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How Much Do You Know About Sole Proprietorship?

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How Much Do You Know About Sole Proprietorship?

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Questions and Answers

Which of the following statements is true about sole proprietorship?

The proprietor is the sole owner of the firm and has full control over it. (correct)

The business has a separate legal identity from the owner.

The scale of operation is generally limited due to lack of managerial ability.

The owner has limited control over the business.

What is the main characteristic of a sole proprietorship?

Separate legal identity

Business continuity

One-man control (correct)

Multiple owners

What is the impact of death or incapacity on a sole proprietorship?

Limited impact

Direct impact (correct)

No impact

Indirect impact

What is the size of operation of a sole proprietorship?

Small Signup and view all the answers

A sole proprietorship has no legal ______ separate from that of its owner.

identity Signup and view all the answers

Since business and owner are one so death, insolvency, incapacity, ailment etc. will have direct effect on the ______.

business Signup and view all the answers

The sole proprietorship firms operate on a very ______ scale.

small Signup and view all the answers

How Much Do You Know About Sole Proprietorship?

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Podcast

Questions and Answers

Which of the following statements is true about sole proprietorship?

What is the main characteristic of a sole proprietorship?

What is the impact of death or incapacity on a sole proprietorship?

What is the size of operation of a sole proprietorship?

A sole proprietorship has no legal ______ separate from that of its owner.

Since business and owner are one so death, insolvency, incapacity, ailment etc. will have direct effect on the ______.

The sole proprietorship firms operate on a very ______ scale.

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