Unlimited Liability Refers to

question 102

Multiple Choice

Unlimited liability refers to

• A)a claim to the partners' personal assets by creditors if the partnership cannot pay its debts.
• B)the ability of any partner to bind the partnership to a business agreement as long as he or she acts within the scope of the company's normal operations.
• C)co-ownership of partnership property.
• D)the method of income distribution.

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Definitions:

Government Expenditures

Financial spending by the government on goods, services, and public projects, including healthcare, education, and infrastructure.

Built-In Stability

refers to automatic fiscal policies and regulations that stabilize economic fluctuations without additional government intervention.

Real GDP

The measure of a country's economic output adjusted for price changes and inflation.

Tax Revenues

The income that is gained by governments through taxation, a primary source of public finance.