 500
• D) $20 000

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Definitions:

Competing Products

Products that are offered by different companies that serve the same market segment and meet the same needs or purposes as others.

Semantic Scales

A measurement scale used in research that assesses the connotative meaning of objects, concepts, or events, thus capturing the qualitative aspects of attitudes or feelings.

Consumer Perceptions

How consumers view and interpret the characteristics and qualities of a product or service, influencing their buying decisions.

Perceptual Map

A visual tool used in marketing to display the perceptions of consumers regarding the positions of products, brands, or companies relative to each other in the marketplace.