The Principle Whereby Each Partner Is Responsible for the Business

question 3

Multiple Choice

The principle whereby each partner is responsible for the business actions of all other partners when the actions are carried out in the normal course of business, is known as:

• A)the rule in Garner versus Murray.
• B)unlimited liability.
• C)mutual agency.
• D)perpetual life.

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Definitions:

Interval Data

Interval data refers to a type of quantitative data that not only categorizes and orders the quantities but also precisely measures the differences between them. Unlike ordinal data, interval data has equal intervals between values, making mathematical operations meaningful.

Ratio Data

A type of quantitative data that possesses a natural zero point and allows for meaningful comparisons using division, enabling measurement of both differences and ratios between data points.

Variance

Variance is a statistical measure that represents the degree to which a set of observations differ from each other. It is the expectation of the squared deviation of a random variable from its mean, and it gives insights into the dispersion of a dataset.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values.