QUESTION 41 "Limited life" in a partnership agreement means O a partnership is limited to the amount of revenue it can earn. a partnership may be dissolved as the result of any change in the ownership. a partnership may be dissolved if the location of the business has changed. a partnership is limited in the amount of debt it is liable for in the course of the business QUESTION 42 A method of dividing net income or loss between the partners is known as an): O salary allowance. O interest allowance. O payroll allowance Both salary allowance and interest allowance are correct. QUESTION 43 A partner may withdraw from a partnership and take assets valued at more than book equity if: the remaining partners are not anxiously awaiting the partner's retirement the partnership assets are overvalued O the partnership assets are undervalued. Both the remaining partners are not anxiously awaiting the partner's retirement and the partnership assets are undervalued are correct. QUESTION 44 A partner that is personally liable for all of the debts of the partnership is known as: O a limited partner. O a general partner. O a mutual partner. None of the above answers is correct. QUESTION 45 A partnership can be joined by: investing into the business. O purchasing an equity interest in the business. buying out one of the partners and taking over their interest (by mutual agreement). O All of the above are correct. QUESTION 46 All assets held by a partnership are owned by the partner(s) who purchased the assets. O owned by the partnership O owned by the partners based on investment percentage O co-owned by all partners