GENERAL KNOWLEDGE

Detailed explanation-1: -Partnerships: A partnership is a business relationship between two or more people who together conduct business. Each partner contributes resources and money to the business and shares in the profits and losses of the business.

Detailed explanation-2: -Business is an economic activity that involves the exchange, purchase, sale or production of goods and services with a motive to earn profits and satisfy customers’ needs. Businesses can be profit or non-profit organizations that function to gain profits or achieve a social cause.

Detailed explanation-3: -The main characteristics of business are as follows: Economic activity. Buying and selling. Profit Motive. Risk and Uncertainty.