Greg and Todd form a partnership and start a business in which each has a 50 percent share of the profit. After a year, the firm goes bankrupt and has debts of $20,000. Greg has no money, but Todd has $25,000 in the bank
Todd must pay ________ of debt. A) $0 because in a partnership each partner must pay the same
B) $0 because partners in a partnership have limited liability
C) half, or $10,000
D) $20,000
D
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The Consumer Price Index is calculated by the
A) Federal Reserve Bank of New York. B) Department of Commerce. C) Bureau of Labor Statistics. D) Department of Labor. E) Society for Consumer Protection.
The U.S. federal income tax is progressive, which means that _____.
a. tax receipts grow at the same rate that income does b. tax receipts grow at the same rate that government spending does c. middle-income individuals pay more in taxes than either high-income or low-income individuals d. the tax rate decreases with increases in income e. high-income individuals are taxed at a higher rate than low-income individuals
The price of an airline ticket from Denver to Chicago costs $450. A bus ticket costs $150. Traveling by plane takes 2 hours compared with 32 hours by bus. Other things constant, Erica would gain by choosing air travel if, and only if, she values her time at more than
A) $5 per hour. B) $300 per hour. C) $10 per hour. D) $9.38 per hour.
When a Mexican resident buys a ukulele from a U.S. producer, there is a(n)
A) increase in the supply of dollars in the foreign exchange market. B) decrease in the supply of dollars in the foreign exchange market. C) increase in the demand for dollars in the foreign exchange market. D) decrease in the demand for dollars in the foreign exchange market.