1. For each of the following business entities state two characteristics and two disadvantages: (4 marks) a. Partnership. b. Closed corporation. (4 marks) c. Public limited company. (4 marks) 2. Businesses are established with aim of making profit and creating wealth for the owners. However, some businesses fail to achieve this objective. Outline four reasons why businesses fail. (8 marks) 3. Identify five types of current liabilities. (5 marks) 4. What is the present value of perpetuity where an amount of P10,000 was paid at an interest rate of 10%