I am studying for an upcoming exam and need help with the following true or false questions. Beside each of the statements below circle the letter "T" if the statement is true, or, circle the letter "F" if the statement is false.
Question 1) Sole proprietorships are typically financed through trade credit, a bank loan, accounts receivable and owner's equity.
Question 2) The owner of a sole proprietorship business is the only person who has control over how the business of the sole proprietorship is run.
Question 3) The actual authority of an agent can be expressed in writing or orally, it can be inferred from written or oral words or can be implied from a representation made by a person ("X") to another person ("Y") to the effect that a third person ("Z") has authority to act on behalf of X.
Question 4) The mutual rights and duties of partners, whether ascertained by agreement or defined by the Partnership Act, R.S.B.C. 1996, c. 348, can not be varied by the partners.
Question 5) The right of a person to a share of the profits of a business that is directed to the payment of a prior debt and is to continue until the debt is paid off is proof, in the absence of evidence to the contrary, that the person is a partner in the business.
Question 6) A corporation can be a partnership but not a partner.