A Partnership Is ________ Type of Business

question 21

Multiple Choice

A partnership is ________ type of business.

• A)the most common
• B)the least common
• C)the least risky
• D)the most profitable

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Definitions:

Sales Tax

Sales Tax is a tax paid to a governing body for the sales of certain goods and services, collected by the retailer at the point of purchase.

Depreciable Cost

The total cost of a tangible fixed asset minus its estimated salvage value at the end of its useful life.

Revised Annual Depreciation

An updated calculation of depreciation expense for an asset, altering the original depreciation schedule due to changes in estimation of useful life or resale value.

Accumulated Depreciation

The total depreciation for a fixed asset that has been charged to expense since the asset was acquired and made available for use.