When the Articles of Partnership Are Silent,which of the Following

question 59

Multiple Choice

When the articles of partnership are silent,which of the following property rights do partners have?

• A) The right to participate in the management of the business, the right to possess partnership property, and the right to an interest in the partnership.
• B) The right to participate in the management of the business, but not the right to possess partnership property or the right to an interest in the partnership.
• C) The right to participate in the management of the business and the right to possess partnership property, but not the right to an interest in the partnership.
• D) The right to participate in the management of the business and the right to an interest in the partnership, but not the right to possess partnership property.
• E) The right to possess partnership property and the right to an interest in the partnership; but not the right to participate in the management of the business because while the right to participate in management may exist, it is not a property right.

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Definitions:

Expenditures

The total amount of money spent by an individual, firm, or government on goods and services.

Income

The earnings acquired, often periodically, for performing job duties or from investment gains.

Net Exports

The value of a country's total exports minus its total imports, representing the net amount of goods and services being traded with other countries.

GDP Deflator

An indicator used to determine the price levels of newly produced domestic final goods and services, assisting in the conversion of nominal GDP to real GDP.