Question 1 A partnership is type of business. o the least common O the most profitable o the most common the least risky As a form of business, a partnership O has the most govemment rules and regulations affecting it. O cannot issue stock. has only one owner. has limited liability D Question 3 4 pts When a business is set up as a partnership, the owners of the business face unlimited liability. True False Question 4 4 pts Which type of businesses earns the majority of profits in the United States? sole proprietorships corporations O partnerships none of these Question 5 Goodwill is listed as an asset on a firm's balance sheet. True False Question 6 N What is the present value of $575 in a one year if the current rate of interest is 4 percent? O $410.71 O $552.88 $598 $805 Question 7 What is accounting profit? gross revenue minus explicit costs gross revenue minus explicit and implicit costs O gross revenue minus implicit costs the same as economic profit