Art and Alma made capital contributions of 60% and 40% respectively to their newly formed partnership, AA & Associates. They did not have a written partnership agreement. At the end of the first year, the partnership made a profit of which Alma now claims half. However, Art maintains he should receive 60%. Who is correct?
a. Art, since the UPA presumes that profits and losses are divided in proportion to capital contribution.
b. Art, since it would only be fair.
c. Alma, because she works in the business.
d. Alma, as the UPA provides that profits are split equally unless the partners agree otherwise.
d
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If a trust is to be used for the benefit individuals, private organizations or other governments, the following fund(s) should be used:
A. Private purpose fund. B. Special revenue fund. C. Permanent fund. D. Either Special revenue fund; or Permanent fund, depending upon whether the principal must be maintained.
Considering Figure 1, what are the terms of trade represented?
a. The terms of trade are 1½ aircraft per textile. b. The terms of trade are 1½ textiles per aircraft. c. The terms of trade are 1 textile per aircraft. d. The terms of trade are 2/3 textile per aircraft.
A female ______.
a. may face either a glass ceiling or a glass cliff b. may face multiple glass ceilings and glass cliffs c. can only face a single glass ceiling and a single glass cliff throughout her career d. who falls off a glass cliff will not be able to face a glass ceiling
When a female is able to break through the glass ceiling, ______.
a. all of her female colleagues are happy for her and supportive b. both male and female colleagues will be supportive of this accomplishment c. female colleagues will be resentful and male colleagues will not understand how it happened d. that female may be surrounded by others who suggest that the reason for her promotion was based solely on gender