_____ Are the Long-Term Business Relationships in Which the Partners

question 3

Multiple Choice

_____ are the long-term business relationships in which the partners make significant investments to improve the profitability of both parties in the relationship.

• A) Strategic partnerships
• B) Win-lose partnerships
• C) Functional relationships
• D) Personal selling partnerships
• E) Solo exchange alliances

---

Definitions:

Ledger Accounts

Records that summarize all the transactions related to a particular aspect of a business's finances, such as assets, liabilities, equity, revenue, and expenses.

Unearned Revenues

Income received by a company for goods or services yet to be delivered or performed, considered a liability until earned.

Revenues

The total income generated by a company from its normal business operations, before any expenses are subtracted.

Debits

Entries made on the left-hand side of an account, representing an increase in assets or expenses or a decrease in liabilities, equity, or revenue.