A _____ is formed when two or more companies share resources, risks, and profits without actually merging, to pursue specific opportunities.
A. joint venture
B. limited liability partnership
C. sole proprietorship
D. limited liability company
Answer: A
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Which of the following is one of the requirements for forming an express trust?
A. The settlor need not necessarily attain the age required by state law for the creation of valid wills and contracts. B. The trust cannot be created for a reason that is contrary to public policy. C. The beneficiaries cannot be members of a specific class, such as "my children." D. The settler must name a trustee for the trust and a substitute trustee in the event the named trustee refuses to act.
Services produced by the private sector account for more than half of the U.S. gross domestic product
Indicate whether the statement is true or false
The three major forms for documenting the ideas, information, and quotations of other people in a report are endnotes, footnotes, or author-date references
Indicate whether the statement is true or false
Reversing entries are special journal entries that ease the burden of accounting for transactions in a later period
Indicate whether the statement is true or false