Multiple choice

Partners are collectively known as

  1. partnership

  2. firm

  3. business

  4. agency

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The persons entering into some partnership with each other are known as partners and collectively as firm. Business is an activity which can be carried by sole trader, partners, company, etc. and agency is the relationship where one person authorises other to act on his behalf.