Which of the Following Is Incorrect with Respect to the Creation

question 78

Multiple Choice

Which of the following is incorrect with respect to the creation of a partnership?

• A) An important indication as to whether a partnership exists is the sharing of the profits of the business activity.
• B) The business activity must be continuing in order for it to indicate the existence of a partnership.
• C) A partnership can only be created with the consent of the parties.
• D) The common method of creating a partnership is by agreement.
• E) The duties and obligations of partners to each other can be modified by agreement.

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Definitions:

Tax

A binding financial duty or another sort of imposition inflicted upon a taxpayer by a governmental unit for financing government activities and numerous public allocations.

Elasticity of Demand

An assessment of the extent to which the demand for a product or service varies following a price alteration.

Tongue Depressors

Tool used in medical practice to hold down the tongue to examine the mouth and throat.

Total Revenue

The total income received by a firm from selling its goods or services before any costs or expenses are deducted.