Which of the following best describes the term 'joint venture' in the context of partnerships?
Practice Questions
1 question
Q1
Which of the following best describes the term 'joint venture' in the context of partnerships?
A permanent partnership between two businesses
A temporary partnership for a specific project or goal
A partnership that involves multiple partners with equal shares
A partnership that is formed without a formal agreement
A joint venture is a temporary partnership formed for a specific project or goal, distinct from a permanent partnership.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following best describes the term 'joint venture' in the context of partnerships?
Solution: A joint venture is a temporary partnership formed for a specific project or goal, distinct from a permanent partnership.
Steps: 4
Step 1: Understand what a partnership is. A partnership is when two or more people or companies work together.
Step 2: Learn about a joint venture. A joint venture is a special type of partnership.
Step 3: Know that a joint venture is temporary. It is created for a specific project or goal.
Step 4: Differentiate between a joint venture and a permanent partnership. A permanent partnership lasts a long time, while a joint venture ends when the project is completed.
