The following terms were introduced in this chapter: 

1. Profit and loss ratio 

2. Admission by investment

3. Partnership liquidation 

4. Mutual agency 

5. Salary allowance 

6. Withdrawal by payment from partners’ personal assets 

7. Capital deficiency 

8. Limited liability partnership 

9. General partnership 

10. Partnership dissolution 

Match the terms with the following descriptions: 

a. _______ Partners have limited liability. 

b. _______ Partners have unlimited liability. 

c. _______ It is the basis for dividing profit and loss. 

d. _______ Partnership assets and capital increase with the change in partners. 

e. _______ Partnership assets and total capital stay the same with the change in partners. 

f. _______ Actions of partners are binding on all other partners. 

g. _______ It is a compensation for differences in personal effort put into the partnership. 

h. _______ Partnership is changed by the addition or withdrawal of a partner. 

i. _______ There is a debit balance in a partner’s capital account. 

j. _______ Partnership is ended.