In a partnership, each member of the project team is responsible for the project's outcomes and the current situation, whether it is positive or shows evidence of project problems. the term that best describes this responsibility is:
a) exchange of purpose.
b) a right to say no.
c) joint accountability.
d) absolute honesty.

The term that best describes the given responsibility is joint accountability.

Explanation:

Sharing the responsibilities and the outcomes of any situation in a business entity or firm is known as joint accountability.

In a joint accountability environment, all the team members plan, decides, delegates and executes the work together. All the members of the team are equally responsible for both the positive and negative outcomes of any project they execute or plan.

Here, it has been given that in a partnership, each member of the project team is accountable for both the achievements and consequences of the project they are working in. So, we can conclude that the type of responsibility exhibited here is joint accountability.

Explanation:

                          Monthly Cash budget for January - March

Particulars                 January     February         March

Opening  balance     30,000       30,000         69,294

Cash received          525,000     400,000       450,000

Total                          555,000     430,000       519,294

Cash payment          (475,000)     (350,000)    (525,000)

Interest (60000*1%)   (600)    10600*1%(106)         0

                                  79,400        79,894            (5,706)

Loan repayment        (49,400)      (10,600)          35,706

Minimum cash balance of 30,000 required.

(79,400-30,000)  

(60,000-49,400)                    

Cash balance            30,000          69,294           30,000

Loan repayment.

January

Opening balance  60,000

Repayment            (49,400)

balance                   10,600

February

Opening balance     10,600

repayment(balance)  (10,600)

March

35,706