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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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@AltruisticOnyx

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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?

    <p>Small</p> Signup and view all the answers

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

    <p>identity</p> Signup and view all the answers

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

    <p>business</p> Signup and view all the answers

    The sole proprietorship firms operate on a very ______ scale.

    <p>small</p> Signup and view all the answers

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