Advantages and Disadvantages of Sole Proprietorship

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

Availability of employee benefits such as owner's medical insurance premiums
Ability to attract high-caliber employees
Ease of organization and low cost (correct)
Ability to raise funds from various sources

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

Risk to personal assets
Difficulty in raising funds
Unlimited liability for the owner
Inability to offer employee ownership (correct)

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

Sole proprietorships can offer employee ownership, while partnerships cannot
Sole proprietorships are easier to organize, while partnerships require more legal steps
Sole proprietorships have limited liability, while partnerships have unlimited liability
Sole proprietorships are owned by a single individual, while partnerships are owned by two or more people (correct)

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

Inability to offer employee benefits (D) Signup and view all the answers

Which of the following is a disadvantage of a partnership?

Unlimited liability for the partners (D) Signup and view all the answers

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

The text states that a sole proprietorship is easy to dissolve if desired (C) Signup and view all the answers

What is the purpose of business protocol?

To encourage employees to act in a uniform manner (A) Signup and view all the answers

What should individuals do when calling or receiving a call?

Identify themselves and their department politely (B) Signup and view all the answers

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

To be observed by all parties in conducting business (B) Signup and view all the answers

Why does an increasingly diverse workforce require training in protocol?

To foster effective communication and collaboration among people from different backgrounds (C) Signup and view all the answers

How can business protocol benefit an organization?

By ensuring tasks are executed according to company preferences (D) Signup and view all the answers

What is the primary purpose of an annual report?

To provide shareholders and other interested parties with detailed information about the company's activities and financial performance. (D) Signup and view all the answers

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

Despite cultural influences, they remain deeply ingrained in the society (A) Signup and view all the answers

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

Non-audited information (D) Signup and view all the answers

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

To provide evidence for the validity or truth of a certain claim or statement. (A) Signup and view all the answers

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

Auditor's report (C) Signup and view all the answers

What is the primary purpose of a financial statement?

To present relevant financial information in a structured and easy-to-understand manner. (C) Signup and view all the answers

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

Management discussion and analysis (D) Signup and view all the answers

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

Principle of justice (C) Signup and view all the answers

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

Distributive justice (C) Signup and view all the answers

What does the term 'compensatory justice' refer to?

Fair compensation for injuries inflicted by others (A) Signup and view all the answers

Which of the following is NOT an aspect of accountability?

Ensuring fair distribution of societal benefits (C) Signup and view all the answers

Corporate accountability refers to being accountable to which stakeholders?

Shareholders, employees, suppliers, customers, and local community (C) Signup and view all the answers

Which term is often used synonymously with accountability?

Responsibility (D) Signup and view all the answers

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

To define methods and procedures for achieving company objectives (B) Signup and view all the answers

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

Strictly adhering to a hierarchical structure (A) Signup and view all the answers

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

Start with their family name (B) Signup and view all the answers

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

Set cell phones to vibrate if expecting an urgent call (C) Signup and view all the answers

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

Only speak when you have the floor (A) Signup and view all the answers

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

Maintaining eye contact during conversations (A) Signup and view all the answers