Jim, Rob and Emily Are Partners in a Consulting Business

question 15

Multiple Choice

Jim, Rob and Emily are partners in a consulting business. Jim's initial contribution was $30,000, Rob's was $20,000 and Emily's was $10,000. The partnership also borrows $60,000 from Vancouver Credit Union. The partners agree that profits and losses will be shared in proportion to their capital contributions. The business fails. What is Jim's liability to Vancouver Credit Union?

• A) $60,000
• B) $30,000
• C) $20,000
• D) $10,000
• E) Nothing

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Definitions:

Longitudinal Study

A research approach that follows the same subjects over a period of time, allowing for the observation of changes or developments in the subject matter.

Stability and Change

Refers to the dynamic nature of systems, processes, or entities where certain attributes remain constant while others vary over time.

Menopause

A natural biological process marking the end of a woman's menstrual cycles and fertility, typically occurring in the late 40s or early 50s.

Cross-Cultural Research

The examination and comparison of behaviors, traditions, or psychological phenomena across different cultures.