Oscar Patel and Jon O'Keefe Own and Operate a Janitorial

question 115

Multiple Choice

Oscar Patel and Jon O'Keefe own and operate a janitorial cleaning service. Patel bought a new computer, which he plans for the company to use to track its customers and suppliers, and for making business forecasts. Patel plans on using an installment plan to pay for the computer. O'Keefe was not asked if he thought the company needed a computer and was unhappy when he learned that he and Patel are both liable for the payments for the computer. Patel and O'Keefe have which of the following type of business?

• A) general partnership
• B) private corporation
• C) joint partnership
• D) limited partnership

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Definitions:

Probability

A branch of mathematics concerned with the analysis of random phenomena, focusing on the likelihood of different outcomes.

Catch Fish

The act of capturing fish, either for recreational or commercial purposes.

Discrete Probability

A branch of probability that deals with occurrences that have distinct and separate values, often involving countable outcomes.

Random Variable

A variable whose numerical values are contingent upon the outcomes of randomness.