QUESTION 44

1. Six partners sign an agreement which states how any profits and losses will be divided. The profits and losses of this partnership will be divided

   	a.	according to the agreement.
   	b.	equally, despite the agreement.
   	c.	based on the number of hours worked by the partner.
   	d.	based on each partners capital contributions, regardless of the agreement.

1.8 points

QUESTION 45

1. Two existing companies would like to work together on a new product while maintaining their independence. Expenses, profits, and losses would be shared between the companies. An appropriate business type would be a

   	a.	sole proprietorship.
   	b.	joint venture.
   	c.	merger.
   	d.	corporation.

QUESTION 46

1. Each partner is permitted to sell partnership property, such as vehicles and real estate, as if he or she was the only owner of the property.

   True

   False

1.8 points

QUESTION 47

1. The first step in the incorporation procedure is to

   	a.	elect a board of directors
   	b.	begin conducting business.
   	c.	hold the first organizational meeting.
   	d.	select a state in which to incorporate.