Bill and Bob Share Profits of Their Partnership Firm in the Ratio

question 96

Multiple Choice

Bill and Bob share profits of their partnership firm in the ratio of 5:1. If the net income of the firm is $30,000, calculate the share of Bill's net income.

• A)$20,000
• B)$5,000
• C)$30,000
• D)$25,000

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Definitions:

Strom Thurmond

An American politician who served for over 48 years in the United States Senate, noted for his staunch support of racial segregation and states' rights.

Civil Rights

Legal protections and guarantees for individuals against discrimination and infringement of their liberties and rights by others, including the government.

Federal Level

Pertaining to the national government of a country, as opposed to state or local levels.

Korean War

A struggle that occurred from 1950 to 1953, involving North Korea, backed by China and the Soviet Union, versus South Korea, which had the support of the United Nations, mainly the United States.