Recent

  • Show all results for ""

🎧 New: AI-Generated Podcasts Turn your study notes into engaging audio conversations. Learn more

Exploring the Nature and Forms of Business
10 Questions
1 Views

Exploring the Nature and Forms of Business

Created by
@EuphoricAbundance

Podcast Beta

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which of the following is the correct definition of a sole proprietorship?

  • A business organization where goods and services are exchanged for one another or for money.
  • A business owned by multiple people and operates for their benefit.
  • A business where the owner has limited liability and is not responsible for any debts.
  • A business where the owner operates alone and has unlimited liability for all obligations. (correct)

    • What is the advantage of a sole proprietorship?

  • It provides access to a larger pool of resources.
  • It provides limited liability for the owner.
  • It allows for shared decision-making among multiple owners.
  • It is the easiest and least expensive form of ownership to organize. (correct)

    • What is the disadvantage of a sole proprietorship?

  • It is the easiest and least expensive form of ownership to organize.
  • The owner has unlimited liability and is legally responsible for all debts against the business. (correct)
  • It provides limited liability for the owner.
  • It allows for shared decision-making among multiple owners.

    • What assets belong to a sole proprietor?

    <p>Both the business assets and personal assets of the owner.</p> Signup and view all the answers

    What is the nature of a sole proprietorship?

    <p>A business where the owner operates alone and has unlimited liability.</p> Signup and view all the answers

    Which one of the following is a characteristic of a sole proprietorship?

    <p>Limited liability for the owner</p> Signup and view all the answers

    What type of assets belong to a sole proprietor?

    <p>Both personal and business assets</p> Signup and view all the answers

    What is the main advantage of a sole proprietorship?

    <p>Low organization cost</p> Signup and view all the answers

    What is the main disadvantage of a sole proprietorship?

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

    What is the nature of a sole proprietorship?

    <p>Owned and operated by one person</p> Signup and view all the answers

    More Quizzes Like This

    Sole Proprietorship: Advantages and Disadvantages
    30 questions

    Sole Proprietorship: Advantages and Disadvantages

    EnergyEfficientPiano avatar
    EnergyEfficientPiano
    Business Ownership Forms: Sole Proprietorship, Partnership, Corporation
    6 questions

    Business Ownership Forms: Sole Proprietorship, Partnership, Corporatio...

    WonHarpGuitar avatar
    WonHarpGuitar
    Sole Proprietorship Business
    10 questions

    Sole Proprietorship Business

    SustainableCloisonnism avatar
    SustainableCloisonnism
    Sole Proprietorship Characteristics
    11 questions

    Sole Proprietorship Characteristics

    AttentiveRococo avatar
    AttentiveRococo
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser