QUESTION 6 An advantage of the partnership form of business is that each partner's potential loss is limited to that partner's investment in the partnership. True False QUESTION 7 If the partnership agreement does not otherwise statc, partnership income is divided in proportion to the individual partner's capital balance True False QUESTION 8 Which of the following is a disadvantage of a partnership when compared to a corporat a. The partnership has limited life. b. The partnership is more likely to have a net loss. The partnership is easier to organize. d. The partnership is less expensive to organize. QUESTION 9 A ratio of 4:2:1 is the same as a. 40 %:20%: 10% . 4/102/10:1/20 d.7/4:7/2:7/1 QUESTION 10 rs in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann are partner Singer and McMann, respectively, and10% interest on ong nal capital. If they agree to share the remaining profits and los ses in a 3:2 ratio, what wili Singer's share of the income (loss) be if the net loss for the ycar is $10,000? a $(6,000) lick Sqve and Submit to sqaue and submit, Click Save All Answers to save all answers