A Partnership Is Considered Fully Terminated

question 28

Multiple Choice

A partnership is considered fully terminated

• A) after dissociation.
• B) after winding up.
• C) after dissolution.
• D) after the termination certificate is properly filed.

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Definitions:

Marginal Cost

The outgoings associated with the production of one more unit of a product or service.

Average Variable Cost

The total variable costs divided by the quantity of output produced; it varies with the level of output.

Long-Run Average Total Cost Curve

A graphical representation showing the relationship between output and average total cost when fixed cost has been chosen to minimize average total cost for each level of output.

Minimum

The lowest allowable or possible amount, level, or point.