Question on: JAMB Commerce - 2012
A business organization that exploits the capabilities of a member to remedy the weaknesses of another is
A
joint venture
B
partnership
C
nominal partnership
D
cooperative
Ask EduPadi AI for a detailed answer
Correct Option: D
A joint venture is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This often involves combining strengths and compensating for weaknesses. The other options are not the most accurate descriptions of this situation:
- Partnership: While a partnership also involves collaboration, it's a broader form of business organization with shared responsibilities and liabilities among partners.
- Nominal partnership: This is a situation where someone is held out as a partner but may not actually be one, and is not relevant to the question's scenario.
- Cooperative: This is a business owned and controlled by its members, usually with the aim of benefiting them.
Add your answer
Please share this, thanks!
No responses