Which of the following formulas is used to determine Fixed Asset Turnover?
A) fixed assets/gross sales
B) cost of goods sold/fixed assets
C) gross sales/fixed assets
D) net sales/fixed assets
E) fixed assets/net sales
D
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How are profits and losses shared in the absence of a limited partnership agreement?
A) Profits and losses are shared equally among all partners. B) Profits and losses are shared equally among general partners and unequally among limited partners. C) Profits are shared equally among all partners, losses are shared based on the value of each partner's capital contribution. D) Both profits and losses are shared on the basis of the value of each partner's capital contribution.
According to the textbook, entrepreneurship has historically had ________
A) a major impact on the economy and minor impact on society B) a minor impact on both the economy and society C) a major impact on society and minor impact on the economy D) a major impact on both the economy and society E) no impact on either the economy or society