Exploring the Nature and Forms of Business

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10 Questions

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

A business where the owner operates alone and has unlimited liability for all obligations.

What is the advantage of a sole proprietorship?

It is the easiest and least expensive form of ownership to organize.

What is the disadvantage of a sole proprietorship?

The owner has unlimited liability and is legally responsible for all debts against the business.

What assets belong to a sole proprietor?

Both the business assets and personal assets of the owner.

What is the nature of a sole proprietorship?

A business where the owner operates alone and has unlimited liability.

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

Limited liability for the owner

What type of assets belong to a sole proprietor?

Both personal and business assets

What is the main advantage of a sole proprietorship?

Low organization cost

What is the main disadvantage of a sole proprietorship?

Unlimited liability for the owner

What is the nature of a sole proprietorship?

Owned and operated by one person

Test your knowledge on the nature and forms of business with this informative quiz. Learn about the different types of businesses, such as sole proprietorship, and understand the concept of unlimited liability. Take the quiz now to enhance your understanding of the business world.

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