A Partnership Dissolves If Any Partner Ceases to "Carry On

question 3

True/False

A partnership dissolves if any partner ceases to "carry on" partnership business.

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Definitions:

Treasury Bill

Short-term government securities issued at a discount from the par value and mature without additional interest.

Simple Interest

Interest computed solely on the initial sum, or on the unpaid balance of that initial sum.

Yield

The income return on an investment, such as the interest or dividends received, expressed as an annual percentage of the investment cost.

Promissory Note

A financial document in which one party promises to pay another party a specified sum of money at a defined time or upon demand.