1.

A limited partner: _______

		has no personal responsibility for the debts incurred by the partnership.
		is guaranteed a return of his or her entire investment in the partnership if the partnership terminates.
		can manage the partnerships operations on a daily basis.
		has no control over the daily operations of the partnership.

2.

A firm has a times interest earned ratio of 2. This means that the firm has twice as much _______

		net income as it owes in interest.
		interest expense as it does net income.
		earnings before interest and taxes as it does interest expense.
		earnings before interest and taxes plus depreciation as it does interest expense.

3.

The annual interest rate stated on the contract of a bond is referred to as the:

		yield-to-maturity.
		call rate.
		current yield.
		coupon rate.