A Partner Who Has No Right to Participate in Control

question 62

Multiple Choice

A partner who has no right to participate in control of the business and who has limited liability is called a:

• A)limited partner.
• B)nominal partner.
• C)secret partner.
• D)general partner.

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Definitions:

Consigned Merchandise

Goods that are sent by their owner (consignor) to an agent (consignee), who tries to sell the goods for a fee without taking ownership.

Buying Habits

Patterns or tendencies that consumers exhibit when making purchasing decisions.

Ending Inventory

The total value of goods available for sale at the end of an accounting period.

Net Income

The total profit of a company after all expenses and taxes have been deducted from revenue, indicating its financial health over a specific period.