Match Each Statement with the Correct Term Below

question 71

Short Answer

Match each statement with the correct term below.a.An association of two or more persons to carry on as co-owners a business for profit.b.Unincorporated business association composed of persons who combine their resources to carry out a particular business enterprise, usually of short duration, for profit.c.An unincorporated organization of two or more persons doing business in a state other than the one in which it was formed.d.Total money and property contributed by the partners for use by the partnership; represents the partners' equity in the partnership.e.Duty of utmost loyalty, fairness, and good faith owed by partners to each other and to the partnership.f.Duty owed by partners to manage the partnership affairs without gross negligence, reckless conduct, intentional misconduct, or knowing violation of the law.g.Imposes partnership duties and liabilities on a non-partner who has either represented himself or consented to be represented as a partner.h.Any partner's ceasing to be associated with the carrying on of the business.i.Judicial lien that may be obtained against a partner's transferable interest in a partnership.j.Completing unfinished business, collecting debts, and distributing assets to contributors and partners; also called liquidation.k.A situation in which the RUPA requires a partnership to wind up and terminate; under the UPA, a change in the relation of partners caused by any partner's ceasing to be associated in the carrying on of the business.l.A general partnership that, by making a statutorily required filing, limits liability of its partners.m.A partnership formed by two or more persons under the laws of a state and having one or more general partners and one or more limited partners.n.An unincorporated business organization, created under state statute, that provides limited liability to all of its owners and permits all of its members to participate in management.o.Right of one person to choose her business partners.
-joint venture

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Definitions:

Probability Histogram

A graphical representation that displays the probability distribution of a discrete variable.

Simple Events

Events in probability that consist of a single outcome and cannot be broken down further.

Mutually Exclusive

Refers to events that cannot happen at the same time, meaning the occurrence of one event excludes the possibility of the other.

Microsoft Office 2003

A suite of productivity software released by Microsoft, including applications such as Word, Excel, and PowerPoint, used for document creation, calculation, and presentation.