Advantages and Disadvantages of Sole Proprietorship

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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?

Inability to offer employee benefits

Which of the following is a disadvantage of a partnership?

Unlimited liability for the partners

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

What is the purpose of business protocol?

To encourage employees to act in a uniform manner

What should individuals do when calling or receiving a call?

Identify themselves and their department politely

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

To be observed by all parties in conducting business

Why does an increasingly diverse workforce require training in protocol?

To foster effective communication and collaboration among people from different backgrounds

How can business protocol benefit an organization?

By ensuring tasks are executed according to company preferences

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.

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

Despite cultural influences, they remain deeply ingrained in the society

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

Non-audited information

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.

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

Auditor's report

What is the primary purpose of a financial statement?

To present relevant financial information in a structured and easy-to-understand manner.

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

Management discussion and analysis

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

Principle of justice

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

Distributive justice

What does the term 'compensatory justice' refer to?

Fair compensation for injuries inflicted by others

Which of the following is NOT an aspect of accountability?

Ensuring fair distribution of societal benefits

Corporate accountability refers to being accountable to which stakeholders?

Shareholders, employees, suppliers, customers, and local community

Which term is often used synonymously with accountability?

Responsibility

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

To define methods and procedures for achieving company objectives

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

Strictly adhering to a hierarchical structure

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

Start with their family name

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

Set cell phones to vibrate if expecting an urgent call

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

Only speak when you have the floor

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

Maintaining eye contact during conversations

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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