Advantages and Disadvantages of Sole Proprietorship
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Advantages and Disadvantages of Sole Proprietorship

Learn about the benefits and drawbacks of operating as a sole proprietorship, the easiest and least expensive form of ownership. Understand the advantages like complete control over decisions and direct flow-through of profits, as well as disadvantages such as unlimited liability. Get insights from Camilar-Serrano's 2016 publication.

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@HealthyVampire

Questions and Answers

What is the main advantage of a sole proprietorship mentioned in the text?

Ease of organization and low cost

Which of the following is not a disadvantage of a sole proprietorship according to the text?

Inability to offer employee ownership

What is the key difference between a sole proprietorship and a partnership mentioned in the text?

Sole proprietorships are owned by a single individual, while partnerships are owned by two or more people

Which of the following is a disadvantage of a sole proprietorship that is not mentioned for a partnership?

<p>Inability to offer employee benefits</p> Signup and view all the answers

Which of the following is a disadvantage of a partnership?

<p>Unlimited liability for the partners</p> Signup and view all the answers

How does the text describe the ease of dissolving a sole proprietorship?

<p>The text states that a sole proprietorship is easy to dissolve if desired</p> Signup and view all the answers

What is the purpose of business protocol?

<p>To encourage employees to act in a uniform manner</p> Signup and view all the answers

What should individuals do when calling or receiving a call?

<p>Identify themselves and their department politely</p> Signup and view all the answers

What is the role of unwritten rules or guidelines known as protocol?

<p>To be observed by all parties in conducting business</p> Signup and view all the answers

Why does an increasingly diverse workforce require training in protocol?

<p>To foster effective communication and collaboration among people from different backgrounds</p> Signup and view all the answers

How can business protocol benefit an organization?

<p>By ensuring tasks are executed according to company preferences</p> Signup and view all the answers

What is the primary purpose of an annual report?

<p>To provide shareholders and other interested parties with detailed information about the company's activities and financial performance.</p> Signup and view all the answers

What is the significance of traditional Asian values in Philippine society?

<p>Despite cultural influences, they remain deeply ingrained in the society</p> Signup and view all the answers

Which of the following is NOT typically included in a company's financial statements?

<p>Non-audited information</p> Signup and view all the answers

What is the main purpose of documentation in a business context?

<p>To provide evidence for the validity or truth of a certain claim or statement.</p> Signup and view all the answers

Which of the following is NOT considered a basic financial statement?

<p>Auditor's report</p> Signup and view all the answers

What is the primary purpose of a financial statement?

<p>To present relevant financial information in a structured and easy-to-understand manner.</p> Signup and view all the answers

Which of the following is NOT typically included in an annual report?

<p>Management discussion and analysis</p> Signup and view all the answers

What principle states that individuals should be treated equally unless there are relevant differences?

<p>Principle of justice</p> Signup and view all the answers

Which type of justice refers to the fair distribution of benefits and burdens among members of society?

<p>Distributive justice</p> Signup and view all the answers

What does the term 'compensatory justice' refer to?

<p>Fair compensation for injuries inflicted by others</p> Signup and view all the answers

Which of the following is NOT an aspect of accountability?

<p>Ensuring fair distribution of societal benefits</p> Signup and view all the answers

Corporate accountability refers to being accountable to which stakeholders?

<p>Shareholders, employees, suppliers, customers, and local community</p> Signup and view all the answers

Which term is often used synonymously with accountability?

<p>Responsibility</p> Signup and view all the answers

What is the primary purpose of business practice according to the text?

<p>To define methods and procedures for achieving company objectives</p> Signup and view all the answers

Which of the following is NOT listed as a common business practice in the text?

<p>Strictly adhering to a hierarchical structure</p> Signup and view all the answers

What is the recommended practice for addressing a new business acquaintance?

<p>Start with their family name</p> Signup and view all the answers

What does the text recommend regarding cell phone usage during meetings?

<p>Set cell phones to vibrate if expecting an urgent call</p> Signup and view all the answers

What is the recommended practice for speaking during meetings according to the text?

<p>Only speak when you have the floor</p> Signup and view all the answers

Which of the following is NOT mentioned as a common business practice in the text?

<p>Maintaining eye contact during conversations</p> Signup and view all the answers

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