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Match the Term with the Appropriate Definition

Question 167

Matching

Match the term with the appropriate definition.

Premises:
equally
liquidation
mutual agency
partnership
death of a partner
distribution of remaining cash to partners
unlimited liability
articles of partnership
Responses:
The final step in the liquidation of a partnership
A voluntary association of two or more persons who co-own a business for profit
Every partner can bind the business to a contract within the scope of the partnership’s regular business operations
When a partnership cannot pay its debts with business assets, the partners must use personal assets to meet the debt
Causes the dissolution of a partnership
The process of going out of business by selling the entity’s assets and paying its liabilities
Without an agreement, the law will stipulate this method of sharing profits and losses
Agreement that is the contract between partners

Correct Answer:

equally
liquidation
mutual agency
partnership
death of a partner
distribution of remaining cash to partners
unlimited liability
articles of partnership
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